Leading online reinsurance pricing and placing platform Tremor transacted $175 million of premium in 2021 and achieved marketplace revenue growth of over 400% year over year.
Tremor has seen over $275 million of reinsurance premium transacted on its marketplace since 2018.
While the market has continued to harden overall and traditional reinsurance placements struggle, Tremor says it has had its best quarter yet; delivering required capacity for challenging placements well ahead of renewal dates with record numbers of participating reinsurers.
Since its marketplace launched in 2018 over $8 billion of reinsurance limit has been priced with over 120 reinsurers, Lloyd’s Syndicates and ILS funds.
While initially transacting Property Treaty business, the company has grown into other types of reinsurance.
Over 16% of limit priced to date is from Casualty treaty placements with a similar percentage being Parametric placements including Industry Loss Warranties (ILWs).
The company has also entered the Facultative and Retrocessional market and is now transacting both proportional and non-proportional reinsurance structures across Treaty and Facultative placements.
To date, Tremor’s marketplace has sent out over 2,100 underwriter participation invitations to authorize capacity and has made 193 capacity allocations with an average placement duration of just 2.3 days from quotes to signed lines.
A typical reinsurance placement on Tremor has an average of 42 cedent-approved participating reinsurers.
“We achieved perfect product-market fit earlier in the year with Tremor Panorama, our next generation marketplace, and we’ve continued to enhance from there – launching a wide range of on-platform features during 2021 while tripling our client base and quadrupling our revenue,” noted Sean Bourgeois, Tremor Founder & CEO.
“I’m very proud of the talented team at Tremor, and grateful for the opportunity to serve the market of insurers and reinsurers to dramatically improve price efficiency with our modern market model for risk transfer.”
During 2021, Tremor completed its first significant casualty placement, a European cedent placement and several loss making renewals all in a hardening market.
“Some had suggested that Tremor could only work in a soft market for commodity programs – we have always stated that Tremor brings the most competitive market regardless of market conditions, whether programs are loss making or not, whether the placement is a property catastrophe placement or a complex, multifaceted casualty quota share – 2021 has allowed us to prove that Tremor is simply a better market model in every dimension,” continued Bourgeois.
Looking forward, Tremor is anticipating rapid client and revenue growth for 2022 as it continues to build value-added features and capabilities.
The company is expected to tackle contract wording automation, catastrophe modeling integration, payments, claims notifications and more in the coming quarters.
