Investors include industry heavyweights as total reinsurance quotes exceed $1 billion
Tremor, a programmatic insurance and reinsurance risk transfer marketplace, announced total funding of $10 million. W. R. Berkley Corporation and several new strategic investors have joined existing investors Nephila Capital, Markel Corporation and lead investor, Anthemis Group, in the current round. The company plans to use the latest funds to further develop its marketplace to include enhanced quoting and management capabilities as well as to accelerate hiring of an expanded team.
To date, Tremor has completed six reinsurance placements with quotes totaling over $1 billion and lines bound of nearly $500 million from more than 70 reinsurers, ILS funds and Lloyd’s Syndicates. The Tremor marketplace has facilitated quotes and placed capacity for several property catastrophe treaties, retrocessional placements and industry loss warranty (ILW) transactions across a range of ceding companies and the company is planning its first facultative transactions later this year. “I am very proud of the team at Tremor. We have been laser focused on adding value to a specific part of the risk transfer value chain and making programmatic transactions happen. It is paying off. We have received wonderful industry recognition for our tangible progress, and we were privileged to be a part of the Lloyd’s Lab, the insurtech innovation hub run by Lloyd’s of London. Through the support of our investors and partners and this financing, we look forward to a very exciting 2020”, said Sean Bourgeois, Tremor’s Founder and CEO.
In addition to transactions completed, Tremor has commitments from reinsurance participants to execute 2020 renewals on the platform and marketplace adoption of its technology has grown over 50% in the last six months alone.
“We chose to place our main property catastrophe program with Tremor last year, after over 18 months of technical due diligence, because we believed its platform had the potential to bring important efficiencies and capabilities to the placement process. We became a shareholder in Tremor because our use of the platform validated that early hypothesis, and we are enthusiastic about the potential positive impact Tremor’s technology can have on the insurance business,” W. Robert Berkley, Jr., President and Chief Executive Officer, W. R. Berkley Corporation commented.
The company is looking forward to a busy year end, with a strong pipeline of new transactions and the launch of exciting new features including enhanced quoting, rich analytics, a broker interface and dashboard management which will further improve the user experience for cedents, their brokers and reinsurers.