TransRe partners with insurtech Allphins to launch new energy analytics platform

Reinsurer TransRe has partnered with energy insurtech company Allphins to develop a data analytics platform for offshore energy reinsurance.

Allphins is an artificial intelligence software solution for insurers and reinsurers. It is a part of the Lloyd’s Lab Cohort 3, an innovative incubator programme within the Lloyd's of London, and is based in Paris and London.

Under the agreement, TransRe will use Allphins software to digitalise its treaty reinsurance contracts, constantly monitor its aggregate exposures, and identify attractive market opportunities.

“Managing offshore energy exposures presents numerous challenges, given the diverse asset ownership structures, and the inconsistent naming of installations," said Laurent de la Porte, CEO of Allphins. “Allphins allows energy (re)insurers to unlock efficiencies using technologies such as our risk identification engine and aggregation scenario generation tool. We are very pleased to be working with TransRe, a company that clearly understands the many advantages of adopting new technologies in specialty (re)insurance.”

Graham Daly, TransRe London’s marine & offshore energy leader, said: “We are excited by the opportunities that our partnership with Allphins offers. The Offshore Energy industry is complex, involving many assureds, and overlapping insurance coverages. Allphins’ technology will provide a complete and transparent picture of the risks, which in turn will improve our service to our customers and their brokers.”