Thursday, May 24, 2018

Munich Re, Sompo agree partnership with Trov

Munich Re and Sompo Holdings will work with insurance technology firm Trov as the insurtech company expands into Europe, Asia and South Africa.

Trov rolled out in Australia and the UK last year through agreements with Suncorp and Axa, respectively.

Its next launch location will be Japan, followed by the US later this year, with Munich Re and Sompo as its underwriting partners.

Munich Re, through its venture capital subsidiary HSB Venture, has led a US$45 million investment in Trov.

Sompo joined the investment round, bringing the total raised by Trov to US$85 million.

In a statement, Trov said the new funding will be used to support new product development and to grow categories it covered, in addition to international expansion.

 

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