Programmatic re/insurance risk transfer marketplace, Tremor, has reported that insurance companies leveraging its Panorama™ trading platform have sought over $700 million in capacity from reinsurers in the month of May alone.
Tremor announced the enhancement of its original programmatic re/insurance risk transfer marketplace with the launch of Panorama™ in February of this year.
With more than $700 million in reinsurance capacity sought in May alone, Tremor notes that beyond this, it has secured over $1 billion in new placement commitments.
At the same time, Tremor has managed to double its insurance company client base and grow its network to 105 reinsurers, a 20% growth in total capital.
So far in 2021, Tremor has entered into new agreements with a top-10 U.S. insurance company, along with a top-3 global property & casualty insurance company, a number of innovative insurtechs, and several specialty insurers to place reinsurance programs on its platform.
Tremor explains that it now has agreements with “every major reinsurance broker in every major reinsurance market” globally. Those brokers that have an agreement with Tremor have direct access to the platform via their insurance company clients.
During this quarter, all placements were managed in partnership with reinsurance brokers utilising the Tremor platform, explains the company.
Tremor has expressed optimism when looking to the future, as it expects to increase its placement volume by 300% in 2021 as more re/insurers come onboard.
Over the coming weeks, the company intends to announce recent success stories in partnership with insurers successfully using the platform.
Last year, the company reported it had exceeded $1 billion in limit placed and expected significant growth for this year.
Sean Bourgeois, Tremor’s Founder & CEO, commented: “We couldn’t be more thrilled with the rapid adoption of Tremor Panorama. Insurance companies are reporting faster, better and more competitive reinsurance placements with much richer data, and they really appreciate the tools we offer to manage long term relationships.
“Reinsurers are drawn to the Tremor platform to access more risk more efficiently with more data while authorising their capacity in sophisticated ways whereby their capital is outstanding for far less time.
“We are encouraged that every major reinsurance broker now has an account with Tremor and all are actively using the system to place hundreds of millions of dollars of limit in partnership with their clients.
“Overall, it’s clear that the market is voting for Tremor to play a fundamental role in the pricing and placing of a wide range of reinsurance now and into the future powered by our modern trading technology.”