Announcing Our Strategic Partnership with Canopius
Today we have some very exciting news to share: Boost has partnered with Canopius US Insurance Holdings, Inc. a subsidiary of global specialty (re)insurer Canopius Group. As part of this partnership, Canopius will provide us with long-term, dedicated risk capacity to back our insurance programs - and they’ve also made a strategic investment in Boost.
First, let’s talk about the capacity portion.
As part of Boost’s insurance infrastructure-as-a-service platform, we’ve assembled a panel of diverse reinsurance partners to provide capacity for the products we offer. This allows us to offer new and unique insurance programs for our customers to white-label - every program includes built-in capacity so they can seamlessly scale as their business grows.
With Canopius as a partner, we’ll be able to accelerate our new offerings, and build out even more innovative new insurance programs. For our customers, this translates into more opportunities to cost-effectively expand their business with new insurance lines, with programs ultimately backed by one of the biggest names in reinsurance.
For Canopius and our other reinsurance partners, the Boost platform connects their risk capital with high-growth insurance programs and modern distribution channels. This allows them to more efficiently deploy their capital across a diverse portfolio of programs relative to traditional one-off program business. It’s a win-win for Boost, our customers, and our risk capital partners.
While our partnership announcement is exciting enough, we are also excited to share that Canopius punctuated their commitment by making a direct strategic investment in Boost, as part of a broader financing round that included a number of new and returning investors including RRE Ventures, Fin Capital, and IA Capital Group. The additional funding will allow us to add a number of powerful new features to our technology stack, and we can’t wait to get started.
Stay tuned for more news to come, and thanks for coming along on this journey with us.