Boost and Canopius announce partnership
Insurance infrastructure platform Boost Insurance has entered into a strategic partnership with Canopius US Insurance Holdings, a subsidiary of Canopius Group, to provide long-term risk capacity behind Boost-powered insurance programs.
Boost is a full-stack digital MGA platform that provides compliance, capital, and technology infrastructure to product and distribution-focused insurtechs, MGAs, and embedded insurance partners.
The dedicated risk capacity provided by Canopius will fuel the “high-growth and highly profitable insurance programs that Boost supports.”
In addition to the partnership, Canopius has also made a strategic investment in Boost. The investment was made as part of a broader round of financing with participation from a number of new and existing investors including RRE Ventures, Fin Capital, and IA Capital Group.
Boost publicly disclosed $37 million in funding.
“We see enormous potential in the turnkey infrastructure that Boost has built. By lowering the barriers to entry for both innovative products and new market entrants, Boost has created an opportunity for Canopius to unlock new technology-enabled distribution channels and premium diversification opportunities. Their team values everything that always matters in insurance – underwriting, compliance, and capital efficiency – while still being committed to powering new and potentially disruptive concepts that can help move the industry forward.” – Lisa Davis, CEO US & Bermuda of Canopius.
“Boost is deeply committed to providing the most comprehensive and cost effective infrastructure platform in the insurance industry. Reinsurance capacity is one of the most critical components in the insurance infrastructure stack and is one of the most difficult to build yourself. It’s especially difficult if you are trying to take a different approach to market or deploy something entirely new, and nearly impossible in an uncertain economic environment like the one we’re experiencing today. Having long-term support from seasoned reinsurers like Canopius enables Boost to provide a rock-solid platform that our partners can trust as they scale their business.” – Alex Maffeo, Boost’s CEO & founder.