Insurtech company Bondaval is establishing a reinsurance vehicle to support future growth, marking a significant expansion from its role as a managing general agent (MGA).
The creation of Bondaval Re will enable the company to collaborate directly with reinsurers and insurers, including those within its existing global reinsurance treaty, thereby broadening potential business opportunities. As per a report from AM Best, clients will continue to engage directly with insurance partners.
Bondaval has reported a more than tenfold increase in gross written premium year-over-year since its commercial launch in 2022. The company now operates in 31 countries, with a team of 34 employees and offices in London, New York, and Dallas.
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Bondaval Re’s establishment was made possible through financing from European B2B software investor Dawn Capital, alongside existing support from Octopus Ventures and other investors.
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The company statement highlighted past Dawn Capital investments in financial services and insurance, including iZettle, sold to PayPal for $2.2 billion, Tink, acquired by Visa for $2 billion, and embedded insurance provider Cover Genius.
Launching Bondaval Re will provide a scalable solution to support the company’s continued growth and future expansion plans, according to Ewa Rose, chief underwriting officer at Bondaval.
The company offers digitally enabled payment default protection, positioning itself as a more secure, capital-efficient, and cost-effective way to secure credit risk. Its products, which can be issued, amended, renewed, and claimed digitally, are delivered via a proprietary software platform that aims to provide a better experience for credit managers.
The company’s growth has largely come from blue-chip clients seeking a technology-driven solution for securing credit risk.
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