NEW YORK (PRWEB) July 12, 2022
Noldor, an insurtech redefining the way insurers, reinsurers and reinsurance brokers connect to program data to optimize performance, recently closed $10 million seed funding from a group of well-established insurance investors. According to the CEO John HorneffNoldor’s seed funding positions the company for long-term growth by using data to deepen relationships between coverholders and insurers.
Founded in DE Shaw’s venture studio DESCOvery into 2021, Noldor’s technology integrates with any entity with delegated underwriting authority, regardless of its existing technology stack. This integration enables Noldor’s platform to leverage artificial intelligence and machine learning to aggregate data, uncover hidden drivers of loss rates, and automate back-office functions such as reporting.
Noldor currently works with dozens of MGAs and with multiple carriers and reinsurance brokers responsible for billions of dollars in gross written premiums. Active in both London and Bermuda (and in several lines of business), Noldor’s data platform is being developed to improve efficiency and reduce expense ratios for all stakeholders associated with delegated authority.
“This funding was designed to ensure that Noldor will continue to grow and adapt to new use cases alongside the companies we work with,” said Horneff. “Technology is changing the efficient frontier of program administration, so we are actively investing to enable the next generation of insurers, MGAs/UGGs and reinsurance brokers.
The financing round was led by the DESCOvery group in OF Shawa global investment and technology development company based in New York City with the participation of several other strategic investors.
“John and his team have designed a platform that caters to MGAs/MGUs where they are, using their existing systems and data repositories to maximize capacity without requiring investment in technology that only works with a specific insurtech vendor or operator’s system,” said David Shainok, Head of Reinsurance and DESCOvery at OF Shaw. “The potential to reduce expense ratios while improving the profitability of program activities has never been more critical for our industry and we are excited about what Noldor is building.”
Noldor is an insurtech reinventing the way insurers, reinsurers and brokers connect to program data. Rather than managing MGA reports in-house or aggregating data in a closed system, Noldor takes a data-agnostic approach that enables turnkey integration of MGA data – allowing our partners to spend time acting on data rather than processing it. To learn more, visit Noldor.com.
ABOUT DESCOVERY AND THE SHAW GROUP
The OF Shaw is a global investment and technology development company with over $60 billion in capital investment at September 1, 2021and offices at North America, Europeand Asia. Since its founding in 1988, the firm has built a reputation for successful investing based on innovation, careful risk management, and the quality and depth of its people. The firm has a significant presence in global financial markets, investing in a wide range of companies and financial instruments in developed and developing economies. DESCOvery is the venture studio of the DE Shaw group. DESCOvery builds innovative, technology-driven businesses and ventures in fintech, insurtech, data analytics and other fields.
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