New insurtech MGA Wrisk raises £0.5m through crowdfunding

Managing general agent (MGA) Wrisk said on Oct. 30 that it raised £500,000 through crowdfunding in less than five working days.

Wrisk launched the crowdfunding on Monday, Oct. 23. Wrisk’s iOS app will be available on the AppStore in the first quarter of 2018. The initial offering will focus on contents insurance but will continuously be improved and extended thereafter. Other insurance lines such as buildings and motor cover will follow.

“We have been rather taken aback by both the speed of achieving our raise and the types of investors that have chosen to back it, most of whom are exactly the people we want Wrisk to attract as customers,” said CEO Niall Barton.

“By using Seedrs’ crowdfunding platform we have gained over 300 investors from 18 countries,” Barton noted.

“As far as we are aware this was a world-first for an equity crowdfunding campaign for an Insurtech business. The enthusiasm out there for Wrisk delivering a radically improved insurance experience, is just palpable,” he added.

Wrisk will operate as an MGA, acting on behalf of an insurer. The company will work closely with their insurance partners across many disciplines which so far include Munich Re group, which will provide the capacity for buildings and contents, motor and travel lines across UK, EU and USA, as well as Hiscox, which will provide capacity across UK, EU and USA for specialist products relating to a customer’s commercial activities.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from Monday's newsletter

Markel CATCo raises over $1.8bn

Economic losses from wine country wildfires at up to $8bn

R&Q agrees with ProSight Specialty Insurance to manage Syndicate 1110

Global insurance M&A activity slow in 2017

R&Q unit partners with Atlas General

RFIB launches Singapore operation in Asian expansion

Don't miss our insurtech email newsletter - sign up today