Insurance Industry Buys into RiskGenius Yet Again
Overland Park, KS – July 16, 2019 – RiskGenius, a company which provides software-based natural language processing (NLP) tools for improving the quality and accuracy of insurance policies, today announced it has completed a Series B financing led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda. The financing marks RiskGenius’ entry into a new phase of growth—the company has also expanded partnerships with three of the world’s largest insurance carriers, Everest Insurance, FM Global and Liberty Mutual, and has appointed Sean Mollet to the position of chief technology officer.
The financing round, which originated from a customer referral, also included participation from RiskGenius’ existing investors, as well as new investors, Hearst Ventures and FM Global.
“eIQ™ – the dedicated Everest Insurance® innovation team, is among the most forward-thinking innovators in the industry,” said RiskGenius CEO Chris Cheatham. “We appreciate their referral to HSCM Bermuda, as well as their continued collaboration in testing and enhancing our software. FM Global also inquired about investment opportunities after testing our software. Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers.”
Proceeds from the round will allow RiskGenius to continue improving its software platform for commercial insurance carriers and brokers while initiating outbound marketing and sales to introduce new clients to its unique value proposition. RiskGenius’ newest client, Liberty Mutual, will be initially utilizing the company’s software to enable data collection and analytics across hundreds of commercial insurance policies.
“We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients,” said HSCM Bermuda Vice President Andrew Sagon. “We believe the company is uniquely positioned to drive standardization of insurance policy language across the industry.”
RiskGenius also announced the appointment of Sean Mollet as chief technology officer. Mollet has a history of successfully leading software development organizations. Most recently, Mollet served as head of software at APR, an automotive performance company, which was acquired by Driven Performance Brands in 2017. Mollet will lead the RiskGenius software and data science teams, which are expected to double in size by the end of the year.
“As a software-based business, Sean’s role as chief technology officer is critical to our success,” said Cheatham. “We are excited to welcome him to the RiskGenius team and expect that his prior experience in enterprise architecture and building world-beating hardware and software teams for multiple successful technology companies will play a crucial role in the continued growth and expansion of RiskGenius.”
RiskGenius previously completed a Series A round led by QBE Ventures, the investment arm of a client that has since deployed RiskGenius across North America and is now evaluating expansion opportunities in Europe. The company is based in Overland Park, Kansas.
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RiskGenius is on a mission to help carriers and brokers deliver the right coverage impossibly fast. Launched in 2015, RiskGenius applies machine learning to insurance policies, which enables insurance professionals to dramatically enhance the consistency of coverage they offer clients and deliver it to them faster than ever before possible. For more information, please visit www.riskgenius.com.
About HSCM Bermuda Management Company
Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda Management Company, is a premier investment adviser that specializes in investing in the (re)insurance sectors and transportation, on a global basis. Launched in 2015 with the financial support and backing of one of the world’s largest and most respected publicly-traded private equity firms, HSCM is structured as a private partnership, and majority-owned by its partners. HSCM focusses on core economic sectors that it expects to outgrow global Gross Domestic Product, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing. The firm currently has offices in Bermuda, Connecticut and New York, U.S.A. As of July 1, 2019, HSCM had capital commitments and managed assets of approximately $2.03 billion.
About Everest Insurance
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for more than 40 years through subsidiaries in the U.S., Europe, Bermuda and other territories. Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world. Everest common stock (NYSE:RE) is a component of the S&P 500 index. Everest Insurance® markets property, casualty, specialty and other lines of admitted and non-admitted direct insurance on behalf of Everest Re Group, Ltd., and its affiliated companies. Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.