Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has led an investment round for automotive insurtech Noblr.
Noblr is a car insurance start-up that leverages technology to provide an experience driven protection product that rewards good driving behaviour with real-time competitive rates.
Noblr is built on a reciprocal exchange model, where customers are members who help to drive the company forward, as the Colorado based insurtech looks to develop community around an insurance experience, while also making distribution of its risk products more efficient through technology as well.
Investing via its HSCM Bermuda entity, Hudson Structured led the round in insurtech Noblr, collaboration with financial services group White Mountains Capital Inc., and TPRE Reinsurance Ltd., an entity of hedge fund backed reinsurer Third Point Re.
Using behaviour based pricing, Noblr calculated insurance premiums in real-time based on how a driver performs. The company says good drivers can save up to 51% on their auto insurance premiums, while its highly personalised pricing model help directly incentivise better driving and as a result safer roads as well.
“We’re excited to help build a community of responsible drivers in Colorado,” commented Gary Tolman, Noblr CEO & Co-founder. “We believe good drivers deserve fairer and more transparent car insurance rates, along with the tools they need to continuously improve their driving to earn lower premiums and create safer roads for all.”
“Gary Tolman and the team are already innovators in auto insurance and are leading the way in continuous underwriting. We believe Noblr will quickly attract the very best drivers and build a great business,” added Rachel Bardon, Partner & Chief Actuary at HSCM Bermuda.
Hudson Structured, the asset manager established by ex-Goldman Sachs structured finance head Michael Millette, targets novel ways to access insurance-linked returns for its investors from across the range of market access points, one of which is through insurtech investments that can deliver on distribution innovation.
Reinsurer Third Point Re participated by making a minority equity investment and providing reinsurance to Noblr.
Dan Malloy, Chief Executive Officer of Third Point Re, commented on the reinsurers participation in the insurtech investment, “One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations. Noblr’s innovative platform combined with the management team’s extensive experience in the insurtech space make this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business.”
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