International technology-focused funding firm Battery Ventures has invested in local weather risk-focused managing normal agent (MGA) Descartes Underwriting.
This funding was carried out at a premium in contrast with its newest Sequence B valuation and welcomes Battery Ventures into the corporate’s shareholder base.
Descartes Underwriting CEO and co-founder Tanguy Touffut stated: “Over the previous six years, Descartes has established itself because the main parametric insurance coverage enterprise for climate-related dangers, remaining true to our scientific method to danger switch.
“As we scale globally to deal with the widening safety hole round pure disasters, we’re thrilled to welcome Marcus – one of many world’s most completed insurtech entrepreneurs – whose expertise and imaginative and prescient will likely be invaluable as we execute our formidable street map.”
Battery Ventures companion Marcus Ryu, who can also be a former CEO and co-founder of Guidewire Software program, is ready to turn into a part of Descartes as a board observer following the funding.
Guidewire Software program, valued at $20bn, is understood for its cloud-based core methods and analytics for the property and casualty (P&C) insurance coverage trade.
Ryu stated: “Over 20 years of serving the worldwide P&C insurance coverage trade informs my eager curiosity in making use of know-how to deal with the large underinsurance hole. Parametric insurance coverage is certainly one of – if not the – most promising approaches to switch danger effectively, and like many trade members I consider it can proceed to develop in significance and adoption.
“The crew at Descartes Underwriting is uniquely credentialed on this area, and I’m very impressed with the market and thought management place they’ve constructed with brokers, capability companions and insureds in a brief interval.”
Descartes has a presence in additional than 60 nations with 19 places of work on 4 continents.
With 230 professionals, the corporate caters to a various shopper base. Within the earlier yr, it amassed in extra of $200m in whole written premium.
The strategic funding by Battery Ventures comes after Descartes Underwriting’s announcement in December 2022 of the launch of a brand new full-stack insurer, Descartes Insurance coverage.
