Tremor to target stressed US residual insurance markets
Tremor Technologies, a digital reinsurance pricing and placing platform, has launched Tremor Public to address residual insurance markets which are publicly funded insurers of “last resort” when coverage in the traditional market is not available to consumers and businesses.
To help lead this effort, the company has brought in US Senator Benjamin Nelson, who will help advise Tremor on its public entity reinsurance business.
Tremor said it is in active discussions with leadership at residual markets across the country including key markets in California, Florida, Louisiana and Texas, especially in light of last year’s traditional reinsurance market failure. Residual markets have been under pressure for the last several years and last year the pressure was particularly acute. In 2022, some residual markets secured half of the coverage they sought leading to multi-billion dollar shortfalls due to the failure of the traditional placement process, the company explained.
Tremor’s technology offers publicly funded residual markets to see the entire marketplace for their placement and ensure that it prices and allocates optimally with complete visibility into incremental cost.
“Tax payer funded, not for profit insurance companies deserve full transparency for their substantial reinsurance purchases - true market clearing prices that the public can understand powered by competitive market forces, exactly what Tremor delivers!,” said Sean Bourgeois (pictured), Tremor CEO.
“The traditional reinsurance placement process simply did not work in a market failure not seen since 1993. 2023 will be different. Tremor is looking forward to bringing transparency powered by technology with pricing driven by competitive market forces to publicly funded institutions which have a fiduciary responsibility to deliver the price efficiency the taxpayers that fund them deserve,” he added.
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