Insurtech start-up Tremor has raised nearly $10m in fresh funding from a clutch of existing investors including Nephila Capital, Markel Corporation and lead investor, Anthemis Group.
R. Berkley Corporation is the new investor that also participated in the funding round.
Tremor, which offers programmatic insurance and reinsurance risk transfer marketplace, will invest the proceeds to further augment its marketplace and incorporate better quoting and management functionalities.
Tremor said that it has concluded six reinsurance placements with quotes worth more than $1bn and lines bound of approximately $500m from over 70 reinsurers, ILS funds as well as Lloyd’s Syndicates.
Tremor founder and CEO Sean Bourgeois said: “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.”
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Separately, Tremor has agreed with reinsurance participants to carry out 2020 renewals on the platform while the adoption of its marketplace technology has increased more than 50% in the last six months.
R. Berkley Corporation president and CEO W. Robert Berkley, Jr., said: “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.”
Additionally, Tremor is planning to complete its first facultative reinsurance placement this quarter.