Halifax-based reinsurance risk analysis software providers Analyze Re have opened an office in London, at St Mary Axe, near the City’s famous Gherkin, to help broaden inroads into the European insurance market.
“Think of Analyze Re as satellite navigation for your business,” said CEO Adrian Bentley. “We help executives and the underwriting team to collaborate more efficiently to improve returns. The dynamic nature of the platform can help teams steer through changing market conditions.”
Analyze Re’s Prime 2.0 platform is designed to find hidden profitability in the portfolios of reinsurers and insurance linked securities brokers by using a cloud-based approach to data analysis.
“Often companies struggle to understand how to make the best use of the data they are accumulating,” added Bentley. “Analyze Re technology empowers companies to look deeply into their portfolios and quickly understand what can be done to increase efficiency and profitability.”
In April, Nova Scotia Business Inc., the provincial government’s business development agency, signed a six-year incentive agreement with Analyze Re, saving them up to $792,750 in payroll rebates from NSBI’s Strategic Investment Fund, as well as $10 million in salary, and provincial and personal income tax amounting to $1.15 million, in exchange for 50 jobs.
Analyze Re was formed in 2012, when three ex-employees of Flagstone Reinsurance, Oliver Baltzer, Adrian Bentley and Shivam Rajdev, found themselves at Dalhousie University’s Starting Lean program, after Flagstone was acquired.
Last November, they raised a $1.4 million in a financing round led by Innovacorp.