US vs European tech + LA wildfires

Hello.

2024 was BIG for Sønr. Best to date.
2025 is about to get bigger. And better.

It’s the 10th of January. We’ve already won three new clients (two being top 25 carriers) and we’re hoping for 3 more before the month is out. Loving that.👊

Before getting too celebratory I’d like to say a big thank you to all our clients, old and new, for your support across the years.  And to the amazing Sønr team which is next level (and hey, we’re recruiting btw).

If you’re looking at 2025 thinking you could do with support mapping markets, tracking competitors, or scouting and assessing tech vendors – get in touch.

We have a world-class research team, which when coupled with our unparalleled SaaS platform, is simply second to none. True Story.

For now, some insurance chat.

Embedded funding, new partnerships and image royalties

A couple of funding updates in the embedded space.

Just before Christmas Bolttech secured its Series C – just over $100m invested at a valuation of $2.1 billion. Oosh. I feel like we should bring back our Insurtech 100 series just to see where these guys rank. Surely they’ve got to be close to that #1 spot these days, right?

Huge congrats to Rob Schimek, Stephan Tan and team.

These guys offer an embedded insurance platform for mortgage servicers, originators, banks, and financial institutions, providing home, auto, and personal lines coverage.

Since launching in 2017, Matic has partnered with over 100 organisations, covering 20% of the U.S. mortgage market. Its marketplace features competitive options from over 60 national insurance carriers. Good work Matic.

On the partnerships side, Companjon is set to offer Visa’s issuing clients in Europe the opportunity to purchase protection from poor weather.

And a little more niche for the global readers, Uinsure, a UK-based insurtech, has partnered with Suffolk Building Society to offer embedded home and landlord insurance solutions to its customers.

Rebuilding futures, shaping tomorrow

Stepping into a somewhat more sombre mood, my heart goes out to all those in LA. Truly frightening just how suddenly everything can change.

So let’s give some to the innovators looking to step in and help people get through the next ‘Palisades’.

Very much on topic, Stand Insurance has raised a $30m Series A to provide coverage for homes in California’s wildfire-prone areas, where traditional insurers are retreating due to high risks.

The company aims to insure hundreds of homes with combined valuations of over $2 billion in these zones over the next year.

Sola Insurance has brought in a $3.7m Seed.

These guys have a platform that uses advanced weather data and automated claims processing to ensure fast payouts, often within days. Its offerings provide compensation when severe weather events, albeit more on the wind and hail side, cause major property damage.

In a similar vein, one to note is ZestyAI, a provider of AI-informed climate and property risk analytics solutions, has received regulatory approval from the Iowa Insurance Division for its Severe Convective Storm suite. We got to hang out with these guys at ITC Vegas last year – a tonne of insurance experience, a growing business and exciting tech roadmap. Nice work team.

Using high-resolution climate data combined with good old GenAI, their platform simulates energy asset risks and grid variability to help energy companies manage the complexities of renewable energy and climate change.

And a couple of interesting job-related announcements I clocked this week.

John Neal, CEO of Lloyd’s of London, will be moving over Aon at some point this year, joining as Global CEO of Reinsurance and Global Chairman of Climate Solutions. I wish you good luck over there John.

Finally, CFC is hiring a Carbon Underwriter to join its growing climate practice within the innovation team.

You can find more on this one here.

Open innovation – a key strategic pillar for 2025

Whilst it’s great to cover the scaling tech companies, it’s also important to recognise where the power sits.

And for the foreseeable, as is the same for most industries, it’s with the forward looking, innovative incumbents.

Unsurprisingly a good number of these happen to be Sønr clients too. What’s the quote – the company you keep, is a reflection of who you are? Something like that.

Let’s start with Tokio Marine North America Services (TMNAS) which has partnered with Earnix to develop a centralised rate repository, enhancing pricing, rating, and filing processes.

This collaboration aims to reduce errors, mitigate risks, and speed up the time-to-market for TMNAS’s U.S. insurance operations. Nice.

In the US, Prudential has partnered with Empathy to enhance workplace benefits by offering comprehensive bereavement support for families dealing with loss. I like this.

Nationwide has partnered with Phyn to expand its Internet of Things (IoT) programs, offering water leak detection sensors to policyholders. The initiative targets high-value homeowners, providing a 15% discount on Phyn’s services.

And in the UK, Aviva has agreed to acquire Direct Line Insurance Group for approximately £3.7bn. The aim is to create the UK’s largest home and motor insurer. Love it.

Bikes, cargo and a WeFox rescue package?

Right, let’s see if we can find any tenuous links across these guys.

First up, UK’s cycle insurer Bikmo has raised £4.75m. The plan is to build out across Europe, focusing on direct sales, partnerships, leasing, and commercial channels.

It’s an interesting one. That is for sure.

This package includes refinancing existing bank debt and an equity raise between €80m (£66.5m) and €100m (£83.1m), aiming to prevent the sale of key assets like its subsidiary TAF.

The company’s financial challenges have been well documented, including the threat of potential insolvency, so I look forward to seeing where this ends up.

Last but not least, Parsyl who I met with when I was last in Denver (thanks to the intro from Adrian Jones), has successfully closed a Series C round. Congrats chaps.

US vs Europes’ startup scene

Snow, Garmins and a little too much work, too little play

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