September 12, 2023
reThought Flood Buys AI Platform CyberBoxer, Garners $1 million Investment by Connecticut Innovations
Colorado, 12 September 2023: reThought Flood, the technology-centric
underwriting agency focused on US flood risk, announces two major business
developments.
underwriting agency focused on US flood risk, announces two major business
developments.
- reThought has completed an agreement to acquire CyberBoxer, bringing
in-house its experts in data science, modeling, artificial intelligence, and
underwriting. - reThought has received a $1 million investment by the ClimateTech Fund of Connecticut Innovations, the state’s strategic venture capital arm.
“This is a valuable addition to reThought,” says Cory Isaacson, reThought Flood Chief
Executive and former Chief Technical Officer at RMS. “We will not be entering the cyber
insurance space. Instead we will capitalize on CyberBoxer’s expertise in cat modelling,
data science, underwriting, and AI. reThought carries out complex analytics and
modelling for every individual risk we underwrite, so bringing their services in-house
improves our efficiency for our brokers and customers. It also gives us an active
presence in major markets, including the EU, where we may one day look to extend our
business.”
CyberBoxer founder Amit Rai says: “Most insurtechs change directions multiple times
as they evolve to find a market niche where their technology and skills add genuine
value. When we launched CyberBoxer, we intended to use our platform to support
cyber underwriters. But when we began working with reThought, and applied our
capabilities and expertise to flood risk, we found they formed the basis for an ideal
partnership.”
Separately, Connecticut Innovations (CI), the state’s strategic venture capital arm, has
made an investment of $1 million in reThought Flood through its ClimateTech Fund.
The money will be used for continued expansion of the business.
“We chose to invest in reThought Flood for a couple key reasons,” says Konstantine
Drakonakis, Managing Venture Partner for the Climate Tech Fund at Connecticut
Innovations. “First, flood has become one of the leading reasons for financial losses arising
from climate-change-driven weather events.
Drakonakis, Managing Venture Partner for the Climate Tech Fund at Connecticut
Innovations. “First, flood has become one of the leading reasons for financial losses arising
from climate-change-driven weather events.
“Second, we believe in the reThought team and their track record as experts at
catastrophe risk modeling, underwriting, and brokerage experience. They’re committed
to applying technology-centric problem-solving to the flood insurance market, and
we’re delighted to join with other investors we trust, including IA Capital and HSCM.”
to applying technology-centric problem-solving to the flood insurance market, and
we’re delighted to join with other investors we trust, including IA Capital and HSCM.”
Isaacson says: “This is another great vote of confidence in our vision to use technology
to build a sustainable private flood insurance market in the USA, one which is
sufficiently healthy to respond to our changing climate and support businesses and
homeowners through the transition. We’re delighted to have Connecticut Innovations
on board.”
to build a sustainable private flood insurance market in the USA, one which is
sufficiently healthy to respond to our changing climate and support businesses and
homeowners through the transition. We’re delighted to have Connecticut Innovations
on board.”
About reThought Flood
Founded in 2017, reThought Flood is a technology-centric Managing General Agent
focused on US flood risk. reThought offers commercial and residential flood insurance
on behalf of A.M. Best A-rated carriers, and has formed strategic relationships with
insurers, reinsurers, and other capacity providers to help them profitably innovate in
the flood risk arena. reThought’s game-changing technology helps solve vexing
industry problems underwriting flood risk, which requires advanced precision and a true
understanding of the hazard. reThought has developed a state-of-the-art proprietary
underwriting methodology and risk assessment technology which reflects the reality
that with flood risk, inches matter.
www.rethoughtflood.com
Founded in 2017, reThought Flood is a technology-centric Managing General Agent
focused on US flood risk. reThought offers commercial and residential flood insurance
on behalf of A.M. Best A-rated carriers, and has formed strategic relationships with
insurers, reinsurers, and other capacity providers to help them profitably innovate in
the flood risk arena. reThought’s game-changing technology helps solve vexing
industry problems underwriting flood risk, which requires advanced precision and a true
understanding of the hazard. reThought has developed a state-of-the-art proprietary
underwriting methodology and risk assessment technology which reflects the reality
that with flood risk, inches matter.
www.rethoughtflood.com
About CyberBoxer
CyberBoxer uses AI built on structured data and insights to support better-informed
insurance pricing decisions. Its machine learning model continuously drives improved
outcomes, and ensures optimal customer acquisition.
CyberBoxer uses AI built on structured data and insights to support better-informed
insurance pricing decisions. Its machine learning model continuously drives improved
outcomes, and ensures optimal customer acquisition.
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm, and the
leading source of financing and ongoing support for Connecticut’s innovative, growing
companies. CI provides venture capital and strategic support for early-stage technology
companies, financial support for innovation and collaboration, and connections to its
well-established network of partners and professionals.
www.ctinnovations.com
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm, and the
leading source of financing and ongoing support for Connecticut’s innovative, growing
companies. CI provides venture capital and strategic support for early-stage technology
companies, financial support for innovation and collaboration, and connections to its
well-established network of partners and professionals.
www.ctinnovations.com