Tremor Technologies, the programmatic risk transfer platform, has passed $1 billion of total reinsurance quotes and lines bound of nearly $500 million, and has announced $10 million in financing from new investors.
The company has now completed six reinsurance placements, with quotes from more than 70 reinsurers, ILS funds, and Lloyd’s syndicates.
Its marketplace has facilitated quotes and placed capacity for several property catastrophe treaties, retro placements and ILW transactions across a range of ceding companies.
Tremor also revealed that it is planning its first facultative reinsurance placement this quarter.
W. R. Berkley Corporation and several other strategic investors have joined existing investors Nephila Capital, Markel Corporation and lead investor, Anthemis Group in Tremor’s current round of funding.
The company intends to use the latest funds to further develop its marketplace to include enhanced quoting and management capabilities, in addition to accelerating the hiring of an expanded team.
“I am very proud of the team at Tremor,” said Sean Bourgeois, Tremor’s Founder and CEO. “We have been laser focused on adding value to a specific part of the risk transfer value chain and making programmatic transactions happen. It is paying off.”
“We have received wonderful industry recognition for our tangible progress, and we were privileged to be a part of the Lloyd’s Lab, the insurtech innovation hub run by Lloyd’s of London,” Bourgeois added. “Through the support of our investors and partners and this financing, we look forward to a very exciting 2020.”
In addition to transactions completed, Tremor has commitments from reinsurance participants to execute
2020 renewals on the platform.
The company reported that marketplace adoption of its technology has grown by more than 50% in the last six months alone.
W. Robert Berkley, Jr., President and CEO of W. R. Berkley Corporation, also commented on the announcement: “We chose to place our main property catastrophe program with Tremor last year, after over 18 months of technical due diligence, because we believed its platform had the potential to bring important efficiencies and capabilities to the placement process.”
He continued: “We became a shareholder in Tremor because our use of the platform validated that early hypothesis, and we are enthusiastic about the potential positive impact Tremor’s technology can have on the insurance business.”