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Press Release

Six Insurtech Startups Pitch Disruption at Innovation & Insurtech Conference

HAMILTON, Bermuda, November 2, 2017 – Hamilton Insurance Group (“Hamilton”), the Bermuda-based holding company for insurance and reinsurance operations that underwrite property and casualty risks in Bermuda, the U.S. and at Lloyd’s, today announced that six insurtech startups will pitch their industry-disrupting business models during the GR Innovation & Insurtech conference being held on Monday, November 6, 2017 at Rosewood Bermuda.

Hamilton is Lead Sponsor of the conference, a new entrant on Bermuda’s business calendar brought to the Island by Global Reinsurance. Supporting sponsors are the Bermuda Business Development Agency (BDA) and PlugandPlay, who are also sponsors of the StartUps Live competition.

Judges for StartUps Live are Hamilton at Lloyd’s CEO Dermot O’Donohoe, Brit Global Specialty SVP Julia Henderson and Managing Partner and CFO at Nephila Capital Laura Taylor.

“We’re delighted that this inaugural conference has attracted six of the most interesting insurtech startups in the market today,” said Hamilton Re CEO Kathleen Reardon. “Each fledgling business will have just five minutes to convince our judges and conference attendees that they have the best business case. After a vigorous grilling by our three judges, the audience will use innovative voting software to choose the winning pitch.”

“The BDA has been working for several months with PlugandPlay and their current cohort of insurtech startups to see which companies would have a natural fit with the Bermuda market,” said John Narraway, the BDA’s Consultant for Emerging Technologies. “While the startups are in Bermuda, we’re arranging one-on-one meetings for them with experts here in the areas of capital structures, regulation and risk modelling. This will maximize their time and hopefully lead to a longer-term presence on the Island.”

Ms. Reardon will play a key role in the conference agenda when she and Tokio Millennium Re Head of Bermuda Kathleen Faries discuss what it takes to be successful in the digital age.  Their fireside chat, titled A new kind of company for a new kind of world, will follow opening comments from Premier the Hon. David E. Burt JP MP.

Other sessions on the agenda include The road to modernization: how insurance core technology is changing, a presentation by Dan Woods, CEO of Socotra, and Win the War for the IoT, a presentation by Craig Hollingworth, co-founder of Concirrus.

The six insurtech startups participating in the GR Innovation & Insurtech conference are:

  • Carpe Data, which provides next generation predictive scoring and data products to P&C and life insurance companies by leveraging the social web, online content, and other forms of alternative data. Carpe Data’s products enable insurers to more accurately predict risks and innovate with new products to meet changing customer needs.
  • DataRobot offers an automated machine learning platform that empowers users of all skill levels to make better predictions faster. Incorporating a library of hundreds of the most powerful open source machine learning algorithms, the DataRobot platform automates, trains and evaluates predictive models in parallel, delivering more accurate predictions at scale. DataRobot provides the fastest path to data science success for organizations of all sizes.
  • Extraordinary Re Holdings Inc. (!Re) is creating a new marketplace where insurance liabilities can be traded. Our platform will unlock $20+ trillion of existing liabilities held on insurance company balance sheets, access new sources of reinsurance capacity that is expert in pricing and managing dynamic risks, create price discovery for liabilities that are difficult to value, and enable institutional investors to access diversifying and attractive sources of return. It is the next step in the evolution of insurance linked securities (ILS).
  • HazardHub helps insurance professionals understand the hazard risk of a property. HazardHub’s third-generation geospatial risk files are created by converting very large datasets of long-run hazard data into information that can be used to make informed decisions about the probability and severity of specific risks. The company puts every risk in a specific geographic area into a property “report card” that provides a comprehensive view of what might go wrong in your chosen property. HazardHub’s goal is to combine the best geographic hazard data available with lightning fast data access tools that make it easy, fast and inexpensive to access that data.
  • Understory detects rain, hail, wind and other weather events directly at the earth’s surface, where the risk to life and property is greatest. While traditional, radar-enabled weather centers collect data by analyzing conditions observed in the atmosphere, Understory’s ground-truth-based detection is a marked enhancement in both resolution and fidelity, providing real time datasets and graphical views of the movement and intensity of weather events, which leads to better insight and early detection of risks. The data applications for Understory’s sensors are enormous, as $485 billion of the U.S. economy fluctuates with weather. This new, sensor-enabled big data will impact insurance, agriculture, broadcast, and many other industries.
  • Omniscience’s software solutions help insurers and banks grow revenues, increase return on equity, reduce risk, and satisfy regulators. Omniscience Underwriting™ and Omniscience Capital Management™ solutions are uniquely powered by Omniscience Brute Force Analytics™.

Information about registering to attend the GR Innovation & Insurtech conference can be found at http://bii.globalreinsurance.com/bii-17/

 

About Hamilton Insurance Group 

Hamilton Insurance Group is the Bermuda-based holding company for insurance and reinsurance operations that underwrite property and casualty risks in Bermuda, the U.S. and at Lloyd’s. The company leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com.

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