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.
Insurtech Otonomi raises $3.4m to build blockchain-powered parametric cargo platform
18th October 2022
Insurtech and parametric cargo insurance platform, Otonomi has announced that it has closed a $3.4 million funding round to build a first-to-market blockchain-powered parametric cargo platform. The funding round was led by ATX Ventures, followed by GSR Ventures, Greenlight Re Innovations, Punja.VC, Altari Ventures, Soundboard Venture Fund, Blackhorn VC, Bering Waters, ... Read the full article
bolttech completes Series B round of fundraising
18th October 2022
Singapore-based insurtech firm bolttech has completed Series B investment. The firm said in a statement that the round was led by Tokio Marine and other shareholders, and now values bolttech at an up-round valuation of approximately $1.5bn. This comes a year after the firm closed its Series A funding round after raising ... Read the full article
SecondSight launches AI-driven platform for underwriting amid funding round
14th October 2022
SecondSight has announced the launch of an AI-driven platform for "inside-out" underwriting, alongside an "oversubscribed" $3 million seed round of financing led by Tim Crown (co-founder of Insight Enterprises) with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors. SecondSight states that its product is the insurance industry’s ... Read the full article
Codan Marine and Concirrus enter partnership
13th October 2022
Danish marine insurance and service provider Codan Marine has entered a multi-year contract with AI insurtech Concirrus to improve risk insights and prediction to strengthen solutions for customers. Under the deal, Codan Marine has added Concirrus’ data analytics platform, Quest Marine, to their portfolio of advanced tools. It said that this ... Read the full article
E-trading to be the norm in the London Market by 2023: Gracechurch Consulting
12th October 2022
According to Gracechurch Consulting’s recent London Insurance Technology Monitor report, most brokers & underwriters prefer to use an e-trading platform than not, with eight in ten believing that e-trading will be the norm for everyone in the London Market by mid-2023. The report suggests that in the first half of 2021, ... Read the full article
Tremor launches Reinsurer Product Council with eight members
11th October 2022
Platform company Tremor Technologies has launched its Reinsurer Product Council with its first cohort of eight global reinsurance companies and ILS funds participating representing nearly $100bn in industry capital. The firm said in a statement that participating companies include a cross section of major US, Bermudian and European reinsurers as well ... Read the full article
Ardea launches new insurance portfolio optimisation tool
11th October 2022
Ardea Investment Management, a fixed income specialist, has launched a new tool developed specifically for optimising insurance portfolios and which addresses the complex asset allocation problem faced by insurers. According to the announcement, introducing the capital charge to the portfolio optimisation process creates a complex multi-objective optimisation problem unsolvable by traditional ... Read the full article
Skyward Specialty announces partnership with Gradient AI
10th October 2022
Specialty insurance firm, Skyward Specialty, has announced its partnership with Gradient AI, an artificial intelligence (AI) solutions provider for the insurance industry. According to the announcement, through this collaboration, the insurer aims to power its Accident and Health (A&H) division's latest technology driven stop-loss solution, SkyVantage. A rise in employer healthcare costs ... Read the full article
Relay announces partnership with CyberCube
7th October 2022
Relay Platform, a technology solutions provider enabling the digital transformation of commercial insurance placements, has partnered with CyberCube, a cyber risks analytics provider, on the cyber quoting experience. This new partnership aims to enable brokers and agents who use Relay to gain access to the CyberCube cyber insurance report directly within ... Read the full article
bolttech expands in Indonesia with Axle Asia acquisition
7th October 2022
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance. Bolttech suggests the addition ... Read the full article
Munich Re acquires API-focused insurtech
6th October 2022
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem. apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both ... Read the full article
Accenture acquires P&C tech services provider Blackcomb
6th October 2022
Professional services firm Accenture has announced the acquisition of Blackcomb Consultants, a specialist technology services provider to P&C insurance carriers. Headquartered in Chicago, Illinois, Blackcomb is an independent partner of Guidewire, the P&C cloud platform. Its offerings include policy administration system implementations and upgrades, production support, cloud-hosted services, performance-improvement and organizational-change services. Blackcomb ... Read the full article
Canopius provides $50m of coverage for digital assets firm
5th October 2022
Global specialty re/insurer Canopius Group has provided $50 million of insurance coverage for digital assets financial services ecosystem, Matrixport. The coverage applies to digital assets help in cold storage with Cactus Custody, the institutional custodian for Matrixport. This storage solution safeguards funds and digital assets under custody for over 200 institutional clients ... Read the full article
Guidewire names Will McAllister SVP, Managing Director, EMEA
5th October 2022
Guidewire, a software company that offers an industry platform for property & casualty (P&C) insurance carriers in the US and worldwide, has appointed Will McAllister, as Senior Vice President, Managing Director, EMEA. Within this role, McAllister will lead Guidewire’s customer-facing teams across EMEA, including sales and delivery services. He will also report ... Read the full article
Lemonade partners with Aviva amid UK launch
3rd October 2022
US-based insurtech Lemonade has launched in the UK, entering a long-term, strategic partnership with Aviva. Lemonade states that residents across the UK can now get access to its insurance contents instantly, from anywhere, on any device, as well as file claims and get paid in seconds. Daniel Schreiber, Lemonade co-CEO and co-founder, ... Read the full article
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