20 May 2020
London and Philadelphia
Eos Venture Partners (Eos), with offices in London, UK and Philadelphia, US, today announced the close of its Strategic InsurTech Fund, that invests in leading global InsurTech companies and simultaneously encourages and facilitates engagement between incumbents and emerging technology providers.
The current Covid 19 crisis is acting as a catalyst for change and is expected to supercharge innovation activity. Digital engagement, agility, flexible usage based products, tailored pricing and remote claims assessment are now critical to remain relevant and deliver on the customer promise. Customer expectations, working patterns and awareness of risk have fundamentally changed, forcing the industry to respond.
Strategic Limited Partners in the fund comprise of insurers and reinsurers from the UK, Europe, US, Canada and Asia and include leading players like Tokio Marine and Direct Line Group. Total funds under management are $85m.
Carl Bauer Schlichtegroll, Founding Partner of Eos said, “We are delighted to welcome Tokio Marine, one of the largest global property and casualty insurers and Direct Line Group, one of the UK’s leading personal lines and small business insurers to the fund. Having insurance partners from many of the leading insurance markets and across commercial and personal lines means that we have a powerful global innovation community.”
Penny James, CEO of Direct Line Group said, “This partnership will give us a window into the trends developing around the world of InsurTech. We want to disrupt the market with new and innovative products and services for our customers and being part of Eos’ global innovation community will help us deliver this”.
Daljitt Barn, Head of Tokio Marine Innovation Lab London said, “We look forward to working with Eos and their portfolio companies to enhance our digital transformation efforts across insurance opportunities”.
The fund has already made six investments in the UK, US, China and India. The portfolio companies operate across the insurance value chain including automated and AI assisted underwriting and claims and span multiple product verticals covering Small Medium Enterprises (SME), global supply chains, sharing economy, motor and home.
About Eos Venture Partners
Eos Venture Partners is a global independent Strategic Venture Capital Fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Eos was founded in 2016 to bridge the “digital chasm” between InsurTech start-ups and traditional (re)insurance companies. Investors in the Eos fund, EVP I, are from the insurance sector, forming a close strategic relationship with the Eos team to capture both strategic and financial value from the innovation and technology change in the insurance industry. See more at:
About Direct Line Group
Direct Line Group is headquartered in Bromley. Through its number of well-known brands the Group offers a wide range of general insurance products to consumers. These brands include Direct Line, Churchill and Privilege. The Group also provides insurance services for third parties through its partnerships division, Direct Line Group Partnerships. In the commercial sector, the Group’s NIG and Direct Line for Business operations offer insurance products for businesses distributed through brokers or direct, respectively.
About Tokio Marine Group
Tokio Marine Group consists of Tokio Marine Holdings and its subsidiaries and affiliates located worldwide, operating extensively in the non-life insurance business, life insurance business, and financial and general businesses. As the oldest and largest Japanese property/casualty insurer (established in 1879), Tokio Marine Group has been expanding its business globally from the domestic non-life insurance business to the life insurance business and the international insurance business. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world’s most globally diversified and financially secure insurance groups. Tokio Marine Innovation Labs are located in Tokyo, Singapore, Taipei, Silicon Valley, and now London.