Concirrus Joins Forces With TransRe on Marine Insurance Project

This Monday Aug. 28, 2017 image provided by the Port of Virginia shows the CMA CGM Theodore Roosevelt being unloaded at the Virginia International Gateway in Norfolk, Va. The arrival of the ship breaks the record for largest container ship ever to visit the Port of Virginia and the East Coast. (Keith Lanpher/Port of Virginia via AP)

Concirrus, the marine analytics insurtech company, has agreed to work with TransRe, the global reinsurer, to jointly develop innovative data-driven reinsurance programmes for marine insurers worldwide. The teams will use Quest Marine data and analytics software, which assesses and continuously monitors changes in marine portfolios, to develop highly customised reinsurance structures.

“There is inherent uncertainty when creating reinsurance programs due to a lack of definitive data about a portfolio’s aggregate risk,” states Andrew Yeoman, CEO of Concirrus. “Quest Marine enables an insurer to have a data-driven dialog with its reinsurer, which will reduce the frictional cost of doing business together. We look forward to working with TransRe to offer compelling marine solutions to our joint customers.”

“We have been monitoring data and analytics developments in the marine market very closely, and we believe that Concirrus has the most compelling proposition,” says Peter Clements, TransRe’s Global Marine Leader. Concirrus has created the ‘Digital Power 20’, a unique community of industry partners to drive powerful digital change, and we are pleased to be a part of that future.”

“The collaboration between Concirrus, an Eos Venture Partners portfolio company, and TransRe, a limited partner in the Eos Venture Partners INSURTECH Fund, is proof of the impact of our investment model to accelerate portfolio company performance,” stated Jonathan Kalman, Concirrus board member and Founding Partner of Eos Venture Partners.

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