Reinsurance News

Socotra

Socotra adds Greg Murphy as Head of Global Partnerships

9th October 2024

Insurance technology provider Socotra has appointed Greg Murphy as Head of Global Partnerships, to develop and expand strategic alliances with technology providers and system integrators. Murphy is a market veteran with three decades of experience, most recently as Chief Executive Officer (CEO) and Principal Consultant of GRAAM Consulting Group. He has also ... Read the full article

Socotra and Oka form partnership to enhance carbon market insurance solutions

12th July 2024

US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article

Loggerhead introduces “much-needed” capacity to Florida homeowners market

3rd January 2024

Socotra has revealed that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home. With Progressive Home reportedly set to non-renew some 115,000 policies in the state of Florida, ... Read the full article

Tech-savvy insurance carriers set to outperform competitors: Socotra survey

3rd July 2023

In a recent survey conducted by Socotra, a leading core platform provider for modern insurers, it has been found that insurance carriers who invest in technology to enhance the customer service experience for brokers and agents are poised to outperform their less tech-savvy competitors. The survey, titled "Becoming the Preferred Provider: ... 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

Socotra raises $50mn in Series C funding round

17th March 2022

Comprehensive cloud-native insurance core system Socotra has closed a $50 million Series C funding round led by Insight Partners, highlighting the company’s rapid growth and success, with annual recurring revenue (ARR) increasing more than 9.5x over the last three years. The funding will be used to further expand product functionality, broaden ... Read the full article

USAA becomes latest Socotra investor

26th February 2018

USAA has become the latest investor in comprehensive cloud-native insurance core system Socotra, joining previous investors CrunchFund, Founders Fund, Greenoaks Capital, SciFi VC, SV Angel and Vulcan Capital, as well as angel investors Ron Conway, Michael Ovitz and Joe Lonsdale. Terms of the investment were not disclosed. Nathan McKinley, vice president of ... Read the full article