Technology-led risk and reinsurance platform InRisk Labs has raised $27 million in a Series A funding round co-led by Bessemer Venture Partners and Northpoint Capital. The funding comes alongside a regulatory milestone for the company. Its subsidiary, EarthRe Insurance IFSC Limited, has received a licence from the International Financial Services Centres Authority (IFSCA) to operate as a reinsurer. The company said EarthRe is the first incorporated reinsurer to receive a licence from the International Financial Services Centre (IFSC) at GIFT City. The fresh capital will be deployed to strengthen underwriting, actuarial, catastrophe modelling and AI capabilities, expand into natural catastrophe and climate risk as well as other non life segments including marine cargo and motor, develop parametric and structured reinsurance products, and meet regulatory capital requirements for scaling EarthRe’s operations in India’s $10 billion reinsurance market. The company said the licence marks its transition from a technology led insurtech platform to an integrated reinsurance group with licensed risk bearing capacity. While InRisk Labs will continue to build technology, data and risk intelligence infrastructure, EarthRe will underwrite reinsurance business through its regulated balance sheet. EarthRe is focused on non life reinsurance across natural catastrophe, climate risk, property, crop and specialty lines. The company said its platform integrates climate, geospatial, satellite, exposure and claims data to improve underwriting, pricing, portfolio construction and capital allocation. It also plans to offer treaty, facultative, structured and parametric reinsurance products designed for India and other Global South markets. “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 of EarthRe. Vishal Gupta, partner at Bessemer Venture Partners, said the firm backed the company at the seed stage and has now doubled down on its investment, while Sameer Brij Verma, founder and CIO of Northpoint Capital, said EarthRe combines a licensed balance sheet with an AI native risk platform and deep underwriting expertise. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
