Bondaval to establish a reinsurance vehicle
Bondaval, the London-based MGA offering a solution to secure credit risk, is establishing a reinsurance vehicle, Bondaval Re.
With the new reinsurance company, Bondaval will be able to take on some of the reinsured risk alongside its existing global panel of reinsurers.
Bondaval Re has been made possible through financing provided by Dawn Capital, alongside continued support from Octopus Ventures and other existing investors. According to a report by Sky News, Bondaval was able to raise ~£15 million.
Founded in 2020, Bondaval’s total gross written premium has increased by over 10x year on year since its commercial launch in 2022, while still maintaining “excellent underwriting performance.” The company now operates in 31 countries, with a team of 34 and offices in London, New York and Dallas.
“Launching Bondaval Re will provide a scalable solution with which to support the company’s continued growth, as well as to prepare for further planned expansion. By creating a close alignment of risk between Bondaval and our stakeholders, we demonstrate our long-term investment and commitment to the business, and confidence in the calibre of our underwriting.” – Ewa Rose, Chief Underwriting Officer, Bondaval.
“Bondaval is combining innovation at the insurance product level with a technology platform that enables greater transparency and granularity in underwriting. This is expanding the addressable market of risk that can be protected, and we believe will play an important role in securing the fast-growing economy of global trade. The company’s growth to date has proven that there is significant appetite for its offering, and we are delighted to be supporting this stellar team as they transform the daily working lives of credit teams at some of the world’s largest businesses.” – Dan Chaplin, Partner at Dawn Capital.
“Receiving backing from a VC like Dawn Capital with such an impressive track record is further validation and a strong vote of confidence in Bondaval and our expansion strategy. We’re excited to start this partnership and look forward to continuing to execute against our plans.” – Tom Powell, CEO of Bondaval.
