Hedge fund-backed reinsurer Third Point Re has entered into a partnership with insurtech firm Noblr through a combination of a minority equity investment and reinsurance.
Noblr offers an insurance producted designed to reward drivers for making smart decisions, leveraging telematics data, actuarial insight, and product design to offer feedback and real-time rates based on driving behaviour.
The firm’s initial focus in on personal auto insurance in the U.S, having recently launched in Colorado.
Dan Malloy, Chief Executive Officer (CEO) of Third Point Re, commented on the announcement: “One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations.”
“Noblr’s innovative platform combined with the management team’s extensive experience in the insurtech space make this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business,” he continued.
Gary Tolman, CEO and Co-founder of Noblr, also commented: “We are excited to have Third Point Re as a partner given their expertise in reinsurance, and their capital investment will provide the fuel necessary to grow our business.”
“While other companies take a more generalized and less transparent approach, Noblr members pay for insurance based on what they actually do,” Tolman explained.
“Thanks to Noblr’s proprietary technology, Noblr drivers who drive better can lower their rates and make the roads friendlier every trip they take. In fact, our behavior-based pricing is calculated in real time based on how well and how much someone actually drives. In addition to savings, Noblr’s intuitive app and highly personalized pricing model help directly incentivize better driving.”