NEW YORK--(BUSINESS WIRE)--Boost Insurance, the leading insurance infrastructure platform, today announced that it had secured over $130 million in new reinsurance capacity to sit behind its MGA, insurtech, and embedded insurance programs. In addition to renewing its treaties with all existing reinsurers, including strategic partners RenaissanceRe and Canopius, its reinsurance panel has expanded to over a dozen industry-leading risk capital providers through five active A.M. Best ‘A’ or ‘A-’ rated fronting carrier appointments.
“We expanded our relationship with Boost for their consistent track record of program profitability, with a data-driven and technology-enabled approach to risk management,” said Lisa Davis, CEO North America and Bermuda of Canopius. “Boost’s platform helps us efficiently reach new segments of the market, and further diversify our portfolio.”
As an insurance infrastructure provider, Boost packages the compliance, capital and technology needed to power an insurance program and offers its customers white-label insurance products with built-in capacity, secured from its panel of reinsurers. Boost also specializes in building specialty products, along with the risk capital to back them, to address emerging risks and markets. The expanded panel of reinsurance partners will fuel the high-growth programs that Boost supports, including SMB Commercial Cyber, Startup Management Liability, Parental Leave, and Pet Health Insurance, among others, with additional capacity to be deployed for new program launches throughout 2024.
“Risk capital is an increasingly scarce resource for MGAs, insurtechs, and embedded insurance entrants alike, so this commitment is not only a powerful validation of Boost’s platform and capabilities, but it allows us to both grow our active programs and power even more innovators across the industry,” said Alex Maffeo, CEO and Founder of Boost. “We are actively working on several new programs for 2024 and very much looking forward to supporting as many as we can beyond that.”
For reinsurers and other risk capital providers, Boost’s platform provides efficient access to innovative new capital deployment avenues. Boost’s suite of insurance products, designed for modern risks, allow reinsurers to stay at the forefront of the evolving insurance market. The proprietary policy administration system at the heart of Boost’s platform helps better manage reinsurers’ risks, as programmatic underwriting and dynamic risk and aggregation controls ensure all risk selection remains in line with their appetite. Through its subsidiary Boost Re, the company can also provide efficient, reliable risk transfer vehicles that allow fast capacity deployment for both the risk capital partners Boost works with and the MGA and insurtech programs it supports.
Additionally, Boost recently released Portfolio Insights, the industry’s first real-time data reporting tool for reinsurers. With Portfolio Insights, reinsurers that deploy capital to Boost’s insurance programs can log into a secure portal to view their performance data at any time, allowing them to make faster, more informed business decisions in managing their programs.
More information about how risk capital partners and MGAs can work with Boost is available at boostinsurance.com.
About Boost
Boost’s full-stack digital insurance platform makes it easy for any company to power a digital insurance program and offer white-labeled products within their own website, app, or other front end software. Boost provides infrastructure-as-a-service that packages all the compliance, capital, and technology needed to build and scale an MGA, into a single API-driven solution. Since launching its first program in 2019, Boost has enabled numerous leading MGAs, insurtechs, and embedded insurance partners across numerous P&C lines to provide over $100 billion of coverage to their customers.
Companies that leverage Boost’s infrastructure platform drastically reduce the cost and complexity of building an MGA or launching an innovative insurance product. Others can easily expand their offerings by simply white-labeling and embedding one of Boost’s existing lines of business. Through its wholly owned subsidiary, Boost Insurance Agency, Inc., Boost is a licensed managing general agency in the United States and has full delegated authority from several leading global (re)insurers and A.M. Best ‘A’ or ‘A-’ rated fronting carriers to build and manage proprietary programs. For more information, please visit boostinsurance.com.
