Technology firm Tremor raises $10m for reinsurance expansion; adds shareholder WR Berkley
Insurance technology firm Tremor has raised $10 million in new funding, with industry veteran WR Berkley joining existing backers, including venture capitalist Anthemis Group, the lead investor.
“We chose to place our main property catastrophe program with Tremor last year, after over 18 months of technical due diligence, because we believed its platform had the potential to bring important efficiencies and capabilities to the placement process,” said W Robert Berkley, Jr, president and chief executive officer at the WR Berkley Corporation.
“We became a shareholder in Tremor because our use of the platform validated that early hypothesis, and we are enthusiastic about the potential positive impact the technology can have on the insurance business.”
Boston-based Tremor said it has completed six reinsurance placements with quotes totalling more than $1 billion and lines bound of nearly $500 million from more than 70 reinsurers.
Tremor has commitments from reinsurance participants to execute 2020 renewals on its platform and marketplace adoption of its technology has grown over 50 percent in the last six months.
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