Cyber flexing

Europe remains wide open, and Stoïk is moving fast.

And then there’s the quiet ones.

Novee has emerged from stealth with a pretty decent $51.5m in total funding, one of the fastest early-stage funding ramps we’ve seen in cybersecurity.

The data points to money heading to platforms that reduce loss, not just explain it. Nice.

From climate to consequence

Wildfire is no longer a seasonal or regional talking point.

BirdsEyeView has secured an undisclosed seven-figure investment to accelerate its wildfire risk modelling platform. And also to support international expansion.

It seems forward-looking, location-specific intelligence is becoming table stakes 🙏

In other news, AXA has partnered with ICEYE to use ultra-high-resolution SAR satellite data to track extreme weather events globally. A broader push toward anticipation over response. Like it.

And related, the European Space Agency has signed a Memorandum of Intent with Liberty Mutual Reinsurance to explore how satellite and other space applications can support parametric insurance solutions for agriculture and forestry.

I find this stuff super interesting. It’s not fast-fast but we’re definitely seeing climate product design reimagined beyond the usual terrestrial data feeds.

Less spreadsheets, more science

Not new but another trend gaining momentum. Pricing modernisation continues quietly.

Optalitix is partnering with Dutch MGA Intermont to replace spreadsheet-driven pricing with cloud-based systems, marking its first major move into the Netherlands. Not crazy flashy. Still important.

And WTW made a similar move, expanding its Radar pricing platform with a native Databricks integration. For insurers investing in modern data stacks, this tightens the link between analytics and decision-making.

Lloyd’s, quietly moving

There’s been steady progress out of Lime Street.

Santam has partnered with Alchemy Technology Services and Buckhill to launch a new policy administration system for Lloyd’s.

SCOR and AXA have launched a new Lloyd’s consortium focused on ecological restoration, expanding insurance support for nature-positive projects. This is all good.

And Lloyd’s has made a strategic investment in Circuit – a Lloyd’s Lab alumni. This comes alongside the launch of a new product designed to remove catastrophic tail risk through automated response technology.

All helping unlock capacity in a historically constrained market. Good work team.

Embedded where it works

The world of embedded insurance keeps trundling forward.

A couple of announcements from our Beyond Boundaries Scale 50:

●    Wrisk has secured strategic investment from Allianz as part of its Series B, reinforcing the appeal of OEM-led distribution backed by insurer balance sheets. Big fan of these guys.

●    Sony has partnered with bolttech to launch My Sony Care+, embedding extended protection directly into the customer journey. Clean execution. Strong distribution. Nice.

And now a fresh entrant worth keeping an eye on – Corgi Insurance has raised $108m and received regulatory approval to launch what it calls the first AI-native, full-stack insurance carrier designed for startups.

Blending underwriting, claims and policy operations on an AI-driven platform they can ‘issue instant quotes and adapt coverage as businesses scale’. A potential game-changer if they can get it right.

AI, beyond the sandbox

Loved seeing this from one of our fav clients – Travelers has partnered with Anthropic to roll out personalised AI assistants across nearly 10,000 engineers, analysts and product owners. That’s big. Not a pilot – rather AI being wired into day-to-day work.

Advisory models are shifting too.

Swiss insurtech Credura has rolled out an AI-driven insurance adviser for private individuals following a successful pilot.

And GenAI risk is becoming underwriteable (is that a word?). Testudo has launched a new insurance product covering financial, legal and reputational fallout from GenAI failures, backed by Lloyd’s capacity and grounded in real-world litigation data.

Testudo were one of the Beyond Boundaries Signal 50s who we interviewed on camera last year with Freddie from Gallagher Re. Well worth a watch if you’re interested in the world of AI risk.

Finally, on the risk management front, WithCoverage has closed a $42m Series B.

The money is assigned to scale its AI-enabled, flat-fee risk management platform that challenges traditional commission-based brokerage.

That is me for the week.

Monday and Tuesday I’ll be at ITC London. Drop me a line if you’re heading down. I’ve also kindly been invited by Danilo of Generali to be a judge for the Challenge Lab: Protecting People, Empowering Planet.

Should be a fun one 🙌🏻

Until next time. Big love. Have great weekends.

Matt

Make smarter decisions with AI-driven market intelligence.


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