Tremor Launches Division to Address Residual Insurance Markets
Tremor Technologies, Inc., the leading online reinsurance pricing and placing platform, has announced the launch of Tremor Public™ to address residual insurance markets which are publicly funded insurers of “last resort” when coverage in the traditional market is not available to consumers and businesses.
“Tax payer funded, not for profit insurance companies deserve full transparency for their substantial reinsurance purchases – true market clearing prices that the public can understand powered by competitive market forces, exactly what Tremor delivers!”, said Sean Bourgeois, Tremor CEO.
To help lead this effort, Tremor is pleased to welcome The Honorable Senator Benjamin Nelson to Tremor. Senator Nelson will help advise the company as it builds its critically important public entity reinsurance business.
Senator Nelson’s impressive resume includes having served two terms in the U.S. Senate representing the State of Nebraska, two terms as Governor of Nebraska, one term as Director of Insurance for Nebraska as well as serving as Chief Executive Officer of the National Association of Insurance Commissioners (NAIC). Senator Nelson continues to be very active in the insurance business, currently serving as CEO of a group of insurance companies.
Tremor is engaged in active discussions with leadership at residual markets across the country including key markets in California, Florida, Louisiana and Texas and reception has been exceptionally good, especially in light of last year’s traditional reinsurance market failure. The key value proposition that Tremor offers is complete transparency with a price discovery process powered by competitive market forces and modern trading technology. Tremor’s technology offers publicly funded residual markets to see the entire marketplace for their placement and ensure that it prices and allocates optimally with complete visibility into incremental cost.
Residual markets have been under pressure for the last several years and last year the pressure was particularly acute. For example, last year, some residual markets secured half of the coverage they sought leading to multi-billion dollar shortfalls due to the failure of the traditional placement process: extremely poor price discovery and an inability to easily see the most complete, most competitive market and incremental additional cost in a transparent way.
“The traditional reinsurance placement process simply did not work in a market failure not seen since 1993. 2023 will be different. Tremor is looking forward to bringing transparency powered by technology with pricing driven by competitive market forces to publicly funded institutions which have a fiduciary responsibility to deliver the price efficiency the taxpayers that fund them deserve”, continued Bourgeois.
Insurers, reinsurers and brokers interested in learning more about Tremor’s technology and how we can help are invited to reach out directly to the company by contacting Suzan Jo at sjo@tremor.co.