Stere, a digital ecosystem specialising in capacity sourcing and digital capabilities for embedded insurance partners and MGAs, has expanded its operations to the Latin American insurance market.
Stere, headquartered in the US, aims to help businesses find insurance and reinsurance capacity on a local or global level through its “capacity marketplace.” Stere also provides digital capabilities and transformation services using a library of APIs that give embedded insurance partners, InsurTech’s, MGAs, and others access to potential business channels to launch insurance programmes.
Stere said it will use its new presence to serve regional embedded and affinity clients such as tech platforms, banks, online marketplaces, superapps, and member-based organisations.
Indeed, marking the company’s entry to the region, the Stere team have signed off on a group of Latin America-based MGAs and embedded partners and closed 15 embedded insurance deals.
Among those deals include an agreement with boat rental app Fleets, FinTech for debt settlement and refinancing Kitei, and a Brazilian-based MGA focused on marine and transportation FeTransporte.
The company’s Latin American operations will be led by Thiago H. Soares, an “insurance industry verteran” whose career spans two decades, with managerial roles at Chubb, Allianz, CNP Assurance, and Hannover Insurance.
Dogan Kaleli, Stere CEO and founder, said, “Thiago’s extensive local, regional, and global experience are perfectly suited to this position and I can’t think of anyone better qualified to manage Stere’s LatAm journey.
“In just a few short months, he has assembled a team who represent Stere in Brazil, Colombia, and Mexico and who have already closed deals with 15 significant LatAm organisations, securing a contracted revenue of two million dollars. Based on this early momentum, I am excited to see what they can do when operations scale and the team expands more broadly throughout the region.”
Stere closed a $2m seed funding round last year. More recently, the company partnered with InsurerCore, a professional risk appetite network for insurance professionals, to create a networking and capacity marketplace.
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