This Insurance Giant Says It’s Barking Up the Right Tree
- Munich Re seeks new business by backing insurance startups
- Reinsurers offer alternative source of financing for fintechs
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When Micah Carr-Hill wanted to insure Chief, the labrador that helps with his son’s autism therapy, he found an ally in Munich Re, the world’s biggest reinsurer.
The German company had just teamed up with a U.K. internet startup to provide pet insurance with the comprehensive cover Carr-Hill needed. Munich Re’s investment in London-based Bought By Many, which helps its customers find coverage for everything from bulldogs to Kindles, is an example of how reinsurers are plowing money into niche fintech providers to boost waning profits.