Boost adds over $130M of new reinsurance capacity
Insurance infrastructure platform Boost Insurance secured over $130 million in new reinsurance capacity to sit behind its MGA, insurtech, and embedded insurance programs.
In addition to renewing its treaties with all existing reinsurers, including strategic partners RenaissanceRe and Canopius, its reinsurance panel has expanded to over a dozen risk capital providers through five active A.M. Best ‘A’ or ‘A-’ rated fronting carrier appointments.
The startup announced the launch of Boost Re last October. With the new offering, Boost’s MGA, insurtech, and embedded insurance partners can now provide their own reinsurance capacity to sit behind the programs they build on Boost’s infrastructure.
“We expanded our relationship with Boost for their consistent track record of program profitability, with a data-driven and technology-enabled approach to risk management. Boost’s platform helps us efficiently reach new segments of the market, and further diversify our portfolio.” – Lisa Davis, CEO North America and Bermuda of Canopius.
“Risk capital is an increasingly scarce resource for MGAs, insurtechs, and embedded insurance entrants alike, so this commitment is not only a powerful validation of Boost’s platform and capabilities, but it allows us to both grow our active programs and power even more innovators across the industry. We are actively working on several new programs for 2024 and very much looking forward to supporting as many as we can beyond that.” – Alex Maffeo, CEO and Founder of Boost.