New risks. New rules. New rewards.

A Thursday SøNws.
Why not, right?

Back from skiing and straight into planning for Beyond Boundaries – our upcoming study into the top (insur)tech companies around the world PLUS a deep-dive into just what makes innovation successful for those incumbents truly getting results.

It’ll be big. It’ll be bold.
It’ll be a bloody brilliant read.

And you’ll be hearing a LOT more about it very soon.
Be warned 😉

First few interviews completed 🚀

The next batch – at Insurtech Hartford Symposium in just a couple of weeks.

Right, let’s get into some Specialty goodness.

Cyber: New Frontiers in Risk

Qevlar AI just landed $10m to build out its agentic AI security engine.

Why is that important I hear you ask? Well, namely because traditional tools aren’t built to detect AI-native threats – a class of risks growing faster than most carriers can model.

Meanwhile, Lockton and Axio are joining forces to deliver smarter, dynamic cyber risk assessments. Nice. As underwriting exposure grows more opaque, the need for quantifiable insights has never been more…well…needed.

Flood & climate: from sandbox to scale

Mitigrate – the flood risk analytics platform, has secured investment from Lloyd’s following its participation in Lloyd’s Lab Cohort 11 a little while back.

A good signal from Lloyd’s in Mitigrate’s flood intelligence, which delivers risk insights at underwriting depth and precision. Also timely, given the scale of climate volatility.

Whilst writing this I just clocked Lloyd’s has also invested in BeachBits, another Lab alumni. I mean, this should have been in the cyber section but hey 🤷

Back on topic, Cytora has teamed up with climate modeler Vāyuh to bolster environmental risk assessment. Another smart move from team Cytora – expect underwriting strategies to evolve in kind.

New risks. New handbags.

Vivere Partners has launched a tech-first specialty platform with a $7.5m Series A.

The focus? Embedded solutions for high-complexity risks – an area where tech agility beats legacy every time and a space a lot of our clients are exploring at the mo.

And for luxury insurers, Grâce just raised €5.9m to insure high-end fashion, fine art, and collectibles. Niche, yes. But also hugely underinsured and now increasingly reachable through digital channels.

Life, health & Bitcoin

Solace has raised a decent $60m to scale its health advocacy platform where ‘data-powered human support’ guides patients through care journeys.

For insurers, it’s a way to improve outcomes across high-need populations while easing the admin load.

In a similar(ish) space, Thatch pulled in $40m to simplify health benefits for startups and SMBs.

These guys help employers offer flexible health benefits by letting employees choose their own insurance and manage costs with a dedicated spending card. Or, in the words of its CEO, Chris Ellis:

“Health insurance in America wasn’t designed for humans. It was designed for HR departments.”

Meanwhile, Meanwhile – a life insurer built on Bitcoin (yup, that’s right) raised a $40m round to fuel growth globally. With policies denominated in BTC, it’s a bold rethink of capital, currency, and customer. Keen to keep a track of this one.

Last but not least, FINEOS and Sutherland are modernising absence management for US benefit carriers. A functional upgrade, but a crucial one. Especially in today’s labour market.

Motor and a big week for the UK

Some big UK news this week.

A business I like VERY much – Marshmallow – has hit a $2bn valuation after raising $90m. It’s one of the rare UK insurtechs to crack unicorn full stack. But it’s more than that.

Marshmallow provides car insurance tailored for UK newcomers, offering fair pricing by considering international driving experience and accommodating licenses from all countries.

Designed for underserved markets, its use of alternative data is a masterclass in inclusive underwriting. Nice work team.

Another UK darling, Zego, announced it hit profitability in Q4 2024.

After cutting 2023 losses nearly in half, the commercial motor specialist is proving that fleet + focus = sustainable scale.

Finally, a couple from over the water to mainland Europe.

Qover and Wakam have teamed up with BMW Group to launch embedded insurance in Ireland. This initiative enables BMW customers to access seamless, digitally integrated insurance services directly within their car purchasing journey. Nice.

And finally Zurich has taken a minority stake in Hungarian startup Ominimo, giving the car insurance disruptor a €200m valuation. Oosh.

Claims & Underwriting: explain yourself

Just one in this space. But it’s a good one.

FurtherAI has raised a $5m Seed round to expand its AI platform for commercial insurance workflows.

What sets them apart is their focus on explainability – building AI tools that automate underwriting and claims while maintaining transparency and compliance. With a modular “LEGO block” architecture, their tech plugs into existing systems and delivers tangible efficiency gains without black-box risk.

One to keep an eye on, for sure. Or better still get a little closer to.

Market roundup – Capital meets conviction

Our pals over at Aviva have joined Northern Gritstone in backing university spinouts – targeting innovation in deeptech and life sciences. It’s a good one.

The read on this is that innovation often starts upstream.

And more big news, Ageas is set to acquire esure for £1.295B. Nice work Ant and team.

It’s a big move in UK personal lines and a major commitment to digital infrastructure at scale. In fact, worth having a read of this from Matt Scott.

And finally, in the world of VC, AXA Venture Partners has officially rebranded as Atlantic Vantage Point (AVP) after completing a management buyout. Expect more independence, more market focus…and I guess, fewer corporate handcuffs!

–

Right, done.

Time for a long weekend 🙏

If you’re in Hartford w/c 28th, drop me a line.

If you’re in London and heading to the Innovate Finance Global Summit on 29th April, drop Emily a line. She’s there, speaking alongside a few industry favs – Ben, Sarah and Lisa, discussing ‘Ripe For Change: The Intersection Between Insurance And Tech’.

Until next time, big love.

Matt

Make smarter decisions with AI-driven market intelligence.

Sønr helps 50+ leading (re)insurers around the world explore market trends, track competitor activity, and scout and assess best-in-class tech companies.

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