20 June 2019News

Bermuda reinsurers take stake in Noblr

A number of Bermuda-based reinsurers have entered into relationships with Noblr, the technology-driven, US personal auto insurance company.

Third Point Re has made a minority equity investment in Noblr, and is providing reinsurance. Hudson Structured Capital Management Bermuda, White Mountains and TPRE Reinsurance have also made investments in the company, which was founded by Gary Tolman and Jason Foucher.

Noblr leverages telematics data and actuarial insight to give drivers feedback and pricing based on their driving behavior. Its behavior-based pricing is calculated in real time, based on how well and how much someone actually drives their car.

Dan Malloy, chief executive officer of Third Point Re, said: "One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations."

"Thanks to Noblr's proprietary technology, Noblr drivers who drive better can lower their rates and make the roads friendlier every trip they take,” said Gary Tolman, CEO at Noblr. “In addition to savings, Noblr's intuitive app and highly personalised pricing model help directly incentivise better driving."

Meanwhile, Noblr has also launched its offering in Colorado.

Tolman said: "With a dynamic population of people who are on the go and who care about making our world a better place, Colorado is the perfect location for Noblr’s launch."

Noblr plans to launch in other states in coming months.