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Bold Penguin has raised $32mn from a series B funding round.
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Markel co-CEO Richard Whitt told an audience in Las Vegas that the launch of Lodgepine coincided with a need for capacity in the retro market. -
Archipelago was launched last September with the aim of improving the way data moves through the insurance sector.
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The investment will be ploughed back into the reinsurance marketplace to enhance quoting and management capabilities.
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The former Tokio Millennium Re CEO said he believed the timing was right for an electronic marketplace in reinsurance.
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This cohort will spend 10 weeks working on technological solutions designed to improve the efficiency of the market.
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CEO John Carolin described the introduction of the system as a “pivotal moment” for B3i.
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The investment comes as Hudson Structured surpassed $2bn of assets under management.
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The InsurTech uses satellite imagery to provide underwriters with data on individual properties.
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The trio of companies have all given their support to the auto start-up, with Third Point Re also providing reinsurance.
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The former Tokio Millennium Re executive will help encourage uptake of the firm’s trial launch.
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The firm said its new platform would be “open and flexible”.
