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.”
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