Piko Labs AI launches Piko Re Intermediaries (Piko Re), a reinsurance intermediary built exclusively for captive insurance companies and risk retention groups. Piko Labs says a substantial portion of captives worldwide do not currently use reinsurance, and identifies fragmented risk data, which reinsurers find difficult to underwrite and price efficiently, as a key barrier. The Piko Labs platform converts captive data, including loss runs, bordereaux, exposures and financials, into standardised risk data that can be traced back to its source, for reinsurers to underwrite and price. Piko Re then takes that risk to market. Steve McElhiney, vice chairman and chief commercial officer, reinsurance, leads Piko Re. McElhiney has more than 30 years of experience across the captive and reinsurance markets, including as a ceded reinsurance executive, CFO of a reinsurer, an executive at captive reinsurance intermediaries and head of a Fortune 500 company's captive. McElhiney says: “Reinsurers price uncertainty. Captives pay for it. Piko Labs gives reinsurers standardised risk data they can actually underwrite and price. That creates the opportunity for better pricing, greater capacity, and a more optimal placement for the captive. Unlike traditional intermediaries, we exist for one market: captives.” Christina Card Zbar, founder and CEO of Piko Labs AI, adds: “The market can't efficiently price what it can't clearly see. Piko Labs standardises the risk. Piko Re takes it to market. By reducing uncertainty, we can help captives secure better pricing and access greater capacity.” Piko Re is a licensed reinsurance intermediary domiciled in Texas, operating in other states under nonresident licences, and holds Texas licences covering property and casualty and life and health lines. The firm is accepting submissions and will meet captive owners, managers, advisers and reinsurance partners at the upcoming Texas Captive Insurance Association conference. Piko Labs AI, headquartered in California, builds data infrastructure for the captive insurance and MGA markets. Piko Re is a wholly owned subsidiary.
