Boost in Q1 2024: $130M in New Capacity with 12+ Reinsurance Partners
Risk capital is one of the most critical components of an insurance program: a program can’t operate without sufficient capital to respond to its policyholders’ potential losses, and it can’t grow unless its capacity does too.
At the same time, risk capital is also frequently one of the most difficult components to obtain, especially for products aimed at new or emerging risks. Insurance and reinsurance providers can be understandably hesitant to commit their resources to unproven programs, or to expand in areas they feel are high-risk. In the current macroeconomic environment, with investors increasingly prioritizing profits over growth, the already-difficult risk capital market has grown even tighter.
That’s why we’re excited to share an important milestone here at Boost: at a time when the risk capital market as a whole is contracting or staying stagnant, we’ve just added over $130M in new reinsurance capacity, and expanded our reinsurance panel to over a dozen partners.
This is great news not just for Boost, but for all of the insurtechs, MGAs, brokers, and embedded insurance platforms that work with us. We’ll be able to expand the capacity behind all of the programs we support, including SMB commercial cyber, startup management liability, parental leave, pet health insurance, and more. This in turns means our partners can scale even further with the programs they white-label from Boost.
It’s not just our current programs that can grow. One of our specialties here at Boost is developing innovative new programs to address emerging market risks, which requires new risk capital. Some of our additional capacity is earmarked for new program launches throughout 2024. While we can’t talk about our plans yet, we’re very excited for what’s coming down the pipeline later this year.
This expansion is also a big vote of confidence in Boost by our reinsurer partners. If you read our press release, you know that one of our partners said that they expanded their relationship with us because of our consistent track record of program profitability, with a data-driven and technology-enabled approach to risk management. We’ve worked hard to deliver great results for our capital partners, our customers, and their customers, the policyholders. We look forward to doing even more in the year to come.
If you’re looking to expand your insurance offerings, or develop an innovative insurance program for emerging risks, Boost can help you get started today.