Tremor Technologies, the reinsurance platform, had launched a new division to address stressed residual US insurance markets.
The division, to be named Tremor Public, will receive consultation from Nebraska senator Benjamin Nelson as it builds its public entity reinsurance business.
Residual insurance markets are publicly funded insurers of “last resort” when coverage in the traditional market is unavailable.
Tremor’s technology enables publicly-funded residual markets to see the entire marketplace for their placement. It also ensures its prices and offers visibility of incremental costs.
US residential markets have been under pressure over the course of the last year, says Tremor. Some residual markets secured half of the coverage they sought leading to multi-billion dollar shortfalls, due to the failure of the traditional placement process.
This left market participants with extremely poor price discovery and an inability to see the most complete market and incremental additional costs.
Tremor Public’s division head Nelson has served two terms (of six years) in the U.S. Senate, representing the State of Nebraska. He has also spent two terms as governor of Nebraska.
In addition, he has also served as CEO of the National Association of Insurance Commissioners and continues to be active in the insurance business.
Commenting on the launch of Tremor Public, Tremor’s CEO Sean Bourgeois says: “Tax payer funded, not-for-profit insurance companies deserve full transparency for their substantial reinsurance purchases. They deserve true market clearing prices that the public can understand, powered by competitive market forces — exactly what Tremor delivers!”
