OnRisk & Agile collaborate on technology to structure D&F for ILS

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U.S. based insurtech startup OnRisk is collaborating with Agile Risk Partners Limited, a start-up focused on underwriting direct & facultative property risks and channeling them to both traditional and alternative reinsurance capital, to develop structuring technology to support this goal.

The pair will work together to develop an advanced, computer-aided design CAD-style platform to support the underwriting, structuring and distribution of high-value property and casualty risk.

Having entered into a partnership with OnRisk recently, Agile will become an early adopter of the platform and help to drive its development by ensuring it meets its needs for underwriting and structuring high-value D&F property deals.

Agile anticipates underwriting 200 D&F property transactions, including many that it believes will require ILS capacity support, are expected to be bound using the OnRisk platform during the firm’s first year of operation.

Agile’s Director of Underwriting Richard Foster commented, “To structure high-value deals in a fast-paced trading environment, we’ll need speed, precision and flexibility that exceed the capabilities of mud maps and spreadsheets. We look forward to the deployment of a CAD platform that can efficiently transact the most complex property risk transfers in the London market.”

OnRisk CEO Frank Sweeney also said, “Agile and OnRisk share a belief that the high-value risk market has benefited greatly from capital innovation, but remains technology-constrained and lower priority for insurtech investment. This collaboration will enable us to inject advanced technology directly into core high-value risk structuring processes.”

The goal is to develop “sophisticated CAD software capable of modeling the most intricate risk-sharing arrangements utilized by the global insurance industry,” the pair said. Agile intends to assist with the development of the platform and as a result OnRisk said its designs will aim to support the immediate operational priorities of Agile’s MGA and risk advisory businesses.

James Poole, Agile’s Managing Director, added, “We think these precise, visual structuring tools are potentially foundational for accelerating innovation in the high-value risk space. We are eager to push the technology envelope to the benefit of our buyers and capacity providers.”

Also read: D&F start-up plans to tap ILS market for capacity support.

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