Boost Insurance, a prominent insurance infrastructure platform has recently made headlines by securing over $130 million in new reinsurance capacity.
This substantial investment is poised to fortify its position as a leader in the industry, supporting its managing general agency (MGA), InsurTech, and embedded insurance programs.
The company’s efforts not only involve renewing existing treaties but also expanding its reinsurance panel to encompass more than a dozen industry-leading risk capital providers, including strategic partnerships with RenaissanceRe and Canopius.
Lisa Davis, CEO North America and Bermuda of Canopius, said, “We expanded our relationship with Boost for their consistent track record of program profitability, with a data-driven and technology-enabled approach to risk management. Boost’s platform helps us efficiently reach new segments of the market, and further diversify our portfolio.”
The impetus behind this significant move stems from Boost’s commitment to enhancing its platform’s capabilities and facilitating greater market penetration.
Alex Maffeo, CEO and Founder of Boost, said, “Risk capital is an increasingly scarce resource for MGAs, InsurTechs, and embedded insurance entrants alike, so this commitment is not only a powerful validation of Boost’s platform and capabilities, but it allows us to both grow our active programs and power even more innovators across the industry. We are actively working on several new programs for 2024 and very much looking forward to supporting as many as we can beyond that.”
Boost operates as an insurance infrastructure provider, offering a comprehensive package of compliance, capital, and technology necessary to power insurance programs.
Its white-label insurance products, backed by a panel of reinsurers, cater to various sectors, including SMB Commercial Cyber, Startup Management Liability, Parental Leave, and Pet Health Insurance.
This diversification strategy is underpinned by Boost’s ability to address emerging risks and markets, ensuring sustained growth and innovation within the industry.
For reinsurers and risk capital providers, Boost’s platform offers efficient access to innovative capital deployment avenues.
Through its subsidiary, Boost Re, the company facilitates fast capacity deployment, bolstering the resilience of both risk capital partners and the programs they support.
Moreover, Boost’s recent release of Portfolio Insights provides real-time data reporting, enabling reinsurers to make informed decisions swiftly.
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