Boost Insurance has successfully increased its reinsurance capacity to more than $130 million, supporting its managing general agent (MGA), insurtech, and embedded insurance initiatives.
The enhancement comes with the renewal of agreements with all existing reinsurers, including key partners such as RenaissanceRe and Canopius, and it has grown its reinsurance panel to include over a dozen leading risk capital providers.
It aims to boost its existing range from SMB commercial cyber to pet health insurance, and facilitate the introduction of new programs in 2024.
Boost has also introduced Portfolio Insights, a real-time data reporting tool for reinsurers. It aims to help capital providers involved with Boost’s insurance programs to access performance data through a secure portal.
“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. We are actively working on several new programs for 2024 and very much looking forward to supporting as many as we can beyond that,” Boost CEO and founder Alex Maffeo said.
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