Nirvana Insurance announces new reinsurers and doubling of capacity

Commercial fleet insurance startup Nirvana Insurance announced that it has more than doubled its capacity with the support of AM Best A+ rated reinsurance partners.

Founded in 2021, the California-based startup raised $82 million and operates in 26 states.

“We’re excited that some of the largest names in the industry have seen what we’re accomplishing and are eager to be a part of modernizing commercial insurance. It’s a testament to our innovation and our ability to provide ultra competitive rates while maintaining best-in-class loss ratios. As we secure top-tier reinsurers and expand our capabilities, we’re looking forward to further opportunities to transform the commercial insurance landscape.” – Rushil Goel, Nirvana CEO.

“Given the current market environment in Commercial Auto, programs are experiencing the strictest reinsurance underwriting requirements in recent history. Reinsurers are seeking to partner with the most disciplined underwriting teams who display an extreme depth of knowledge in their space and proactively utilize industry-leading tools and metrics to assess risk. The Nirvana team has aligned with these underwriting requirements, and as a result, they have garnered distinguished traction in the marketplace.” – Justin Ward, Head of Production for North America Programs with Gallagher Re.