Insurtech company Bondaval is marking a significant expansion by establishing a reinsurance vehicle, Bondaval Re, to support its future growth. This move enables the company to collaborate directly with reinsurers and insurers, including those within its existing global reinsurance treaty, thereby broadening potential business opportunities.
The creation of Bondaval Re allows the company to work more closely with insurance partners while clients continue to engage directly with them, as per a report from AM Best. Since its commercial launch in 2022, Bondaval has reported a more than tenfold increase in gross written premium year-over-year. The company now operates in 31 countries with a team of 34 employees and offices in London, New York, and Dallas.
Bondaval Re’s establishment was made possible through financing from European B2B software investor Dawn Capital, alongside existing support from Octopus Ventures and other investors. Dawn Capital has a history of successful investments in financial services and insurance, including iZettle (sold to PayPal for $2.2 billion) and Tink (acquired by Visa for $2 billion).
According to Ewa Rose, chief underwriting officer at Bondaval, launching Bondaval Re will provide a scalable solution to support the company’s continued growth and future expansion plans. Bondaval offers digitally enabled payment default protection, positioning itself as a more secure, capital-efficient, and cost-effective way to secure credit risk. Its products are delivered via a proprietary software platform that allows for digital issuance, amendment, renewal, and claims processing, aiming to provide a better experience for credit managers.
The company’s growth has been driven largely by blue-chip clients seeking technology-driven solutions for securing credit risk. With Bondaval Re, the company is poised for further expansion in the reinsurance market.
