AkinovA has launched a Series B investment round and is pleased to unveil another one of its, as yet undisclosed, Series A investors: FinTLV. AkinovA continues to attract a broad set of expertise to fuel its readiness for growth.
[LONDON, 11 July 2019] AkinovA is focused on unlocking growth in the insurance, reinsurance and ILS markets for cyber and property catastrophe risk trading. Cyber related risks already impact trillions of dollars of insured assets, and it is becoming a key area of focus for the insurance, reinsurance and ILS industries. The AkinovA Marketplace is designed to offer cedents, brokers and capacity providers (from both insurance and capital markets) a digitally native environment to rapidly transfer cyber risks, as well as deliver further efficiencies to trading Natural and Property Catastrophe risks.
A range of global corporations including technology, manufacturing, critical infrastructure, financial services and asset owners are increasingly concerned with their rapidly growing exposure to cyber related risks and the business impacts they could have on their organisations. For instance, a group of top Wall Street CEOs from corporations including Goldman Sachs, Morgan Stanley and JP Morgan recently cited cyber-type perils as their top risk.
Furthermore, some sophisticated global investors and fund managers have realised their carefully curated investment portfolios suffer from deep cyber-related correlated risks. Until relatively recently, it was unclear that such rapidly morphing cyber risks could have such a profound impact on their established strategies. These risks cross numerous industries, lines of business and geographies and are capable of spreading at the speed of light.
Corporations are now recognising that they are holding these risks on their balance sheets. As a result, there is an increasingly unmet demand to be able to dynamically and efficiently transfer risks between counterparties to deliver new hedging and diversification strategies which include truly meaningful re/insurance programmes backed by capital markets. However, a digitally native marketplace is needed to hedge these highly dynamic risks and help grow the cyber risk transfer market.
Digitally enabled risk transfer infrastructures are now expected by capital markets, especially when considering the potential volume of transactions per year as counterparties start trading to adjust their exposure throughout the year. In fact, a number of parties expect that more standardised protection instruments such as Industry Loss Warranties (ILW) to transfer these risks will also encourage the development of a dynamic secondary market for these risks.
Gilbert Ohana (left) and Gil Arazi, Co-Founders and Managing Partners of FinTLV
Gil Arazi, Co-Founder and Managing Partner of FinTLV, commented:
“As one of AkinovA’s Series A investors, we were struck by the fact that AkinovA is relatively unique in the FinTech and InsurTech world: their fundamental proposition is to unlock growth, not just efficiency and cost reduction alone.”
“We recognised that, over time, AkinovA’s platform will be able to be used across multiple lines of business beyond cyber risk transfer. As an Israel-based venture capitalist with a strong network in the insurance sector, FinTLV also benefits from proximity to our country’s leading and thriving cyber security-related industry. We look forward to bringing our deep FinTech, C-level insurance operational experience and access to our cyber security cluster to accelerate AkinovA’s growth.”
Henri Winand, Chief Executive Officer of AkinovA, commented:
“We are delighted to count Gil and the FinTLV team as one of our investors. They bring much more than money with their network - insurance C‑level operational experience and a proactive approach.”
“As we are ramping up AkinovA’s commercial operations, it was natural to launch a Series B investment round. Of course, we are focused on unlocking cyber risk and ILS industry growth. However, we have been asked by selected brokers and, more broadly, other market participants to assist in bringing efficiencies to the existing property and natural catastrophe risk transfer market.”
“AkinovA’s very competitive pricing, independence, regulatory approval for insurance, reinsurance, property, natural catastrophe and cyber risks - combined with our integrated marketplace offering which includes price discovery, clearing, deal repository and platform communication tools - make it a really attractive proposition.”
AkinovA’s Series A investment round was over-subscribed and attracted a broad range of expertise from a strong mix of industry and non-industry participants – all of which have not yet been announced.
Alexander Pike: Alexander.Pike@AkinovA.com
Office: +44 (0)20 8012 8172
Mobile: +44 (0)771 2042113
AkinovA has built an independent electronic marketplace for the transfer and trading of (re)insurance risks. Founded by experts from Insurance, Technology and Capital Markets, AkinovA is working with the existing (re)insurance value chain to help grow the overall market.
AkinovA is backed by an accomplished Advisory Board with a wealth of experience in Insurance, Capital Markets and Technology. Whilst remaining an independent marketplace, AkinovA is working with leading insurance industry participants, including Hiscox and MS&AD Insurance Group, as well as Plug and Play Insurtech, NYC based marketplace venture capitalist FJ Labs, Israel based InsurTech/FinTech venture capitalist FinTLV and other undisclosed investors.
For more information, please go to: www.AkinovA.com
FinTLV Ventures is a Tel-Aviv based venture capital fund, that specializes in InsurTech and aims to provide industry expertise and financial investments to trailblazing startups developing innovative, new-age Insurance and financial technologies.
With its pro-active approach, FinTLV Ventures develops new products and pivots technologies from different verticals to create new digital Insurance products, enabling its global, valuable network of dozens of Insurance companies to successfully carry out their innovation strategies and meet their challenges.
For more information, please go to: www.FinTLV.com
July 11, 2019
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