Tremor Technologies, a venture-backed programmatic risk transfer platform, has announced the successful pricing and placement of a large panel property catastrophe program to what it describes as a top 20 U.S property and casualty insurance company.
The Connecticut based start-up says nearly 50 reinsurers from the traditional U.S, Bermuda, Lloyd’s, European Union and APAC markets, along with several alternative capital markets participated in the auction bidding nearly $700 million of capacity across a multiple layer reinsurance tower.
Tremor announced in August that its open, technology-driven, programmatic reinsurance risk placement marketplace was ready for business, designed to improve the efficiency of matching risk with the right capital.
Tremor’s platform is intended to fit seamlessly into existing workflows, with programs prepared by brokers and cedents placed on the platform with contracts and submission files in virtual private data rooms.
Tremor says that the program was priced and placed successfully and the technology performed well.
“We are thrilled with the success of our first large panel property catastrophe reinsurance placement,” commented Sean Bourgeois, founder and Chief Executive Officer of Tremor
“It was a true team effort including a highly innovative reinsurance buyer, a technically savvy reinsurance broker and the majority of the reinsurance industry adopting our technology to make the first truly programmatically priced and placed property catastrophe program a success.”
Tremor added that it is planning further auctions in 2019 with commitments from additional reinsurance buyers in place.
With over 60 reinsurers representing nearly $350 billion in capital signed-up and trained to bid, the company believes it’s well-placed to exploit and improve current reinsurance market structure inefficiencies and says its programmatic platform improves pricing and allocation of risk in a fraction of the time and cost of traditional markets.