Insurance companies utilizing Tremor Panorama, the leading online marketplace for reinsurance, have sought over $700M in capacity from reinsurers in May alone. Beyond May, Tremor has booked more than $1B in new placement commitments while doubling its insurance company client base and growing its network to 105 reinsurers, a 20% growth in total capital. So far this year, the company has entered into new agreements with a top-10 U.S. insurance company, a top-3 global property & casualty insurance company, several innovative insurtech carriers and several specialty insurance carriers to place reinsurance programs on its platform.

Tremor Technologies is thriving in the midst of a hardening reinsurance market, and heads into 2021 with broadening momentum. Proving that Tremor’s tech is truly market agnostic The value of Tremor’s reinsurance risk transfer technology has now been field-tested in soft and hard market conditions, bringing efficiency, transparency, and speed to the reinsurance placement process. In soft markets, Tremor’s technology gives cedants the ability to easily expand panels to enhance competition, and in hard markets Tremor quickly provides valuable price discovery when it is otherwise difficult to gather because market participants are holding their cards very close.

For only the second time in recorded history, five named tropical cyclones are churning in the Atlantic at the same time, with Hurricane Paulette impacting Bermuda yesterday. “Tremor stands ready to assist the industry with live risk transfer during significant hurricane events. For re/insurers and ILS funds looking to buy protection discreetly, the Tremor marketplace is the ideal venue. We spun up a market for Hurricane Laura and we commit to do so for all hurricanes in the 2020 season, one of the most active seasons ever,” said Sean Bourgeois, Tremor’s Founder & CEO.

Today Tremor announced additional financing of $4M, which brings the company’s total funds raised to date to $15M. Anthemis Group, Berkley Ventures and Markel Digital Investments participated in the round. “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.

As Hurricane Laura moved towards landfall, Tremor was busy offering hedging capacity to the marketplace. We started receiving calls early that morning from buyers looking for hedging tools and sellers wanting to supply capacity. We saw the market need and acted, scheduling auctions for that afternoon. The $10B, $20B and $50B named storm ILW auctions were scheduled at 3, 5 and 7pm ET on Wednesday. “With Laura’s rapid evolution, the buyers and sellers contacting us were trying to get a pulse on the market and see if there was appetite to drive live cat trading – the current market is really opaque, and participants were grasping for signs of life before taking action themselves,” explained Chris Wilkens, Chief Product Officer at Tremor.

Market Summary Tremor’s weekly ILW (industry loss warranty) market is growing. In its first six weeks, Tremor has seen an average of more than USD 60M capacity offered and USD 30M of protection requested. Spreads have fluctuated, with the best buy and sell prices converging to produce a successful transaction for US wind and earthquake risk. Spreads are narrowing, and activity is expected to increase going into June and July.

On April 2nd, Tremor opened weekly online Industry Loss Warranty (ILW) auctions to provide an active marketplace to transact coverage. While most re/insurance markets continue to remain challenged or closed entirely and while many intermediaries are calling for automatic contract extensions, Tremor is seeing rapid growth in the use of its fully online, programmatic marketplace to price and allocate re/insurance programs. Each week, Tremor posts a range of common ILWs for auction.

The traditional insurance and reinsurance market is facing many challenges due to COVID-19. In light of the importance of keeping re/insurance trades flowing, Tremor is opening weekly online Industry Loss Warranty (ILW) auctions beginning April 2, 2020. The company will host a weekly auction every Thursday to ensure that the ILW market continues to operate while bringing additional efficiencies to the process. Buyers and sellers of ILW protection are welcome to participate.