BOSTON (PRWEB) September 09, 2020
Today Tremor announced additional financing of $4M, which brings the company’s total funds raised to date to $15M. Anthemis Group, Berkley Ventures and Markel Digital Investments participated in the round.
“We are humbled by the support from our investors who are also true partners to the company. The current funding will allow Tremor to further develop capabilities that we will be announcing over the coming months and gives us ample runway to outlast the slow adoption curve typical of traditional industries. Importantly, Tremor is now beyond the proof-point of its technology with several significant repeat auctions under our belt. With today’s funding, our message to the market is that we are here to stay,” said Sean Bourgeois, Tremor’s Founder & CEO.
Tremor’s growth has been driven by a number of critical milestones:
- Reinsurance Auctions: The company has executed 15 auctions to date, for treaty, facultative and retrocessional reinsurance across P&C lines of business for leading companies including Allianz, Markel Insurance Company, W. R. Berkley Corporation and others. Tremor remains the only platform that has executed auctions for reinsurance programs for Fortune 500 companies, including commitments from two new ‘top 10’ global insurers in 2020.
- Increased participation of markets: Tremor has continued to gain traction with reinsurers and today has 97 markets on the platform, up from 30 two years ago.
- Growing collaboration with brokers: Tremor has now processed auctions in partnership with the largest reinsurance brokers in the world and has signed agreements with several top brokers.
- New auctions for new lines of business: In partnership with Willis Re, Tremor recently completed a Workers’ Compensation placement for W. R. Berkley Corporation, bringing in more than $100M of quotes to complete yet another significant auction on its platform.
In addition to these commercial milestones, Tremor also showcased the power of its technology to respond quickly to market needs and industry events to better help participants either buy protection or put capital to work in two important ways:
- Launched and ran a series of weekly transactions during renewal season: The company facilitated more than $100M of weekly bids and offers over a series of weekly ILW auctions.
- Launched and ran a Live CAT marketplace: Tremor spun up the industry’s first online “live cat” trading venue in a matter of hours during Hurricane Laura.
Following the success of more auctions, Tremor continues to validate the role of programmatic trading in the reinsurance market and its role as the market leader. With further funding, the company is poised for future long-term growth and is excited to bring further efficiencies to risk transfer.
About Tremor: Tremor is a venture-backed insurance technology firm where world class computer scientists, economists, market designers and industry practitioners are working together to build a modern risk transfer marketplace. Tremor’s “smart market” platform incorporates intelligent market design, state-of-the-art auction technology and sophisticated optimization techniques to vastly improve how risk is transferred around the world.