Boost Insurance has launched Boost Re, a new risk transfer platform, as the latest component of its insurance-as-a-service stack.
Boost Re is structured as a US-domiciled protected cell captive insurance company and wholly-owned subsidiary of Boost.
The captive enables Boost to establish and capitalise dedicated and segregated risk-transfer vehicles for a diverse group of risk capital providers to deploy reinsurance capacity across Boost-powered insurance programmes.
For MGA, insurtech and embedded insurers Boost Re’s turnkey captive-as-a-service solution can offer a “cost-effective” path to building and scaling their full-stack insurance operations.
For alternative risk capital providers, Boost Re can provide a passage to deploy reinsurance capacity across Boost-powered insurance programmes through dedicated captive cells.
Boost Re says: “With Boost Re’s captive-as-a-service offering, Boost’s partners can achieve all of the benefits of becoming a “full-stack” carrier — such as participating in underwriting returns, having increased product and operational control over their programmes, and increased transparency into their programme’s data.”
These benefits will be attained at a “fraction of the traditional cost that comes with building a full-stack insurance business.”
Boost Re is now available to risk capital providers looking for a channel to access the insurance asset class and to all MGA.
Commenting on the launch, Alex Maffeo, CEO and founder of Boost, says: “For our third-party reinsurance partners, there’s peace of mind knowing that we are participating alongside them in the same risks. For alternative risk capital providers, Boost Re serves as a reliable conduit to the returns offered by the emerging asset class of insurance.”
