Markel, RenRe, Nephila reinsure Boost's insurtech platform

US-based Boost Insurance, a technology-enabled insurance platform built to enable emerging insurtech startups, has secured a dedicated reinsurance facility led by investment manager Nephila, with participation from Markel Digital and RenaissanceRe.

Boost, serving as general agent of fronting carrier State National Companies, will manage a programme supporting multiple insurtech startups entering the property and casualty (P&C) industry and will support all personal and commercial lines of business. The three re/insurance capacity providers will work with Boost to support its business-to-business (B2B) insurtech development platform.

"This is a landmark day for Boost because it makes us a truly one-stop shop for insurtech startups looking to bring their ideas from concept to reality," said Boost's CEO and founder Alex Maffeo. "Limited access to licensed insurance paper and risk capacity is by far the number one barrier to entry for insurtech startups and a huge impediment to innovation in this industry.

"We spent the last year developing relationships with a group of the most forward-thinking re/insurance capital providers in the world. These partners are willing to put their money where their mouth is to help insurtech startups succeed and we couldn't be happier to receive their trust and support."

Luke Ledbetter, executive vice president & chief underwriting officer of programme services at State National, added: "For startups, technology reigns supreme, time is the enemy, the stakes are high, and concepts are unproven – until they're not. Boost is in position to accelerate the proof of concept for startups and usher in the future of insurance."

Nephila managing partner Barney Schauble said: "Boost offers Nephila and the rest of the reinsurance facility members exposure to the best insurtech startups and new insurance products with the confidence that underwriting and compliance is being closely monitored by an experienced team."

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