Stable, an insurance technology company that delivers an index-based platform to provide reimbursement due to losses incurred from price volatility, has launched in Bermuda.
The firm has formed a collateralised insurer class of company that will support its work as well as reinsurance requirements.
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By GlobalDataStable has been active for a few years and created a methodology for hedging commodity prices risks, particularly focusing on commodities that were not hedged before. It has also raised $6m from a group of investors including Ascot Underwriting, to support its initiative.
The company particularly seeks to protect food and farming businesses from volatile commodity prices. Its index-based solution now working with more than 3,000 commodities in over 70 countries.
Customers can use the platform to find simple solutions to hedge against price fluctuations.
Stable Group CEO Richard Counsell said: “We’re delighted to launch Stable’s global risk management platform in Bermuda.
“The support from the BMA and forward looking reinsurers, together with its plethora of top notch service providers and talent made it a natural choice for Stable.”
Ascot Group CEO Andrew Brooks said: “Stable’s innovative technology enables the platform to tackle a significant problem for a $5trn industry.
“As a leading reinsurer, Ascot is excited to support this diversifying new line of business, priced with cutting edge technology.”
