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InsurTech news

Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.

Lloyd’s CFO to take on COO duties

17th January 2022

Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article

Accelerant secures $190mn in funding round

14th January 2022

Insurtech Accelerant has secured $190 million at a USD2 billion pre-money valuation in a funding round led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures. Accelerant's platform helps its members better understand risk, benefit from insights, and handle operational and regulatory complexity. The insurtech works with its members to drive ... Read the full article

Acrisure grows tech platforms with Appalachian takeover

7th January 2022

Fintech firm Acrisure has announced the acquisition of Appalachian Underwriters, a U.S. Managing General Agency (MGA), and U.S. Administrator Claims, a Third-Party Administrator (TPA), in addition to affiliated entities. With a model that encompasses both an MGA and wholesale distribution, Appalachian places more than $400 million gross written premium (GWP) into ... Read the full article

Aspen implements e-placing platform Whitespace

29th December 2021

Bermudian re/insurer Aspen has opted to implement the e-placing platform Whitespace. The platform enables brokers and underwriters to digitally offer, negotiate, place, and bind insurance and reinsurance contracts. Aspen explained that the move would further reinforce the importance of Lloyd’s as a platform and align it with the target of having 90% ... Read the full article

Reinsurance leaders see real-time data tools as ‘game-changer’

24th December 2021

During a recent panel discussion that formed part of Aon Virtual Reinsurance Renewal Season fireside chats, leaders from the industry identified real-time data management as a ‘game-changer’ for reinsurance The session was hosted by Andy Marcell, Chief Executive Officer of Aon’s Reinsurance Solutions, and included as panelists Monica Cramér Manhem, President, ... Read the full article

Insurtech Archipelago hires Chief Revenue & Financial Officers

24th December 2021

AI-driven technology and data analytics company Archipelago has announced the appointments of Erroin Martin as Chief Revenue Officer and Sarah Mears Kim as Chief Financial & Business Officer. Martin joins the company as an experienced revenue leader, having managed international business, finance, planning, and business development, as well as over ten ... Read the full article

Investor B.P. Marsh sells stake in motor MGA to insurtech Humn

23rd December 2021

Specialist early-stage investor B.P. Marsh & Partners has announced the sale of a stake in UK based motor insurance managing general agent Walsingham Motor Insurance Limited for £4.6 million. The stake amounted to a 40.5% shareholding in London-based managing general agency Walsingham Motor Insurance. As well as the sale of that stake, ... Read the full article

Brit leveraging machine learning to sharpen US tornado damage identification

20th December 2021

Brit has expanded its use of a proprietary machine learning algorithm in its efforts to accelerate the identification of US Tornado property damage. The technology will be used alongside its own ultra-high-resolution imagery. Brit successfully deployed this technique to identify insured property damage following last week’s catastrophic US tornadoes. The machine learning algorithm ... Read the full article

Allianz to leverage AI-driven risk processing from insurtech Cytora

17th December 2021

Allianz SE has announced an agreement with London-based insurtech Cytora that will see the former integrate AI-based digital risk processing solutions into its commercial insurance business. It's hoped the move will improve Allianz' margins by enabling better risk selection. “This is great news for our customers, intermediaries and underwriters," said Jörg Hipp, ... Read the full article

Insurtech Stere raises $2mn seed funding

15th December 2021

Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round. Stere connects “capacity seekers” like MGAs, program administrators and embedded insurance platforms with carriers and reinsurers. Data analytics essentially aid MGAs, brokers, and others ... Read the full article

Kin expands US reach with carrier takeover

15th December 2021

Kin Insurance, a direct-to-consumer homeowners insurance technology company, has greatly expanded its reach in the US market with the completion of its acquisition of an inactive insurance carrier that holds licenses in 43 states. For Kin, which currently operates in only Florida, Louisiana and California, the deal enables it to serve customers ... Read the full article

Digital broker LuckyTruck secures SiriusPoint backing

15th December 2021

LuckyTruck, a digital broker and aggregator has secured an investment and partnership with specialty re/insurer SiriusPoint. LuckyTruck is a niche broker focused on making the purchase of insurance for trucking fleets in the US more transparent, customized, affordable, and convenient. The company aims to disrupt commercial trucking insurance brokerage, offering an alternative ... Read the full article

Ebix Europe to offer alternative trading platform for London Market

14th December 2021

London Market technology specialist Ebix Europe has announced that it is designing and developing a new electronic trading platform that will offer an alternative to the recently announced PPL platform. The platform, called PlacingHub, has been developed by Ebix Europe’s in-house specialists, and promises to offer users the equivalent functionality already ... Read the full article

Tremor sees $175m premium transacted in 2021, marketplace revenue swells 400%

14th December 2021

Leading online reinsurance pricing and placing platform Tremor transacted $175 million of premium in 2021 and achieved marketplace revenue growth of over 400% year over year. Tremor has seen over $275 million of reinsurance premium transacted on its marketplace since 2018. While the market has continued to harden overall and traditional reinsurance ... Read the full article

SiriusPoint helps create new Floridian insurer VYRD

14th December 2021

A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida. Residents in the state have faced rising prices as litigation costs ... Read the full article

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