InsurTech
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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.
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Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
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The auction technology platform also said it has more than $100bn in new placement commitments.
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The fundraise will allow the InsurTech distribution platform to double its staff and roll out new products.
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ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses.
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The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.
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The Tremor CEO spoke to Inside P&C recently, offering an inside look at his company’s Panorama platform.
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The start-up aims to place $1bn in capacity this year.
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The ILS firm has previously invested with the company.
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The $850mn assets advised by the firm are already largely deployed.