Reinsurance News
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.
Lockton binds first risks on PPL Next Gen with Markel International
8th March 2023
Following the live launch of the Placing Platform Limited (PPL) Next Gen platform this week, Lockton has announced that it has bound the first risk on the platform with Markel International. The risk was placed by Lockton’s Profin team and was 100% underwritten by Duncan Sinnott of Markel International. Carl Smith, Head ... Read the full article
Ascot to use Supercede for reinsurance submission data management
8th March 2023
Specialty insurer and reinsurer Ascot has announced that it plans to use software from reinsurtech specialist Supercede to prepare and manage its reinsurance treaty placements going forward. Ascot undertook the scaled pilot of Supercede’s product for the mid-year 2022 renewals and found use from the firm’s data validation, cleansing, and profile ... Read the full article
Inigo opts for pricing software from hyperexponential
7th March 2023
Specialty insurer and reinsurer Inigo has announced that it will use the Renew platform from insurtech hyperexponential in an effort to enhance its pricing capability and increase operational efficiency. Inigo intends to integrate Renew with all internal systems, including its underwriter workbench and policy admin systems. The company says the platform met ... Read the full article
AI must be integrated into underwriting and claims processes: Munich Re’s Greene
6th March 2023
As artificial intelligence (AI) and machine learning technology continues to grow and expand within the industry, Patrick Greene, Vice President of Data at Munich Re Automation Solutions suggests that, eventually, AI must be “fully integrated” into the underwriting and claims process. “Those that have invested in state-of-the-art underwriting rules engines are ... Read the full article
PPL Next Gen platform goes live after delays
6th March 2023
The Placing Platform Limited (PPL) Next Gen platform has gone live for the London market today following several delays to its roll-out. The platform aims to improve the original PPL single market solution for electronic placing that allows brokers and insurers to quote, negotiate and bind business electronically. Joe Gordon, CEO of ... Read the full article
Property claim repair time & severity testing insurers’ digital tools: J.D. Power
3rd March 2023
A recent study by J.D. Power has shown that a combination of severe catastrophic losses, supply chain-related delays, and inflation has conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. According to analysts, the combination of more severe events, as well as rising costs ... Read the full article
Xceedance makes investment in India-based Vitraya Technologies
3rd March 2023
Re/insurance service provider Xceedance, together with a consortium of investors, has invested a total of $4.1 million in Vitraya Technologies, an India-based technology platform that enables automated claims decision-making for insurers and real-time payouts to providers. Arun Balakrishnan, CEO at Xceedance, commented, “The work Vitraya Technologies is doing to enable claims ... Read the full article
FinTech Karson appoints Martin Kauer as Executive Partner
1st March 2023
Karson Management Limited, an innovative FinTech platform that provides capital-efficient solutions for financing & collateral, investing & asset management as well as risk transformation, has announced the appointment of Martin Kauer as Executive Partner. “I am excited to join Karson at this juncture of its development and to drive the transformation ... Read the full article
Cytora partners with HDI Global for expansion to German market
28th February 2023
Insurtech Cytora has partnered with HDI Global SE, a commercial and specialty insurer focusing on industrial lines, expanding its presence in the German Market. According to the announcement, this partnership aims to streamline global risk processing workflows and accelerate profitable growth. By using the Cytora Platform, HDI will be able to digitise ... Read the full article
Altai Ventures launches $53mn fintech & InsurTech fund
27th February 2023
Altai Ventures, an early-stage venture capital firm has closed a $53 million fintech and InsurTech fund. Bain Capital Ventures, Century Equity Partners invested in the fund alongside a number of limited partners across P&C insurance, life insurance and retirement, insurance brokerage, and commercial banking. The fund will focus primarily on the North ... Read the full article
Socotra targets European expansion following strong 2022
21st February 2023
Insurance technology provider Socotra has announced a major drive into the European insurance markets, with an initial focus on the UK, DACH, and France, following a solid 2022 which saw revenue increase 71%, and a 75% growth in customers. Socotra suggests there is a great demand in these markets as insurers, ... Read the full article
Heat microinsurance launched in India to protect women workers
17th February 2023
The Adrienne Arsht-Rockefeller Foundation Residence Center (Arsht-Rock) has announced the launch of the Extreme Heat Income Insurance, a new parametric insurance to help women in India recover wages lost due to climate-driven extreme heat events. Arsht-Rock partnered with insurtech Blue Marble, and the Self Employed Women’s Association (SEWA), a 50-year-old Indian ... Read the full article
Insurtech funding slumps by 57% in Q4: Gallagher Re
2nd February 2023
New data from reinsurance broker Gallagher Re shows that global insurtech investment declined by 57.0% to $1.01 billion in the fourth quarter of 2022, when compared with the previous quarter. According to the broker’s Global InsurTech Report, this means that insurtech funding is at its lowest quarterly point since Q1 2020. The ... Read the full article
Slide acquires Florida renewal rights & intellectual property from UPC
1st February 2023
Full-stack insurtech Slide Insurance has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance. Slide suggests that the acquired policies represent $272 million in annual premium, bringing its total in-force premium value to $560 million. Under the terms of the transaction, UPC will cancel most of ... Read the full article
Arbol transacts $170m in GWP in 2022
31st January 2023
Arbol, a global climate risk solutions platform, has reportedly transacted $170m in gross written premium (GWP) in 2022, marking significant growth and traction for the Arbol platform as it more than doubled its 2021 GWP of $70m. The InsurTech platform and FinTech company also reported cash flow-positive operations for the second-consecutive ... Read the full article
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