Root Insurance, an insurtech that launched with an auto insurance focus and is now expanding into renters and homeowners cover, has placed its June property catastrophe reinsurance program renewal using Tremor Technologies programmatic risk transfer marketplace Panorama.
Root placed all of its June property catastrophe reinsurance tower using Tremor Panorama, taking advantage of the modern technology-driven approach to provide an efficient and data-rich experience.
“When we got the call that the Root team wanted to place their entire property catastrophe program with us, we were thrilled. This team is known for being thoughtful, and for their commitment to innovation,” Sean Bourgeois, Tremor’s Founder and CEO explained.
The placement was delivered particularly quickly, as the data-driven approach of both firm’s helped facilitate program placement in less than one week.
In addition, the use of Tremor’s Panorama platform provided insurtech Root with access to a wide-range of reinsurance markets, with more capacity available than was required and new markets signing on.
Bourgeois commented, “In less than a week, we were able to organize the placement and bring more capacity than was needed, allowing Root to manage its long-term relationships during the process. We were particularly excited that we could bring new markets to the program while delivering competitive pricing subject to their constraints in record time.”
“As a leading insurtech company, Root is excited to partner with innovative companies like Tremor that are helping to move the industry forward,” added Isaac Espinoza, Root’s VP of Reinsurance. “We were very happy to work closely with Tremor, our broker Willis Re, and our reinsurance partners to execute our property catastrophe program quickly.”
The data-rich approach to placing risk transfer, insurance or reinsurance that can be achieved using advanced technology enables rich insights to be gathered and for the execution of the program placement to be made particularly efficient.
Espizona acknowledged this saying, “Through this partnership, we have been able to provide participating reinsurers with an incredible amount of data with efficient execution. We look forward to working with Tremor in the future.”
Tremor recently announced that it experienced strong demand in the run-up to the renewals, with more than $700 million of reinsurance capacity sought from its platform by clients in May 2021 alone.
In addition, the company said that it has now booked over $1 billion of placement commitments beyond the renewals as well.