How AI reinsurance-tech, ILS-fund tooling, parametric-insurance, cat-bond-issuance, and catastrophe-modeling startups raise capital in 2026 against Munich.
AI reinsurance, ILS & cat-bond tech in 2026 splits across (a) reinsurance-carrier + reinsurance-broker-tech + treaty-analytics + underwriting-AI (Munich Re $MUV2.DE ~€60B revenue 2024 largest-reinsurer+ ERGO primary+ HSB Boiler+ Munich Re Ventures+ Reinsurance America+ Munich Re Automation Solutions+ Munich Re Digital Partners+ Munich Re Syndicate Lloyd's+ Nexus+ Relayr IoT 2018+ Next Insurance 2023 lead+ TrueMotion Cambridge Mobile Telematics 2021 merger+ Massachusetts Mutual scale-largest, Swiss Re $SREN.SW ~$45B revenue 2024 2nd-largest+ iptiQ B2B2C digital-primary shutdown-2024 cautionary+ Swiss Re Corporate Solutions+ Elipslife+ Swiss Re Institute+ Simplyhealth 2022 exit+ ReAssure Phoenix Group 2020 £3.25B+ Aisus AI-underwriting+ Betterview 2024 acquisition, Hannover Re $HNR1.DE ~€30B revenue 3rd-largest+ Hannover Life Re+ Argenta Syndicate Lloyd's+ E+S Rück, SCOR $SCR.PA ~€19B revenue+ SCOR Global P&C+ SCOR Global Life+ SCOR Investment Partners+ ReMark+ Coriolis Capital ILS, Berkshire Hathaway Reinsurance Group $BRK.B Warren Buffett+ National Indemnity+ General Re+ Berkshire Hathaway Specialty Insurance+ Applied Underwriters+ Gen Re Star scale-major, Everest Group $EG $12B mcap+ Everest Re Bermuda+ Everest Insurance+ Mt. Logan Re ILS+ Everest Reinsurance, RenaissanceRe $RNR $16B mcap+ DaVinci Re+ Top Layer Re+ Medici+ Vermeer Reinsurance PGGM+ Fontana Re+ Upsilon Re+ RenaissanceRe Fund Management ILS-largest, Arch Capital $ACGL $35B mcap+ Watford Re HPS 2023 rename+ Arch Reinsurance+ Arch Mortgage Insurance+ Arch Insurance North America+ Arch Insurance Europe+ Arch Insurance International+ United Guaranty $3.4B 2016 UGC, Axis Capital $AXS+ Enstar $ESGR run-off-consolidator+ RenRe DaVinci Re+ Fidelis Insurance $FIHL 2023 IPO+ Aeolus Re+ Third Point Re SiriusPoint $SPNT 2020 merger+ Sirius International Bermuda CM Bermuda+ Watford Re HPS 2023 rename+ Convex Group Stephen Catlin 2019+ Ariel Re Pelican Ventures+ Longtail Financial ILS, Lloyd's of London $340B GWP 2024 100+ managing-agent+ Lloyd's Blueprint Two+ Lloyd's Lab+ Blueprint One+ Blueprint Two 2024-2025 platform-migration+ CDR Central Data Repository+ CBSS+ LMA Lloyd's Market Association+ LIIBA+ MGAA UK-largest-specialty-marketplace+ Beazley $BEZ.L $6B mcap+ Hiscox $HSX.L+ Chaucer China Re 2018 $950M+ Brit Fairfax+ MS Amlin Mitsui Sumitomo+ Argenta Hannover Re+ Ariel Re+ Aspen Bermuda+ Tokio Marine Kiln+ Talbot AIG+ Antares Qatar Insurance+ Argo Brookfield 2023 $1.1B+ Ascot Canada Pension CPP 2016 $1.1B+ Atrium Enstar 2015+ Blenheim Sompo 2018+ Canopius Centerbridge 2018 $1.1B+ Faraday Berkshire+ Munich Re Syndicate+ Neon Skuld/Great American+ Sompo Endurance 2016 $6.3B+ Starr Underwriting+ Tokio Marine HCC 2015 $7.5B+ XL Catlin AXA 2018 $15.3B Lloyd's-agency scale+ AXA XL AXA 2018 $15.3B+ AIG General Insurance+ Chubb $CB $110B mcap+ Zurich Insurance $ZURN.SW $80B mcap+ Allianz $ALV.DE $110B mcap+ AXA $CS.PA $80B mcap+ Generali $G.MI+ Tokio Marine $TKOMY+ Sompo+ Mitsui Sumitomo+ ICS+ Kemper $KMPR+ Old Republic $ORI+ Loews $L+ American Financial $AFG+ RLI $RLI+ Markel $MKL specialty-primary-carrier ecosystem, Reinsurance-broker: Aon $AON $70B mcap $16B revenue 2024+ NFP $13.4B April 2024+ Willis Re Guy Carpenter Marsh 2021 $3.25B+ Aon Reinsurance Solutions+ Aon Securities ILS+ Aon Impact Solutions+ Aon Analytics Athena+ Aon Data & Analytic Services+ Ready-to-Bind, Marsh McLennan $MMC $115B mcap $23B revenue+ Marsh+ Guy Carpenter+ Mercer+ Oliver Wyman+ Marsh Advisory+ Guy Carpenter GC Analytics+ MetaRisk+ Reinsurance Modeling+ CAT-i, Willis Towers Watson $WTW $28B mcap $9.5B revenue+ WTW Reinsurance sold Arthur J. Gallagher $AJG $2.05B 2021 August+ Gallagher Re+ TigerRisk 2022 $1.1B, Arthur J. Gallagher $AJG $85B mcap+ Gallagher Re+ TigerRisk 2022 $1.1B+ Buck Consultants 2023+ Cadence 2023 broker+reinsurance-broker consolidation, McGill+Amwins+ BMS Group Eurazeo+ Lockton private largest-broker+ HUB International Hellman & Friedman+ Alliant Stone Point+ Acrisure Blackstone+ USI Insurance KKR+ Ryan Specialty $RYAN+ Truist Insurance Stone Point+CD&R 2024 $15.5B+ Assured Partners GTCR+ Higginbotham+ AssuredPartners GTCR+ Baldwin Group $BWIN+ Confie Insurance ABRY+ IMA Financial Insurance Australia Group IAG+ SIAA Strategic Insurance Agency Alliance+ Aspera Insurance+ Applied Underwriters+ Combined Insurance+ Prime Insurance+ Colony Group broker consolidation+ Ki Insurance Blackstone+Fairfax 2020 first-fully-digital Lloyd's-follow-only-syndicate 100%-algorithmic underwriting-precedent-defining, Cytora $60M+ EQT+ Guidewire+ Cambrian+ MMC Ventures+ Salesforce Ventures underwriting-workbench-London-Bermuda-New York, Kettle Reinsurance $50M+ True+ Alven+ Homebrew+ Nyca+ Perl+ California-wildfire-parametric+reinsurance-MGA, Concirrus $50M+ IQ Capital+ Peninsula Ventures+ Talis Capital marine+auto-behavioral-AI). (b) ILS + insurance-linked-securities + cat-bond + sidecar + collateralized-reinsurance (Nephila Capital Markel $MKL 2018 $975M ILS-largest-hedge-fund+ Nephila Climate ESG+ Nephila Weather+ Rubicon Point+ Poseidon Re+ Palomar Specialty Palomar Holdings 2019 $PLMR IPO, RenaissanceRe DaVinci Re+ Top Layer Re+ Medici+ Vermeer Reinsurance PGGM+ Fontana Re+ Upsilon Re+ RenaissanceRe Fund Management ILS-largest-reinsurer-adjacent, Fermat Capital John Seo Westport CT+ Everest Re Mt. Logan Re+ Aeolus Capital+ Elementum Advisors+ Credit Suisse ILS+ LGT Insurance Linked Strategies+ ILS Capital+ Fidelis Fund+ Twelve Capital $6B AUM+ Schroders Secquaero+ Man Group AHL+ Amundi+ Zurich ILS+ Franklin Templeton+ AllianceBernstein+ PIMCO+ AllianzGI+ ILS Capital+ Solidum Partners+ Coriolis Capital SCOR+ Man Group Numeric+ Amundi+ Neuberger Berman+ Hudson Structured+ SCS Capital Partners+ Point Judith+ Stone Ridge+ Cartesian Re+ Blue Capital Reinsurance Sompo Holdings+ Watford Re HPS+ Kelvin Re+ Harrington Re Blackstone+AIG 2017+ AlphaCat Endurance Sompo 2016 $6.3B+ Pillar Capital+ Beat Capital+ Hiscox ILS+ Third Point Re SiriusPoint $SPNT 2020 merger+ Third Point Reinsurance BLM+ Blue Water Ventures+ ILS Capital Management ILS-fund-manager+ RMS Marketplace Moody's 2021 $2B RMS acquisition+ Verisk AIR Marketplace $VRSK+ Munich Re Cat Bond Fund+ Swiss Re ILS+ Hannover Re+ SCOR Coriolis+ Everest Mt. Logan Re+ RenRe DaVinci+Medici+Fontana+ Aeolus+ Elementum+ Credit Suisse+ LGT+ Twelve Capital+ Schroders Secquaero ILS-manager-largest+ Cat-bond-issuer: Munich Re Queen Street+ Swiss Re Successor+ Hannover Re Hannover Kestrel+ SCOR Atlas Reinsurance+ Everest Kilimanjaro+ RenRe Mona Lisa+ Berkshire Hathaway sponsor-largest+ Cat-bond-book-runner: Aon Securities+ GC Securities Marsh+ Willis Securities WTW+ Swiss Re Capital Markets+ Deutsche Bank+ Bofa Securities+ Goldman Sachs+ Morgan Stanley+ JP Morgan cat-bond-underwriter+ Cat-bond-fund: Fermat Capital+ Twelve Capital+ Schroders Secquaero+ LGT ILS+ Man Group AHL+ Nephila+ Elementum+ ILS Capital+ Solidum+ Point Judith+ Stone Ridge+ Hudson Structured largest-cat-bond-investor+ Cat-bond-total-outstanding ~$50B 2025+ 2024 record-issuance $17B+ 2025 pipeline $20B+). (c) parametric + weather + hurricane + earthquake + wildfire + flood + cyber parametric-insurance (Descartes Underwriting $120M+ Series B Highland Europe+Blackfin+Cathay+MS&AD parametric-catastrophe MGA-largest-modern, Skyline Partners $10M+ Insurtech Gateway parametric+embedded, Arbol $70M+ Series B ACG+SiriusPoint+MS Amlin+ AXA XL parametric-weather+ agriculture, FloodFlash $20M+ Buoyant Ventures+ Insurtech Gateway+ Munich Re Ventures UK-flash-flood-parametric, Jumpstart Insurance $10M+ Anthemis+ Route 66+ Green Visor California-earthquake-parametric-consumer, Kettle Reinsurance $50M+ True+Alven+Homebrew+Nyca+Perl California-wildfire-parametric-reinsurance, Insured.io Sequoia+Founders Fund+ Nyca+ Cowboy embedded-parametric, Raincoat $6M+ Anthemis+Broadhaven Puerto-Rico-hurricane-parametric+embedded, Reask NASA+CSIRO Australia hurricane-catastrophe-modeling+parametric, Otonomi Blackfin marine-cargo-parametric+ Ledgerbrains+ Coalition Aviation+ Parametrix Aviation cloud-outage-parametric, New Paradigm Underwriters NPU hurricane-parametric+ ILS Capital+ Global Parametrics+ InsurTech Gateway+ Anthemis+ MS&AD Ventures+ MunichRe Ventures+ AXA Venture Partners+ Zurich+ Allianz X+ AlpineIP+ Tokio Marine Ventures+ Sompo Digital Lab parametric-CVC, Extreme-weather-catastrophe-model: Verisk AIR Worldwide $VRSK $50B mcap+ Verisk Extreme Event Solutions+ Verisk Property Estimating Solutions Xactware+ Verisk Property Insight+ Verisk Weather Solutions+ Verisk Analytics ISO Insurance Services Office+ Verisk Sequel Lloyd's-market+ Verisk Wood Mackenzie 2015 $2.8B+ Verisk Financial Services Argus+ Verisk Marketing Solutions+ Verisk 3E chemical+ Verisk Maplecroft+ Verisk Atmospheric G2+ Verisk MavenBio catastrophe+specialty-analytics-largest, Moody's RMS Risk Management Solutions $MCO 2021 $2B acquisition+ Moody's Analytics ESG+ Moody's Analytics KMV+ Moody's Analytics Bureau van Dijk+ Moody's Analytics Reis+ Moody's Analytics REMS+ Moody's Analytics Cassandra+ Moody's Analytics Copal+ Moody's Analytics Cortera+ Moody's Analytics Passfort+ Moody's Analytics BitSight 2024 $250M+ 2024 Praedicat 2024 catastrophe-model+ Moody's KMV credit+ Moody's ESG+ Moody's Climate on Demand+ Moody's Analytics ImpactPro RMS-scale-major, CoreLogic Stone Point+Insight 2021 $6B take-private+ CoreLogic $CLGX+ CoreLogic Insurance Solutions+ CoreLogic Property Insight+ CoreLogic Weather Verification Services+ Locomizer+ Fraud Registry+ Trestle+ Weather Fusion CAT-modeling-property-insurance+ CoreLogic Symbility 2018+ Symbility Solutions+ Symbility Health, Karen Clark & Company KCC private hurricane+earthquake-independent-largest, ImpactForecasting Aon $AON+ Aon ImpactPro+ Aon ReMetrica+ Aon Athena+ Aon Analytics ImpactForecasting cat-model-in-house, Guy Carpenter GC Analytics Marsh+ MetaRisk+ Global Peril Diagnostic+ CATViewer+ CATView+ Reinsurance Modeling+ CAT-i, Willis Re Analytics WTW+ Renaissance+ Ecliptic+ Igloo+ Global Perils Diagnostic reinsurance-broker-analytics, Cotality Nexus fka Kayrros hurricane+wildfire-AI, One Concern $50M+ SoftBank+Kleiner+DCVC+NEA+GSR Ventures 2024-scaled-back seismic-catastrophe-AI-Japan pivot cautionary, Cotality+ Reask NASA+CSIRO+ JBA Risk Management flood+ Global Wind Atlas DTU+ CoreLogic Weather Verification+ Verisk 3E+ Verisk Atmospheric G2+ Moody's Praedicat 2024+ MetaSwift+ Understory+ Understand+ Understory Weather $10M+ Vestal Point+True climate-crop-parametric).
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