Health insurance, home insurance, car insurance — we all depend on various forms of insurance to protect ourselves from uncertainty. But what about insurance for insurance? How do you insure insurance companies who take on the risk of others? The answer is reinsurance. Insurers transfer portions of their risk portfolio to other parties in an effort to distribute the probability of large losses.
Today’s $200bn reinsurance insurance industry relies on outdated technology to support insurance brokers. This is why we are excited to back Riskbook in a £2m seed round alongside our friends at Episode 1 Ventures and MMC Ventures. The team is on a mission to bring the reinsurance industry into the 21st century.
“Riskbook has managed to build out a highly talented team and bring to market a reinsurance platform that is getting extremely positive feedback from cedents, brokers, and reinsurers.”
— Sia Houchangnia, Partner at Seedcamp
Co-founders Jerad Leigh, Ben Rose, and Jezen Thomas have developed a hyperconnected reinsurance marketplace which provides a radically better placement experience for both brokers and underwriters. Riskbook provides robust data capture, easy document management, threaded correspondence, and end-to-end placement management via an exceptional user experience for global reinsurance practitioners.
“We are excited to be partnering with leading venture capital firms to create the placing experience the reinsurance community has dreamt of for decades,” CEO Jerad comments. “Paired with Riskbook’s win-win-win philosophy, this new funding cements our role as a trusted independent provider to cedents, brokers and reinsurers alike.”
The team is using the round of funding to make key industry hires, develop their Lloyd’s-recognized digital placement platform, and allow Riskbook to scale to meet the needs of a growing global customer base of cedents, brokers, and reinsurers.
“Reinsurance is one of those massive industries that has been overlooked by most investors,” our investment partner Sia Houchangnia comments. “To disrupt such a complex industry, you do need the right mix of technical know-how and subject-matter expertise. That’s the reason why we got very excited when we first met Ben, Jerad, and Jezen a year ago. Since the pre-seed round we led, their execution has been extremely impressive. In a short amount of time, Riskbook has managed to build out a highly talented team and bring to market a reinsurance platform that is getting extremely positive feedback from cedents, brokers, and reinsurers.”
We are excited about the Riskbook team’s distinctive position to streamline reinsurance placement and modernize the industry to benefit practitioners globally.