This time last week, I was looking forward to the Insurance Insider US awards in New York, having just completed a major fundraising round and welcoming three reinsurance luminaries to our Advisory Board.
Fast forward a week, and The Demex Group was awarded the InsurTech Product of the Year, with judges saying, “Severe storm modeling and (re)insurance capacity is one of the biggest issues we face today and Demex has begun to solve both.” In addition, we’ve met with more than 20 carriers and reinsurance brokers at NAMIC this week, who’ve wanted to find out more about our parametric reinsurance solution for severe convective storms. One told us, "Every P&C insurer in the U.S. needs this."
It was just a little over two years ago I had the privilege of joining an amazing group of professionals at Demex. Shortly after joining, we made a bold decision to focus the company exclusively on solving one of the biggest problems in the global insurance industry – enabling insurance companies to transfer some of the rapidly growing economic risk associated with hundreds of billions of dollars of insured losses from severe convective storms. While everyone in the industry recognized the size and scale of the problem, most people told us that it was likely too difficult to solve – others had offered solutions to this challenge in the past, but by 2022, there were virtually no reinsurance solutions remaining to address the problem.
Defying the skepticism, The Demex Group team had confidence that we could deliver a breakthrough offering, purpose-built to address the SCS peril. So, in addition to building a breakthrough model, the team developed the necessary relationships with the major reinsurance brokers for distribution, and sourced hundreds of millions of dollars of capacity from some of the largest reinsurance companies in the world. By early 2024 – just 18 months later – Demex saw multiple P&C carriers transact this brand-new product, generating millions of dollars in new reinsurance premiums - remaking a broken market for reinsurers.
Standing on that stage, with other members of our executive team, to receive the award for our Retained Climate Risk Reinsurance (RCR Re) solution in front of more than 500 insurance industry executives brought the enormity of what the entire Demex team had accomplished into sharp relief.
This is about more than just Demex - we are extraordinarily proud to share this award with the many people and partners – investors, brokers, capacity providers, advisors, and friends in the industry – who worked tirelessly to make this possible. This is what success looks like, and we are energized by the enormous opportunity that lies ahead.
#InsiderHonors
