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.

Verisk’s Sequel to acquire, invest in Whitespace

3rd March 2021

Whitespace Software, a provider of digital placing technology to the re/insurance market, has signed an investment and acquisition agreement with Verisk business Sequel in an effort to accelerate growth. Whitespace is designed to provide market participants with a scalable digital placing platform capable of enabling customers to adopt a more efficient ... Read the full article

Lemonade posts $34mn Q4 net loss

2nd March 2021

Insurtech firm Lemonade has announced a fourth quarter net loss of $33.9 million, compared to $32.7 million in the prior year quarter. Meanwhile, fourth quarter total revenue was $20.5 million. Gross earned premium for the quarter was $50 million, up by $24 million against the fourth quarter of 2019, this was primarily ... Read the full article

Analysis predicts insurtech premium will exceed $556bn in 2025

1st March 2021

A new study by Juniper Research has found that the total value of premiums generated by insurtech firms will exceed $556 billion in 2025, a 123% leap from the $250 billion seen in 2020. Juniper Research’s analysis also predicts that insurers in the motor, life, home and health industries risk becoming ... Read the full article

TypTap secures $100m of funding from Centerbridge

1st March 2021

Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has secured a $100 million investment from private investment management firm Centerbridge Partners. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million. In exchange for its investment, Centerbridge received from TypTap preferred shares with ... Read the full article

Fathom launches UK flood model on Nasdaq’s risk modelling, cat service

1st March 2021

Fathom, a research-led flood risk modelling specialist has launched its UK flood model on Nasdaq’s Risk Modelling for Catastrophes service. This is the second model that Fathom had launched with Nasdaq, following its US flood model. Fathom’s Chief Research Officer Oliver Wing, commenting within an official company statement, said he’s keen to ... Read the full article

Supercede founders see opportunity in overlooked reinsurance space

26th February 2021

Supercede co-founders Jerad Leigh and Ben Rose believe there is “real opportunity” for their firm to become the primary digital ecosystem in the reinsurance space, which they say has historically been overlooked by technology. The launch of Supercede, a data-driven global trading platform formerly known as Riskbook, was announced earlier ... Read the full article

Beazley forms new digital business unit

26th February 2021

Specialist insurer Beazley has announced the creation of a new digital business unit, which is intended help the company to reformulate its approach to developing and underwriting digital insurance solutions. Existing digital initiatives and platforms created to further Beazley’s digital capabilities will now be led by a multi-disciplinary team headed up ... Read the full article

Munich Re backs new motor insurtech by Sun Capital & former Aviva CEO

25th February 2021

Reinsurer Munich Re has agreed to back the launch of a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson. The insurtech firm, called Abacai, will initially focus on the UK motor insurance market and will invest an initial £50m in the ... Read the full article

Marsh partners with Unqork on placement, policy management platform

24th February 2021

Re/insurance broker Marsh has partnered with software firm Unqork on a new digital platform designed to streamline insurance placement and policy management services in the US. The platform will aim to create a digital workspace where Marsh's brokers and the insurers they work with can quickly perform key placement and policy ... Read the full article

Volante Global launches cyber ransomware solution

24th February 2021

International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology. At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built ... Read the full article

WTW, Liberty Specialty launch reputational crisis insurance solution

22nd February 2021

Re/insurance broker Willis Towers Watson has launched a solution designed to enable organisations to transfer the financial risk associated with certain types of reputational crises. The broker’s Reputational Crisis Insurance also provides access to a range of non-insurance capabilities, including AI-powered data analysis. The solution has been developed through a partnership with ... Read the full article

Kin Insurances reaches $10bn insured property value

19th February 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $10 billion in total insured property value. The company saw a 400% increase in direct written premiums in Q4 2020 over the previous year, and enjoyed a 92% renewal acceptance rate. “Kin’s growth is evidence ... Read the full article

Insurance Europe warns of AI coverage challenges

17th February 2021

European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues. Insurance Europe supports the use of AI for exploring ways to more accurately forecast risk and develop new products, and also ... Read the full article

Lemonade launches life insurance using Bestow platform

10th February 2021

Insurtech firm Lemonade has announced that it will power its recently launched life insurance offering with the Protect API platform from Bestow, a digital life insurance company. Using Bestow’s platform, Lemonade customers can apply for instant insurance online using Lemonade’s website and apps. Customers are underwritten in real-time, using third-party data to ... Read the full article

Rebranded Supercede launches reinsurance trading platform

10th February 2021

Technology provider Riskbook has rebranded itself as Supercede to launch a data-driven global trading platform specifically created for the reinsurance sector. The platform aims to provide a free-to-use, independent reinsurance market with built-in analytics services. Supercede believes it will enable reinsurers to gain access to more risks and data, while brokers can ... Read the full article

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