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.
Vesttoo has made two senior hires in its legal function, adding former Hiscox executive David Schonbrun as Chief Legal Officer and a former Senior SEC Counsel Daniel Goldfried as his Deputy.
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Broking group Howden, global reinsurance firm Munich Re and UK insurtech Skyline Partners have teamed up to develop a parametric hurricane insurance product for Jamaican farmers.
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Rising interest in parametric insurance and risk transfer has resulted in an influx of investor capital into the space, the development of new MGA’s and capacity, as well as new technology platforms.
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Kin Insurance’s debut $175 million Hestia Re Ltd. (Series 2022-1) catastrophe bond issuance is expected to be an “integral” component of the fast-growing insurtech’s reinsurance tower, according to its Chief Insurance Officer.
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We’ve learned that direct-to-consumer and fast-growing insurtech Kin bolstered the surplus capital of its main carrier operating in Florida by $20 million in order to meet Demotech’s requirements for its rating affirmation recently.
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Vesttoo has added another senior capital markets expert to its growing Advisory Board, recruiting former Credit Suisse advisor Dr. Sanjiv Sobti who has a long history on Wall Street.
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Financial Acquisition Corp, a new special purpose acquisition company (SPAC) sponsored by FINSAC LLC which plans to raise £150 million through its listing on the London Stock Exchange (LSE), has named experienced ILS practitioner, Aditya Dutt, as part of the sponsor team of the vehicle.
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Direct-to-consumer and fast-growing insurtech Kin Insurance has now priced its debut Hestia Re Ltd. (Series 2022-1) catastrophe bond issuance at a size of $175 million, with the coupon investors will receive finalised at the top-end of initial guidance.
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Direct-to-consumer and fast-growing insurtech Kin Insurance is aiming to upsize its first catastrophe bond issuance, with its target for the Hestia Re Ltd. (Series 2022-1) issuance now set between $150 million and as much as $200 million of Florida hurricane reinsurance protection.
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Hudson Structured Capital Management Ltd., the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has made a further investment commitment to support auto and rideshare focused insurtech Buckle, participating in an extension of the startups debt facility.
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