Noldor, an InsurTech looking to “redefine how carriers, reinsurers and reinsurance brokers connect” with programme data to optimise performance, has raised $10m in a seed funding round.
The funding round was led by the DESCOvery group at D.E. Shaw, a global investment and technology development firm based in New York, with participation from several other strategic investors.
Founded in 2021, Noldor’s technology integrates with any entity with delegated underwriting authority regardless of their existing tech stack. The InsurTech explained this integration allows its platform to leverage artificial intelligence and machine learning to aggregate data, uncover hidden drivers of loss ratios and automate back-office functions.
Noldor works with MGAs across multiple carriers and reinsurance brokers, across both London and Bermuda, and multiple lines of business.
John Horneff, CEO of Noldor, said, “This funding was designed to ensure Noldor will continue to grow and adapt to new use cases alongside the enterprises we work with. Technology is shifting what the efficient frontier of programme administration looks like, so we’re actively investing to enable the next generation of carriers, MGAs/MGUs, and reinsurance brokers.
David Shainok, head of reinsurance and DESCOvery at D.E. Shaw, added, “John and his team have designed a platform that meets MGAs/MGUs where they are, using their existing systems and data repositories to optimise capacity without requiring investment in tech that only works with one specific InsurTech provider or carrier’s system. The potential to drive down expense ratios while improving profitability of program business has never been more mission critical for our industry and we’re excited about what Noldor is building.”
InsurTech 100 company Betterview recently closed its Series A round on $4.5m, bringing its total funding up to $10m. The company provides underwriters with data which can be used to inform quoting, loss-control, policy renewal, property monitoring, investigation and response, and catastrophe modelling.
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