Reinsurance marketplace Tremor has announced that it has inked agreements with eight major reinsurance brokers, representing more than 95% of reinsurance placements worldwide. The brokers join the 110 reinsurance companies, ILS funds and Lloyd’s syndicates already active on Tremor.
“We have said from the beginning that tremor supercharges risk transfer with a new market model that benefits all parties,” said Sean Bourgeois, founder and CEO of Tremor. “In a Tremor placement, reinsurance brokers focus on advisory, structuring and coordination of counterparties. Tremor supercharges pricing and allocation with faster, better and more competitive execution with modern trading technology. Pricing and allocation is much better managed with this technology – as is the case in every major capital market around the world.”
“Does this change the broker’s current role? Sure,” Bourgeois said. “Does it disrupt reinsurance? Let’s be candid – it does. But for the better. Cedents get better execution, reinsurers see more risk more often with capital committed for far shorter periods of time, exactly as they want it committed. Brokers get to focus on where they add value most, and Tremor supercharges everything with a superior market model. Everyone wins.”
Since launching the latest version of its platform, Tremor Panorama, earlier this year, Tremor has seen significant growth. The company has commitments in place to triple its volume for 2021.
“Panorama is the natural evolution of Tremor’s technology,” Bourgeois said. “But this isn’t where we stop, this is where we start. We are continuing to build major new features that do things the traditional market simply cannot – for buyers that want to compare real pricing for various peril, structure and treaty combinations to show their CFO precisely how they are optimizing their purchase in real time, Tremor is delivering.”
The company has made several successful placements recently, including for Root Insurance Company. Bourgeois said the company is even more excited about broker adoption.
“Brokers initially took to tremor slowly, seeing our technology as a threat,” he said. “But what we have found over time is that as cedents ask their brokers to deliver placements with Tremor, brokers quickly see the benefits we deliver to them and their clients in ways that simply cannot be replicated with the traditional process. We believe this has been a key factor to the rapid adoption of every major broker this year.”