Boost Insurance has introduced Boost Re, a new risk transfer platform to further improve its comprehensive insurance-as-a-service stack.
Boost Re is structured as a protected cell captive insurance company.
This structure allows Boost to create specialised and segregated risk-transfer vehicles, which in turn allows a variety of risk capital providers to effectively allocate reinsurance capacity across Boost-powered insurance programmes.
Boost Re’s turnkey captive-as-a-service solution allows MGA [managing general agent], insurtech and embedded insurance customers to build and expand full-stack insurance programmes.
Through specialised captive cells, Boost Re offers a streamlined medium for alternative risk capital providers to deploy reinsurance capacity across a Boost-powered insurance programme.
In a press statement, Boost said: “By adding this key component behind its existing MGA infrastructure and proprietary core technology systems, Boost can claim to be the industry’s first truly vertically integrated digital insurance company.”
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Boost Re also allows the company’s MGA, insurtech and embedded insurance partners to provide their own reinsurance capacity to strengthen the programmes they develop on Boost’s infrastructure.
Boost CEO and founder Alex Maffeo said: “We built Boost to provide our customers with a scalable, long-term solution for building or expanding their insurance business, and Boost Re is the next stage in that vision.
“By enabling our customers to build a full stack business on Boost Re’s rails, we can offer the same control, reliability and safety of engaging directly with carriers or reinsurers – at a fraction of the time and cost.”
Maffeo added: “For alternative risk capital providers, Boost Re serves as a reliable, trustworthy conduit to the returns offered by the emerging asset class of insurance.”