Demex, a Washington, DC-based provider of reinsurance solutions that address the accumulating losses caused by secondary perils, raised $5M in funding.
The round was led by Blue Bear Capital.
The company intends to use the funds to bring its climate risk reinsurance solution to market.
Founded in 2020 and led by Bill Clark, CEO, Demex provides Retained Climate Risk Reinsurance (RCR Re), which is a stop loss risk transfer product that settles based upon its proprietary Proxy Claims Index. RCR Re enables insurance companies to buy reinsurance for secondary peril risks (that include winter storms, heat waves, cold snaps, droughts, and floods) that aggregate over time.
It is available now and is becoming a key component of insurers’ reinsurance programs as they plan for 2024.
FinSMEs
17/08/2023