PRWeb | August 21, 2020
Alera Group, a national employee benefits, property and casualty, retirement services and wealth management firm, announced today that is has acquired FNL Insurance Group, effective August 1, 2020. For over 40 years, FNL Insurance Group has been helping clients with their employee benefit and health care insurance needs. The firm is located in Timonium, Maryland, where they partner with small and mid-sized employers to develop sustainable benefits programs that support employees while keeping costs low. We are delighted to welcome Frank Lotman and the FNL Insurance team to Alera Group,” says Alan Levitz, CEO of Alera Group. “As part of our collaborative organization, the FNL Insurance team will help us to continue to elevate the client experience throughout the Baltimore area and the mid-Atlantic region.
Foxquilt, Digital Partners, a Munich Re company | January 27, 2021
Foxquilt, a main insurance technology company zeroed in on engaging small businesses and B2B networks to save money on small business insurance, has partnered with Digital Partners, a Munich Re company, to empower the company to work as a full-administration insurance supplier and co-creator of new, end-to-end insurance items/programs for small businesses.
"Small businesses deserve immediate access to tailor-made insurance solutions that complement their unique operations. However, it requires building new architecture to support data-powered algorithms to afford such value. Our team built a dynamic underwriting platform that rewards business owners with an empowered value offering including simplicity, new products and savings. The progressive platform, Foxden, discerns the nature of the risk, underwrites and rates it, and directs it to a custom-made, proprietary product," said Mark Morissette, CEO and Co-Founder of Foxquilt.
This Digital Partners collaboration furnishes the Foxquilt group with the autonomy and abilities to plan inventive items and underwriting and rating algorithms.
"Our partnership with Foxquilt will be our first in Canada, and we are delighted to support them in the Canadian SME insurance market," said Dave Brune, President and CEO, North America, Digital Partners, a Munich Re company. "At Digital Partners, we continue to be excited to partner with insurtechs like Foxquilt who are leveraging smart data and machine intelligence to efficiently underwrite small business risks and adapt business coverage as clients grow."
Foxden is a full-stack underwriting platform comprised of information layered, miniature help architecture. Every one of its administrations, including underwriting and rating, are powered by information algorithms to drive activities across the platform. Foxquilt is one of the first to fabricate a back-end platform zeroed in on productivity; most of insurtechs influence an outsider, vendor platform, don't claim the IP and are encumbered by impediments characterized by the vendor. The creative backend framework goes past customary insurance exchanges and empowers underwriting to interface and get changes to the market real-time. Skeptic to channel, (B2C, B2B, SaaS) the platform gets to new wellsprings of information and builds up moment feedback circles to profit the entire customer venture.
Foxquilt is a pleased boss of small entrepreneurs and being powered by Foxden will permit the company to continue its central goal to become the main commercial insurance technology company in North America. In February, Foxquilt is dispatching their underlying commercial lines items in Canada guaranteed by Munich Re Innovation Syndicate in collaboration with Digital Partners, a Munich Re company. They will extend their contribution into the U.S. this Spring.
Foxquilt is an Insurance technology company focused on empowering small businesses and B2B networks to save on Small Business insurance. Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. Leveraging innovative technology and creating unique products, we make life easier for business owners.
About Digital Partners, a Munich Re company
Digital Partners provides insurtechs and digital distributors with a comprehensive, go-to-market partnership, built on the financial strength and expertise of Munich Re. Our partners bring excellence in customer engagement, technology, and brand while our support includes insurance capacity with experimental underwriting, alongside product expertise, data analytics, technology to manage data and carrier connectivity, execution and operational expertise.
Balance RE | September 01, 2021
Balance Re, the life reinsurance start-up specialised in quantitative asset-liability management, today announced it has raised $10m in Series A funding from leading financial services investor Anthemis Group, with participation from Global Brain and the company's existing investors, Roland Berger Industries GmbH and Talabot Finance.
Balance Re offers comprehensive reinsurance solutions to life insurance companies and pension funds to support capital management related to their retirement and saving products. The Series A investment will be used to further develop Balance Re's proprietary asset-liability management technology and to support its fully licensed German reinsurance company based in Cologne.
In Balance Re's launch market, Germany, Solvency II's transitional measures represent on average ca. 150 percentage points of life insurers' solvency capital ratios. Balance Re's technology-first and data-driven approach to reinsurance instead enables its clients to release capital to fund growth, support product repositioning and improve (or regain) a competitive advantage. Thanks to real-time risk management capabilities, Balance Re is the first reinsurer able to offer to its clients easy-to-implement and cost-efficient reinsurance solutions which transfer the challenging interactions of financial and insurance risks.
Balance Re's new shareholders, Anthemis and Global Brain, bring in-depth knowledge of the insurance sector and expertise in technologies dedicated to the financial industry, ideally complementing the experience of Balance Re's initial investors rooted in investment management and corporate strategy.
Lucian Rautu and Michel Gauer, the founders of Balance Re, commented: "We are delighted to welcome Anthemis and Global Brain in the capital of Balance Re and at the Board. Their deep industry knowledge and capacity to take an "outside-of-the-box" approach to venture investments in the insurance space make them the perfect partners to disrupt the life reinsurance market".
Matthew Jones, Managing Director at Anthemis, said "Balance Re's team and their technology reflect the complex interactions between actuarial, financial, accounting and regulatory matters. Balance Re's coverage is designed to help clients reach their strategic goals whilst also keeping the interests of their policyholders in mind – we're excited to see them drive much-needed change in the life reinsurance sector."
Naoki Kamimaeda, Partner at Global Brain, said "We believe that the technology developed by the Balance Re team has far reaching applications beyond life reinsurance and Europe. We are enthusiastic to join them at this important stage of the journey and look forward to helping them realise their vision to improve the management of long-term insurance and pension liabilities globally."
About Balance Re
Balance Re tackles one of the most fascinating problems of life insurance: managing the complex interactions between insurance and financial risks. These problems exist in a multifaceted environment spanning actuarial, financial, accounting, and regulatory matters. To operate at the crossroad of so many fields, Balance Re takes down the cultural silos between insurance, investment, and technology to blend the expertise required to solve its clients' needs for truly comprehensive risk transfer.
Anthemis cultivates change in financial services by investing in, growing, and sustaining businesses committed to improving the world. We are founded on three guiding principles — authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity and our deep understanding of markets and models, passion for emerging technology and values inspire everything we do. By creating fertile ground for a diverse group of start-ups, investors, entrepreneurs, institutions, academics, and visionaries to converge, we believe we can solve the financial services world's most pressing challenges faster, better and for the benefit of all.
About Global Brain
Global Brain is an early-stage venture capital firm based in Tokyo. It supports start-ups that tackle pressing problems, create innovation, and contribute to the stimulation of the Japanese economy and beyond. Its high-achieving, experienced professionals identify excellent start-ups through multiple global locations in Europe, US and APAC, and provide hands-on growth support. Global Brain's total asset under management is over US$1 billion, making it the largest domestic independent venture capital firm.