Third Point Re, White Mountains make strategic investment in auto insurtech start-up Noblr
Bermuda-based Third Point Reinsurance and White Mountains Insurance Group have made minority equity investments in newly-launched car insurance company, called Noblr.
Noblr, a technology-driven company co-founded by Gary Tolman and Jason Foucher, leverages telematics data, actuarial insight, and product innovation and design to give drivers feedback and real-time rates based on their actual driving behaviour.
The start-up's initial focus is on personal auto insurance in the United States having recently launched in Colorado.
Dan Malloy, chief executive officer of Third Point Re, said: "One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations.
"Noblr's innovative platform combined with the management team's extensive experience in the insurtech space make this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business."
Tolman, CEO of Noblr, said: "We are excited to have Third Point Re as a partner given their expertise in reinsurance, and their capital investment will provide the fuel necessary to grow our business."
"The Noblr team and I are very excited to bring this new company to life, offering consumers more control over what they pay for car insurance, and also, perhaps more significantly, more control over their relationship with their insurer," he added. "We are pleased to have White Mountains' support, providing us with the additional know-how and financial support to scale quickly and intelligently."
Tolman explained: "While other companies take a more generalised and less transparent approach, Noblr members pay for insurance based on what they actually do. Thanks to Noblr's proprietary technology, Noblr drivers who drive better can lower their rates and make the roads friendlier every trip they take.
"Our behaviour-based pricing is calculated in real time based on how well and how much someone actually drives. In addition to savings, Noblr's intuitive app and highly personalised pricing model help directly incentivise better driving."
