Insurers seek $700m in reinsurance capacity on Tremor Panorama platform in May
Insurance companies sought over $700 million in capacity from reinsurers on the Tremor Panorama platform in May, according to the venture-backed insurance technology firm.
Tremor said it has booked more than $1 billion in new placement commitments in total, while doubling its insurance company client base and growing its network to 105 reinsurers. It has seen a 20 percent growth in total capital, and said it expects to increase its placement volume by 300 percent by the end of 2021.
In 2021 Tremor has entered into new agreements with some of the best known names in the business, including a top ten US insurance company and a top three global property and casualty insurance company. It is also working with several insurtech carriers and specialty insurance carriers to place reinsurance programmes on its platform.
Tremor said it now has agreements with every major reinsurance broker in every major reinsurance market globally, which have direct access to the platform via their insurance company clients. All placements this quarter were managed in partnership with reinsurance brokers using the Tremor platform.
According to Tremor, the average placement on its platform takes less than three days, with contract certainty finalised up front, and all placements signed ahead of their renewal dates. It argued its success is rooted in its focus on delivering real, measurable value, including meaningful price and cost efficiency.
“Tremor believes that insurance companies want to fully own their data and control how they package their risk to present their unique book and their unique approach to underwriting and operations,” Tremor said. “Reinsurers want to quote and authorise in confidence subject to their requirements for the portfolios they are building. Anything that gets in the way of this adds drag and cost to the system, disadvantages insurers and makes the market less efficient.”
Sean Bourgeois, Tremor’s founder and chief executive officer, added: “Insurance companies are reporting faster, better and more competitive reinsurance placements with much richer data - and they really appreciate the tools we offer to manage long term relationships. Reinsurers are drawn to the Tremor platform to access more risk more efficiently with more data while authorising their capacity in sophisticated ways whereby their capital is outstanding for far less time.”
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