$700M+ Reinsurance Capacity Sought in May Alone on Tremor Panorama
Boston, MA, June 8, 2021 – Insurance companies utilizing Tremor Panorama, the leading online marketplace for reinsurance, have sought over $700M in capacity from reinsurers in May alone. Beyond May, Tremor has booked more than $1B in new placement commitments while doubling its insurance company client base and growing its network to 105 reinsurers, a 20% growth in total capital.
So far this year, the company has entered into new agreements with a top-10 U.S. insurance company, a top-3 global property & casualty insurance company, several innovative insurtech carriers and several specialty insurance carriers to place reinsurance programs on its platform. Furthermore, the company now has agreements with every major reinsurance broker in every major reinsurance market around the world. Reinsurance brokers that have an agreement with Tremor have direct access to the platform via their insurance company clients. All placements this quarter were managed in partnership with reinsurance brokers utilizing the Tremor platform.
“We couldn’t be more thrilled with the rapid adoption of Tremor Panorama – 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 authorizing their capacity in sophisticated ways whereby their capital is outstanding for far less time. We are encouraged that every major reinsurance broker now has an account with Tremor and all are actively using the system to place hundreds of millions of dollars of limit in partnership with their clients.
Overall, it’s clear that the market is voting for Tremor to play a fundamental role in the pricing and placing of a wide range of reinsurance now and into the future powered by our modern trading technology,” commented Sean Bourgeois, Tremor’s Founder & CEO.
Insurers are finding success broadening their reinsurance panels with more competition for their programs, placing programs with larger panels where it makes sense and adding needed diversification in a fair, objective and transparent way. The average Tremor placement takes less than three days with contract certainty finalized up front. In every case placements have been wrapped up with lines signed well ahead of each renewal date.
Tremor remains focused on delivering real, measurable value – meaningful price and cost efficiency driven by modern technology. The company believes that this focus is the reason behind the rapid adoption of its platform this year. However, securing more efficient access to capital does not mean standardization, harmonization or homogenization of the presentation of risk, however. 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, while reinsurers want to quote and authorize 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. Tremor Panorama ensures that insurance companies are not forced to standardize while gaining the benefits of modern trading while reinsurers get access to more risk more often – all while accounting for the importance of long term trading relationships.
The remainder of 2021 will be exciting as the company expects to increase its placement volume by 300% as it continues to onboard more insurers and reinsurers every month. Tremor is planning to announce recent success stories in partnership with insurance companies successfully using the platform over the coming weeks.
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.
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