The NYC-based supplier of climate risk solutions, Arbol, has secured $60 million in Series B investment.
The company plans to spend the money in property and casualty (P&C) and home insurance business lines both domestically and abroad as part of its worldwide development strategy.
Investors
- Mubadala Capital
- Giant Ventures
- Opera Tech Ventures
Arbol, under the direction of CEO and founder Sid Jha, offers climate risk management solutions that feature Its technological ecosystem includes platforms for agents and brokers, pricing tools, AI-powered underwriting, and automated structuring.
The business wants to pioneer the idea of climate risk as a real, investable asset class and increase the acceptance of parametric products by utilizing global information for objective loss triggers. Arbol intends to expand its collaboration with financial sector organizations, such banks, who are dealing with fresh difficulties related to climate hazards for their internal risks and customer requirements.
The company’s reinsurance and renewable energy divisions saw growth in 2023, accounting for $250 million in gross written premium (GWP) transactions. In May of last year, Arbol Insurance Services (AIS), a fully owned subsidiary of Arbol, was recognized as a Lloyd’s of London cover holder.
Lilypad Insurance, a freshly founded company committed to meeting the insurance needs of homeowners and real estate investors in coastal areas, was recently introduced by Arbol. Lilypad has started operating in Louisiana after obtaining its license of authorization from the state.
Following that, it declared that, pending regulatory permission, it will acquire Centauri Specialty Insurance Company and Centauri National Insurance Company. With Lilypad Insurance, Arbol will be able to fill a growing coverage gap in coastal towns and increase the overall addressable market for parametric insurance through hybrid product distribution.
“Our ambition extends from securing the assets of the world’s largest corporations, ensuring they all have access to unmatched protection amidst the unpredictability of climate change, to empowering the world’s smallest subsistence farmers in underserved regions. Our strategy is to provide a safety net that covers all economic actors impacted by climate instability, not just those who purchase insurance.”
CEO Sid Jha
