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.
Critical role for re/insurers in net zero transition & enabling climate tech: PwC
3rd September 2022
With the back-in-person Monte Carlo Rendez-vous reinsurance industry event happening in just a week's time, PwC is highlighting the important role of re/insurers and underwriters in supporting the transition to net zero, as well as in enabling climate tech innovation. PwC is hosting a special session (details below) at the ... Read the full article
Fairmatic raises $42m in funding round, Aquiline among leaders
2nd September 2022
Following its latest Series A funding round, insurtech company Fairmatic has raised a total of $42M from Aquiline Technology Growth, Foundation Capital, and other insurtech, fintech and technology angel investors. The funding comes at a time of development for Fairmatic, having emerged from stealth with a C-suite of insurance and technology ... Read the full article
Gallagher & Novidea to launch digital platform for specialty clients
1st September 2022
Broker Gallagher has partnered with global insurtech Novidea, to implement and tailor its insurance broking platform for its specialty client base. The platform will be extremely pioneering within the market, as it will revolutionise client service, and also cover every stage of the broking lifecycle, from enquiry and quotation to policy ... Read the full article
MIS announces partnership with Markel International
1st September 2022
InsurTech McKenzie Intelligence Services (MIS) and Markel International, a subsidiary of Markel Corporation, have announced a partnership aimed to accelerate Markel’s incident and claims responses following major loss events, including natural catastrophes. Since 2017, Markel has been using MIS’s AI-powered Global Events Observer (GEO) platform for its Lloyd’s syndicate business. This was ... Read the full article
Kojo founder highlights changing relationship between insurers and insurtechs
25th August 2022
The founder of Kojo, Lara Varjabedian has released a report highlighting the changing relationship between insurers and insurtechs, noting the key friction points and the growing demand for partnerships rather than competition. The gap of understanding between insurers and insurtechs is shrinking, says Varjabedian, as insurers are gaining insurtech experience, and ... Read the full article
Insurtech Accelerant launches $175mn reinsurance sidecar vehicle
24th August 2022
Insurtech platform Accelerant has launched a new $175 million sidecar investment vehicle, called Flywheel Re. The new sidecar will provide multi-year risk capital to Accelerant and its cohort of underwriting-led specialist members. Goldman Sachs & Co. LLC served as exclusive placement agent to Accelerant and Sidley Austin LLP acted as legal counsel. Founded ... Read the full article
Are fully automated, computer-based insurance contracts in the works?
24th August 2022
A new note from the CIO of Atrium says that the London Market Group’s Data Council is aiming to create a fully automated, computer-based digital contract for insurance business. Writing on the Atrium website, Justin Emrich says that the ultimate future vision is a fully computable contract. He wrote: “Computable contracting is ... Read the full article
Cover Genius makes “strategic” hires for business services and property partnerships
23rd August 2022
Cover Genius, an insurtech for embedded insurance, has announced three key additions to its leadership team as demand for embedded protection continues to increase. Barney Pierce has been appointed Senior Vice President of Partnerships in APAC. He joins the company after a successful career in senior leadership positions at Google, responsible ... Read the full article
Insurtech investments fall by 80% in 2021: GlobalData
19th August 2022
According to GlobalData, insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions in 2022. GlobalData’s Deals Database reveals that the value of global investments in insurtech fell by 79.6% in 2021. This follows a consistent flow of stories of insurtechs struggling in 2022. Recently, Lemonade cut ... Read the full article
FWD Group partners with dacadoo amidst mobile app launch
18th August 2022
FWD Group Holdings Limed (FWD) has partnered with Swiss insurtech dacadoo to launch the new mobile app, omne. omne is a well-being app designed to help people celebrate living through tools that foster micro-habits and achieve daily goals. The self-described easy-to-use app provides a suite of activities and content such as music, ... Read the full article
Insurtech startup Ledgebrook raises $4.2m in seed funding
18th August 2022
Boston-based insurtech, Ledgebrook, has announced that it has raised $4.2M in seed funding to build out its operations with the goal of writing its first policies in Q4 of 2022. The company plans to start by launching a broad-appetite E&S GL product to establish its value prop to wholesale brokers ahead ... Read the full article
Insurtech startups shift focus to profitability: S&P
17th August 2022
A recent S&P Global Market Technology report suggests insurtech startups have shifted from a "growth at all costs" mentality to one more focused on profitability. Full-stack companies, or those that have licensed carrier subsidiaries, will require profitable underwriting and investing to achieve this goal, though the report says this may prove ... Read the full article
IBISA raises seed funding from Ankur Capital
17th August 2022
The Luxembourg based start-up IBISA, has raised seed capital of an undisclosed amount from Ankur Capital, an India-based early-stage venture capital fund focused on transformative technologies in deeptech and climate tech. With this fresh funds, the start-up is now planning to scale its operations across the country with operations in Odisha, ... Read the full article
HowdenCAP and Mosaic team up on technology
16th August 2022
HowdenCAP and Mosaic are teaming up to integrate their technology platforms. The former, a division of broker firm Howden, will work with the specialty carrier to ‘drive efficiency and speed of risk placement’ in the structured credit insurance market. A statement from the two firms said that team-up will be the ... Read the full article
Lemonade buys catastrophe excess-of-loss reinsurance at July renewal
15th August 2022
Growing insurtech Lemonade has secured catastrophe excess-of-loss reinsurance to protect its business at the July 1 2022 renewals. The insurtech company continues to utilise reinsurance more for capital efficiency reasons than for risk management, but the catastrophe excess-of-loss treaty is clearly designed to moderate the impacts of major US catastrophe events ... Read the full article
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