Ahmedabad headquartered insuretech startup InRisk Labs has raised $27 million in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital.
InRisk Labs will use this funding to deepen the group’s underwriting, actuarial, catastrophe-modelling and AI capabilities; expand its coverage across NAT CAT (natural catastrophe) and climate risk, as well as other non-life segments such as marine cargo and motor; accelerate the development of parametric and structured reinsurance products.
It will also utilise this funding to scale the operations of its subsidiary - EarthRe.
According to the startup, EarthRe Insurance IFSC Limited has received a licence from the International Financial Services Centres Authority (IFSCA) for its reinsurance business.
InRisk Labs said it has evolved from a technology-led insuretech platform into an integrated reinsurance group with licensed risk-bearing capacity.
