Company's integration of new technologies played a key role
By Kenneth Araullo
Mar 11, 2024 Share
Picture: Steven Lek, This file is licensed under the Creative Commons Attribution-Share Alike 4.0 International license.
Nirvana Insurance has announced an expansion in its capacity, more than doubling in size, through the backing of AM Best A+ rated reinsurance partners.
Nirvana pointed to bolstered capacity being largely due to the company’s integration of telematics and artificial intelligence (AI) in improving loss ratios.
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The announcement is one of several recent moves for Nirvana, following a successful Series B fundraising effort last year and the recent introduction of a non-fleet program in collaboration with SiriusPoint.
Rushil Goel, CEO of Nirvana, expressed enthusiasm over the backing from prominent industry players, which he says emphasizes the company’s commitment to revolutionizing commercial insurance through innovation.
“We’re excited that some of the largest names in the industry have seen what we’re accomplishing and are eager to be a part of modernizing commercial insurance. It’s a testament to our innovation and our ability to provide ultra-competitive rates while maintaining best in class loss ratios,” Goel said.
Justin Ward, head of production for North America programs at Gallagher Re, Nirvana’s reinsurance broker, also commented on the current stringent market conditions for commercial auto insurance.
“Given the current market environment in commercial auto, programs are experiencing the strictest reinsurance underwriting requirements in recent history,” Ward said. “Reinsurers are seeking to partner with the most disciplined underwriting teams who display an extreme depth of knowledge in their space and proactively utilize industry-leading tools and metrics to assess risk. The Nirvana team has aligned with these underwriting requirements, and as a result, they have garnered distinguished traction in the marketplace.”
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