Lloyd’s of London has named the two companies receiving the first investments from its Central Fund private markets allocation.
The two promising ventures that are set to receive support are the cyber management software firm Axio and REOR20, a flood mitigation technology.
The fund, which is dedicated to investing in companies that have passed through the Lloyd’s Lab, was founded to boost the number of innovative technologies and solutions that support the market.
Axio was part of the tenth cohort of Lloyd’s Lab, a bi-annual accelerator programme which aims to fast-track the development of promising InsurTech firms.
Scott Kanny, Axio’s CEO, said: “One of our founding goals was to help the insurance industry better tackle cybersecurity risk.
“We’re excited to help the Lloyd’s Market deliver better coverage solutions, especially for the most challenging areas of cybersecurity.”
Based in New York, Axio specialises in providing software solutions that allow comprehensive analysis of cyber maturity assessments, cyber risk quantification, and insurance stress testing. Leveraging Axio’s offerings will allow security leaders to gain invaluable insights to bolster their cyber investments and prioritise initiatives better.
Last week, Axio also scooped up the Cyber Property Damage Product of the Year at the Cyber Insurance Awards. Judges praised the firm’s hard-won recognition in the cyber market for delivering real value.
REOR20, coming from Switzerland, has developed an artificial intelligence system tailored to understanding and mitigating flood risk as this is a major concern in the insurance domain. This venture aims to enhance the industry’s ability to navigate and mitigate the impacts of flooding events, which will overall contribute to more resilient insurance practices.