Insurance technology, now known more widely as Insurtech, has the potential to bring significant efficiency & disruption to reinsurance, ILS & risk transfer markets.
Insurtech a hot trend with everyone from traditional reinsurance incumbents, as they seek to improve efficiency and stay ahead of the game, to brokers who are seeking to avoid disintermediation, to insurance-linked securities (ILS) players who see it as a way to enhance the efficiency of their capital even further.
The potential for Insurtech and Fintech initiatives to bring efficient capital, such as ILS capital and alternative reinsurance capital from third-party investors, more directly into contact with risk is huge. The opportunities to use technology to shorten and optimise the chain from original risk, to insurance, to reinsurance, to retrocession (or final capital source), will create winners and losers in the market, making this a trend to watch closely.
Boost Insurance, a company that has developed technological infrastructure for the insurance market to streamline participation, including to connect reinsurance capital with programs and portfolios, has launched Boost Re, a US domiciled captive structure the cells of which it will enable alternative capital providers to deploy capacity through.
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African Risk Capacity Limited (ARC Ltd.) has entered into a partnership with insurtech Floodbase that will see the pair working to develop, distribute, and scale parametric flood insurance products for Africa.
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Vesttoo has responded to the Official Committee of Unsecured Creditors calls for its liquidation to be accelerated, stating that it has produced “a significant business plan” and that the creditors should give the insurtech the time to deliver what it believes could be a “value-maximizing transaction.”
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The Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case objects strongly to the insurtech’s plans to attempt to trade forward, calling these efforts a “wasteful pursuit” that is burning money that could be returned to those harmed by the extensive letter of credit (LOC) in reinsurance fraud.
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As the Chapter 11 bankruptcy case of beleaguered insurtech Vesttoo continues, the latest is that insurance and reinsurance broking giant Aon has agreed that the Committee of Unsecured Creditors can conduct some legal discovery on its entities, including White Rock.
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Speaking at the Convergence event in Bermuda today, Adrian Jones, a former partner at HSCM Ventures, the venture capital business affiliated with Hudson Structured Capital Management, highlighted the artificial intelligence opportunity for the insurance-linked securities (ILS) industry, but also cautioned the ILS sector to take care with data.
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The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo has now filed a request with the court to allow them to conduct legal discovery on insurance and reinsurance broking group Aon and certain related entities that have been exposed to the letter of credit fraud issues.
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Analysis undertaken by ALIRT Insurance Research shows that almost 20% of the total letter of credit (LOC) collateral used by a group of US fronting carriers appears likely to have been sourced via Vesttoo and provided by the bank at the heart of the fraud allegations, China Construction Bank (CCB).
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Hudson Structured Capital Management Ltd., the reinsurance asset manager that does its investment business as HSCM Bermuda, has announced a raft of promotions across the business within its senior team.
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Having successfully exited his previous start-up Tremor, Sean Bourgeois is back very quickly with another, launching Fuse as a modern, secure communications platform for the global commercial insurance and reinsurance industry.
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