Boost Insurance, the innovative insurance infrastructure platform, has unveiled a strategic partnership with Canopius US Insurance Holdings, a subsidiary of Canopius Group.
The collaboration aims to offer long-term risk capacity to support Boost-powered insurance programs, fostering growth and profitability.
Boost Insurance operates as a comprehensive digital MGA (Managing General Agent) platform. It specialises in providing insurtechs, MGAs, and embedded insurance partners with a full-stack solution, encompassing compliance, capital, and technology infrastructure.
Canopius US Insurance Holdings will play a pivotal role by supplying dedicated risk capacity. This infusion of resources is expected to drive the expansion of high-growth and highly profitable insurance programs supported by Boost.
In addition to this strategic partnership, Canopius has also made a significant investment in Boost Insurance. This investment forms part of a broader financing round that includes participation from various investors, both new and existing. Notable contributors include RRE Ventures, Fin Capital, and IA Capital Group.
Boost Insurance had previously disclosed securing $37 million in funding.
Lisa Davis, CEO US & Bermuda of Canopius, commented on the partnership, stating, “We see enormous potential in the turnkey infrastructure that Boost has built. By lowering the barriers to entry for both innovative products and new market entrants, Boost has created an opportunity for Canopius to unlock new technology-enabled distribution channels and premium diversification opportunities. Their team values everything that always matters in insurance – underwriting, compliance, and capital efficiency – while still being committed to powering new and potentially disruptive concepts that can help move the industry forward.”
Alex Maffeo, CEO & founder of Boost Insurance, said, “Boost is deeply committed to providing the most comprehensive and cost effective infrastructure platform in the insurance industry. Reinsurance capacity is one of the most critical components in the insurance infrastructure stack and is one of the most difficult to build yourself. It’s especially difficult if you are trying to take a different approach to market or deploy something entirely new, and nearly impossible in an uncertain economic environment like the one we’re experiencing today. Having long-term support from seasoned reinsurers like Canopius enables Boost to provide a rock-solid platform that our partners can trust as they scale their business.”
This partnership signifies a step towards advancing insurance innovation and expanding the reach of technology-driven insurance solutions.
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