Munich Re and The Floow sign telematics deal
Who’s involved: Munich Re and UK-headquartered telematics provider The Floow
What’s happening: Munich Re and The Floow have agreed a global partnership
Significance of development: Munich Re believes combining The Floow’s data collection, scoring solutions with Munich Re’s insurance product and actuarial expertise will strengthen the reinsurer’s offering for insurance clients globally. It will also strengthen Munich Re’s telematics consulting offering
Timeline: With immediate effect
Highest number of insurtech deals in Q1
Who’s involved: Willis Towers Watson
What’s happening: Q1 2019 saw the highest number of property and casualty (P&C) insurtech transactions, at 56, since Willis Towers Watson's quarterly insurtech briefing publication started recording
Significance of development: The 56 P&C insurtech deals in Q1 marked a 37% increase from Q4 2018’s deal count. There was a 27% decrease in funding volume from Q4 2018, but a 160% rise from Q1 2018
Timeline: The data is available in Willis Towers Watson’s latest quarterly insurtech briefing
OneDegree’s funding tops $30m after extension round
Who’s involved: Hong Kong-based insurance technology start-up, OneDegree; fund manager BitRock Capital; and investors Cyberport Macro Fund and Cathay Venture
What’s happening: OneDegree has extended its series A funding round to above $30m, in a fundraising led by BitRock with backing from Cyberport, Cathay Venture and others.
Significance of development: OneDegree intends to use the funds to accelerate efforts to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and explore growth opportunities including the “Greater Bay Area” initiative.
Timeline: With immediate effect
Axis partners with cyber security start-up accelerator
Who’s involved: Speciality re/insurer Axis Capital and London-based cyber security start-up accelerator Cylon
What’s happening: Axis has partnered with Cylon to help educate cyber security start-ups on the opportunities and challenges in the cyber insurance market
Significance of development: Axis and Cylon will also co-host industry events and produce industry research and reports on the cyber security market
Timeline: With immediate effect