The Central Fund’s allocation is earmarked specifically for investments in select Lloyd’s Lab alumni, who demonstrate potential in revolutionizing the insurance landscape with their innovative offerings. Axio and REOR20, both alumni of the Lloyd’s Lab, stand to benefit from this strategic backing as they advance their respective insurance solutions.
Headquartered in New York, Axio specialises in providing software solutions that enable comprehensive analysis of cyber maturity assessments, cyber risk quantification, and insurance stress testing. By leveraging Axio’s offerings, security leaders gain invaluable insights to bolster their cyber investments and prioritise initiatives effectively.
Meanwhile, hailing from Switzerland, REOR20 has developed an artificial intelligence system tailored to understanding and mitigating flood risk—a critical concern in the insurance domain. With its innovative approach, REOR20 seeks to enhance the industry’s ability to navigate and mitigate the impacts of flooding events, ultimately contributing to more resilient insurance practices.
These investments reflect Lloyd’s proactive stance in embracing cutting-edge technologies and solutions that have the potential to redefine the insurance landscape. By supporting ventures like Axio and REOR20, Lloyd’s underscores its commitment to driving innovation and resilience within the London insurance market and beyond.
Dawn Miller, Lloyd’s Commercial Director, said: “As part of Lloyd’s ongoing commitment to innovation, today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator programme, which forms an integral part of our innovation hub located in the heart of The City. We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”
Eleanor Bucks, Lloyd’s Chief Investment Officer, also commented, saying: “The Lloyd’s Lab is a centre of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry. We’re able to generate attractive return on capital and aid the growth of these companies for the benefit of the market.”
“I’m honored to welcome Lloyd’s to the Axio investor family,” said Scott Kannry, Axio CEO. “One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”
Danny Chatziprodromou, REOR20 CEO and Founder, added: “Lloyd’s investment in our innovative tech startup is not just a financial backing; it’s an endorsement from the heart of the global insurance ecosystem. Lloyd’s commitment to excellence propels aspirations into achievements, and provides limitless opportunities for the future.”
Author: Joanna England