Two leading reinsurance groups, AXA Corporate Solutions Reinsurance Company (successor to AXA Re), and Bermuda-based Renaissance Reinsurance Company have taken equity stakes in International Catastrophe Insurance Managers, LLC of Boulder, Colorado.
ICAT, founded in 1998, provides “catastrophe risk underwriting and web-based applications for the insurance industry.” It specializes in commercial risks covering earthquakes and windstorms, and transacts its business on-line at: www.icatmanagers.com.
AXA, CS directly invested $3 million in ICAT, and will be represented on the company’s Board of Directors. It also agreed to provide a $2 million line of credit.
Ren Re converted a $1.5 million note into an equity positions, and will also take a seat on ICAT’s board.
ICAT CEO Jack Graham expressed his pleasure with his investors, stating “AXA CS and Ren Re are tremendous partners for ICAT; our mutual focus on catastrophe insurance products is a natural fit and we expect to benefit greatly from the expertise and stability they will contribute to our company.”
Topics AXA XL
Was this article valuable?
Here are more articles you may enjoy.
20 Years After Hurricane Katrina: Are Insurers Ready for a Different $100B Disaster? 
Fla. Supreme Court Reverses Lower Court on Compensability of a Workplace Shooting 
Damaged Manhattan Tower Owner to Reconstruct 15 Floors After Evacuation 
Ranking: Who Are the Insurance Industry’s AI Talent, Maturity Leaders? 
