NEW YORK, May 10, 2018 /PRNewswire/ -- Boost Insurance
("Boost") today announced that it has secured a dedicated
reinsurance facility to power its groundbreaking B2B insurtech
development platform. The facility is led by Nephila with
participation from Markel Digital, the insurtech group within
Markel Corporation (NYSE: MKL), and RenaissanceRe Holdings Ltd
(NYSE: RNR). Boost, serving as general agent of 'A'-rated fronting
carrier State National Companies, Inc., will manage a program
supporting multiple insurtech startups entering the property and
casualty (P&C) industry and will support all personal and
commercial lines of business.
"This is a landmark day for Boost because it makes us a truly
one-stop shop for insurtech startups looking to bring their ideas
from concept to reality," said Boost's CEO and founder Alex Maffeo. "Limited access to licensed
insurance paper and risk capacity is by far the number one barrier
to entry for insurtech startups and a huge impediment to innovation
in this industry. We spent the last year developing relationships
with a group of the most forward-thinking (re)insurance capital
providers in the world. These partners are willing to put their
money where their mouth is to help insurtech startups succeed and
we couldn't be happier to receive their trust and support."
Nephila Managing Partner Barney Schauble added, "Boost offers
Nephila and the rest of the reinsurance facility members exposure
to the best insurtech startups and new insurance products with the
confidence that underwriting and compliance is being closely
monitored by an experienced team."
According to Boost, it takes insurtech startups approximately 24
months to get from concept to live product, and access to
(re)insurance capital (distinct from venture capital) is the most
significant bottleneck in this process. The insurance industry
moves slowly, as to be expected when the core business is about
predictability, reliability and risk management, and it's often
difficult for large companies to keep pace with rapidly-evolving
technology.
Luke Ledbetter, EVP & CUO of
Program Services at State National explained, "For startups,
technology reigns supreme, time is the enemy, the stakes are high,
and concepts are unproven – until they're not. Boost is in position
to accelerate the proof of concept for startups and usher in the
future of insurance."
The Company anticipates announcing its first insurtech partners
in the coming weeks and will be presenting on the Insurance
Innovators Looking Ahead panel at the Dig|In conference on
Wednesday, May 16th at
10:30 AM CST.
About Boost Insurance
Boost Insurance USA, Inc. ("Boost") is an independent,
technology-enabled insurance platform built to enable emerging
insurtech startups that take an innovative approach to insurance
products, distribution, data analytics, underwriting, and claims.
The Boost team is comprised of a well-rounded group of venture
capital, insurance, and technology professionals which enables it
to identify, vet, and support best-in-class insurtech startups with
a high degree of precision. Boost helps steer entrepreneurs through
the complex landscape that is insurance enterprise formation and
facilitates go-to-market acceleration through its licensed
subsidiary Boost Insurance Agency, Inc.
About Nephila
Nephila is a leading investment manager
specializing in reinsurance risk. Nephila offers a broad range of
investment products focusing on instruments such as
insurance-linked securities, catastrophe bonds, insurance swaps,
and private transactions. Nephila has assets under management of
approximately $11 billion as of
January 1, 2018 and has been managing
institutional assets in this space since it was founded in
1998.
About Markel Digital
Markel Digital leads Markel
Corporation's Insurtech engagement by evaluating emerging
technologies, establishing relationships with startups and digital
distribution partners, developing innovative and disruptive
insurance solutions, and making strategic investments in this
space. Markel Corporation (NYSE: MKL) is a diverse financial
holding company serving a variety of niche markets. The Company's
principal business markets and underwrites specialty insurance
products.
About RenaissanceRe Holdings Ltd
RenaissanceRe (NYSE:
RNR) is a leading global provider of reinsurance and insurance that
specializes in matching well-structured risks with efficient
sources of capital. The Company is known for its management
expertise, disciplined underwriting approach, sophisticated risk
models and responsive client service. Established in 1993,
RenaissanceRe has offices in Bermuda, Ireland, Singapore, Switzerland, the U.K. and the U.S. and deploys
approximately $13 billion of capital
resources in the market.
About State National Companies, Inc.
State National
Companies, Inc. is a leading specialty provider of property and
casualty insurance services across the
United States. In its Program Services segment, the Company
leverages its "A" (Excellent) A.M. Best rating, expansive licenses
and reputation to provide access to the U.S. property and casualty
insurance market in exchange for ceding fees.
Contact
Boost Insurance USA, Inc.
115 Broadway, 7th Floor
New York, NY 10006
Email: press@boostinsurance.io
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SOURCE Boost Insurance USA,
Inc.