InRisk Labs, a technology-led risk and reinsurance platform, has raised $27 million in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital, it announced on Wednesday.
In a parallel development, the company’s subsidiary, EarthRe Insurance IFSC Ltd, has secured a licence from the International Financial Services Centres Authority (IFSCA) to operate its reinsurance business.
With this, EarthRe becomes the first incorporated reinsurer to be licensed out of the International Financial Services Centre at GIFT City, it said in a statement.
The company said the proceeds will be deployed to strengthen its underwriting, actuarial, catastrophe-modelling and AI capabilities. The capital will also support expansion across natural catastrophe (NatCat) and climate risk segments, alongside other non-life lines such as marine cargo and motor.
In addition, the funding will be used to accelerate the development of parametric and structured reinsurance products and to meet the regulatory capital requirements needed to scale EarthRe’s operations in India’s $10-billion reinsurance market, the statement added.
“India will be the most consequential insurance market over the next two decades. To drive sustainable growth, we must build indigenous capacity and tailored solutions built by India, for India,” said Malay Kumar Poddar, Chief Executive Officer, EarthRe.
“Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity. IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here. EarthRe exists to carry that responsibility.”
EarthRe is a technology-led non-life reinsurer with a focus on natural catastrophe (NatCat) and climate risk, along with property, crop and other specialty segments. The company combines underwriting with catastrophe modelling, climate-risk analytics, and structured reinsurance offerings.
Its platform integrates multiple datasets, including climate, geospatial, satellite, exposure and claims data, to support risk assessment, pricing and portfolio management.
