WHY WE REINVESTED: SUPERCEDE
MAKING REINSURANCE EASY

We initially invested in Supercede in August 2023, seeing their immense potential to address the reinsurance industry's biggest challenges: poor data quality, lack of data standardization and inefficient processes. Since then, Supercede has continued their ascendancy and has become the clear market leader by building solutions that solve the specific problems of the industry. By focusing on the pain points of all stakeholders in the reinsurance process they have created a powerful network effect across cedents, brokers, and reinsurers globally. This powerful dynamic has enabled them to grow revenues and increase clients while still maintaining attractive margins. Their strong execution and clear vision for the future convinced us to double down in their Series A, and introduce them to Alven, a leading European VC, who saw the same growth potential and market leadership qualities and ultimately led their Series A round. Here's a deeper look into why we made this decision:

REINSURANCE: A TANGLED WEB OF COMPLEXITY

The global non-life insurance premium volume in 2023 has soared to an impressive USD 4.2 trillion, with an estimated 8.4% ceded to the reinsurance market—nearly doubling since 2018. This positions the global reinsurance market at approximately USD 352 billion, with 75% of it brokered. By 2033, the market is projected to grow to USD 1.3 trillion. Supercede operates in this vast and largely untapped market.

The reinsurance industry is notorious for its complex and voluminous data where the data preparation process remains largely spreadsheet-dependent and fragmented across multiple platforms. This results in a cumbersome process of collecting, preparing, submitting, and communicating data which leads to inaccurate information, time-consuming processes and inefficient analysis for all stakeholders, including cedents, brokers, and reinsurers. This, in turn, causes reinsurer mispricing or declined cession.

UNTANGLING THE REINSURANCE WEB

Supercede is a transformative SaaS platform that revolutionizes the reinsurance industry that makes it easy for cedents, brokers, and reinsurers to work together in one ecosystem. They currently offer two game-changing products: Packs and Deals.

Supercede compresses months of deal preparation and submission into mere hours for cedents, brokers, and reinsurers. Packs empowers cedents and brokers to craft precise submissions for reinsurers, drastically reducing manual effort and improving outcomes. While Deals helps brokers and reinsurers to efficiently trade globally making sure key information is instantly accessible to all parties. Together, Packs and Deals aim to transform the reinsurance landscape by delivering unparalleled accuracy, efficiency, and a fully digitized ecosystem from submission to dealmaking.

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WITH THE WINNING APPROACH

What stands out about Supercede is their forward-thinking approach to addressing customer pain points. Their technology seamlessly connects cedents, brokers, and reinsurers, enhancing efficiency across the board. Unlike competitors who often focus solely on cedents, leaving brokers and reinsurers underserved, Supercede ensures that all parties benefit. By concentrating on core information and perfecting data organization, they create a network effect that naturally attracts brokers and reinsurers, fostering a thriving, interconnected ecosystem. Their current customers include Markel, Generali, Lockton Re, Hiscox, and Convex.

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ORCHESTRATED BY THE RIGHT TEAM

The reinsurance industry is complex, characterized by intricate nuances and specialized knowledge. Solving its pain points requires deep domain experience, something co-founders Jerad and Ben possess. Jerad has spent most of his career as a reinsurance broker, from Aon to Howden Tiger, mastering the industry’s complexities. Similarly, Ben’s extensive experience spans from Lloyd’s to Aon, and he now chairs the Reinsurance Committee at the Insurance Institute in London. Their paths crossed at Aon, forming the foundation for a dynamic partnership. Together, they have invested countless hours in meticulously developing and refining their product to meet the needs of all reinsurance stakeholders, ensuring incentive alignment across the value chain.

TO REDEFINE THE REINSURANCE INDUSTRY

Supercede is building a future where reinsurance operates seamlessly, with organized, accessible data and smooth collaboration among its three key stakeholders: cedents, brokers, and reinsurers. They are doing this by solving the key problems facing the industry today while positioning themselves as a major player in its long-term transformation. Their initial products focus on bringing their clients tangible value and clear ROI today. That alone makes them a great asset to the industry. However, the true potential of Supercede lies in the deep ecosystem they are building across all stakeholders that will position them at the forefront of the changing reinsurance landscape. As the industry evolves, Supercede is set to be an integral part of that transformation, driving innovation and ensuring they remain a key player as change unfolds over time. Jerad and Ben, with their unparalleled expertise and deep industry experience, are uniquely positioned to help lead this transformation.