InsurTech
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Trade body Insurance Europe has warned the Prudential Regulation Authority (PRA) that the temporary regime enabling EU reinsurers to trade in the UK will close before they know which of the Solvency II reforms will be taken forward.
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ILS Capital Management has backed the launch of a new InsurTech incubator, Mltply, which will offer fronting and reinsurance capacity to start-ups as well as venture capital and infrastructure support.
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The firm is also planning a windstorm version for Florida hurricanes.
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HSCM expanded a debt line by $10mn in addition to supporting the fundraise.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
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The InsurTech intends to use the new paper to accelerate the growth of its “next-generation” insurance offerings in the automotive fields.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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As part of expansion plans, Ki has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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Existing investors including State Farm Ventures, Formation8 and Brewer Lane Ventures also participated.