Parametric specialist Descartes secures investment from Battery Ventures

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Descartes Underwriting, the parametric risk transfer specialist, has secured a strategic investment from Battery Ventures, a global technology-focused global investment firm.

The transaction was executed at a premium to Descartes’ most recent Series B valuation. It allows Battery to join the organisation’s shareholder base, while all existing investors retain a substantial  majority of their holdings.

As part of the transaction, Marcus Ryu, Partner at Battery Ventures and former Chief Executive Officer (CEO) and co-founder of Guidewire Software will join Descartes as a board observer.

Tanguy Touffut, CEO and co-founder of Descartes, said: “Over the past six years, Descartes has established itself as the leading parametric insurance business for climate-related risks, remaining true to our scientific approach to risk transfer.

“As we scale globally to address the widening protection gap around natural disasters, we’re thrilled to welcome Marcus — one of the world’s most accomplished Insurtech entrepreneurs — whose experience and vision will be invaluable as we execute our ambitious roadmap.”

Adding: “Battery’s investment is a major endorsement of our mission and a strong signal of our commitment to the North American market, already our largest market.”

Ryu, also commented: “Over twenty years of serving the global P&C insurance industry informs my keen interest in applying technology to address the enormous underinsurance gap.

“Parametric insurance is one of — if not the — most promising approaches to transfer risk efficiently, and like many industry participants I believe it will continue to grow in importance and adoption.”

Ryu continued: “The team at Descartes Underwriting is uniquely credentialed in this domain, and I am very impressed with the market and thought leadership position they have built with brokers, capacity partners and insureds in a short period.”

Parametric specialist Descartes secures investment from Battery Ventures was published by: www.Artemis.bm
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