Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, has now completed an impressive 15 reinsurance auctions since its launch and has recently raised an additional $4 million in venture funding to facilitate further growth.
In the most recent auction, working alongside reinsurance broker Willis Re, Tremor completed a programmatic placement of a workers’ compensation reinsurance program, another first for the insurtech, as it helped W. R. Berkley Corporation secure its placement thanks to more than $100 million of quotes delivered through the auction.
It’s the first auction for this line of business and demonstrates the way Tremor’s marketplace platform can work across numerous classes of reinsurance, with the focus being on efficiently syndicating and placing the risk with diverse sources of capital.
Tremor’s sophisticated marketplace technology has now been put to use across 15 auctions, including treaty, facultative and retrocessional reinsurance placements, across P&C lines of business.
Companies it has worked to assist include major players Allianz, Markel Insurance Company, W. R. Berkley Corporation, as well as others.
In 2020 the company has two new commitments from top 10 global insurers and Tremor remains the only marketplace platform to place deals of significant size for re/insurance companies of Fortune 500 scale.
With the increasing number of auctions, Tremor is also attractive more markets and capital providers.
It now counts 97 markets on the Tremor platform, up from 30 two years ago.
At the same time the company is increasingly working alongside the leading brokers on auction placements and has signed agreements with several top reinsurance brokers.
Tremor has also announced additional funding, as it raised a further $4 million, taking its total funds raised to date to $15 million.
Financial technology and insurtech venture investment specialists Anthemis Group participated, alongside Berkley Ventures and Markel Digital Investments.
“We are humbled by the support from our investors who are also true partners to the company. The current funding will allow Tremor to further develop capabilities that we will be announcing over the coming months and gives us ample runway to outlast the slow adoption curve typical of traditional industries. Importantly, Tremor is now beyond the proof-point of its technology with several significant repeat auctions under our belt. With today’s funding, our message to the market is that we are here to stay,” explained Sean Bourgeois, Tremor’s Founder & CEO.