InsurTech parametric specialist Skyline Partners has gained $1.75m in funding from West Hill Capital, a specialist corporate finance and VC firm, bringing the total raised to $3.5m.
The oversubscribed round will support Skyline’s continued expansion, following its reported increasing traction in the market with leading brokers looking for innovative parametric solutions.
Skyline first operates as a regulated, specialist parametric MGA, then as a parametric structuring agent for complex and innovative deals for brokers and insurers, and lastly as a software provider for tech-enabled parametric solutions, with its INSDEX platform, a proprietary geospatial intelligence technology.
The InsurTech has developed and launched several parametric products for clients with a wide variety of applications, including natural disasters for financial institutions, cost of violence for SMEs, and climate risks for agriculture.
Skyline recently partnered with insurance broker Howden and Munich Re to develop a product that protects the Jamaican Co-operative Credit Union League (JCCUL) against non-repayment of micro-loans from farmers in the event of extreme weather.
The insurance product, which is based on a parametric trigger, replaces funds lost as a result of farmers defaulting on loans in the event of an extreme hurricane.
Speaking on the funding, Gethin Jones, co-founder of Skyline, said, “We are thrilled that West Hill’s investors continue to share our vision to build global, innovative parametric insurance solutions targeting gaps in the traditional insurance market, powered by technology and data. These funds will enable us to invest in attracting top talent, building our resources, and developing our technology platform (INSDEX) and new products.”
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