Munich Re
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The German carrier will maintain an investment relationship with the InsurTech. -
The executive moves from the role of regional leader of professional liability and cyber reinsurance.
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The Series C round implies a “unicorn” valuation for the InsurTech of over $1bn.
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The Sompo and Munich Re-backed startup is planning to focus on business partnerships.
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Broad cargo coverage is failing to match premium volume, Munich Re’s Sean Dalton said at Iumi’s conference.
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The Bermuda company will acquire run-off portfolios from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
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The reinsurer predicts annual cyber market premium expansion of between 25 percent to 30 percent.
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Talks are underway between the Silicon Valley firm and venture investors over the next raise, at a valuation of over $1bn.
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The Philadelphia programme also has big lines from Munich Re and Scor.
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The arrangement will allow drivers to buy and amend insurance on an app, and reward them for safe driving.
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