Tremor Technologies, Inc. (exit)
The first programmatic, auction-based marketplace for reinsurance risk transfer -- acquired by W. R. Berkley Corporation in 2023.
Overview
Tremor Technologies was a Boston-based insurtech that built the first programmatic, auction-based marketplace for reinsurance risk transfer. Founded in 2017 by Sean Bourgeois, a former reinsurance underwriter, Tremor applied smart market design, batch auction mechanisms, and mathematical optimization to modernize how reinsurance is priced and placed -- replacing the fragmented, opaque, broker-driven process with a transparent, data-driven marketplace where supply and demand clear at competitive prices in days rather than weeks.
The platform launched commercially in late 2018 and achieved rapid growth, transacting USD 175 million in premium in 2021 alone (a 400% year-on-year increase). By 2023, Tremor had exceeded USD 1 billion in total limit placed across property catastrophe, casualty treaty, retrocession, facultative, and parametric structures, with 70+ reinsurers, ILS funds, and Lloyd's syndicates participating on the capacity side.
In September 2023, Tremor's assets were acquired by W. R. Berkley Corporation -- the platform's first cedent client (2019), Series A investor, and strategic partner. Following the acquisition, founder Sean Bourgeois launched Fuse International, a new insurtech focused on communication infrastructure for the re/insurance industry.
Products & Services
Tremor Marketplace
Programmatic auction platform for reinsurance pricing and placement. Buyers (cedents) submit limit orders; sellers (reinsurers) submit price schedules; optimization algorithms find clearing prices and allocate risk capacity. Averaged 2.3 days from quotes to signed lines, with 42 reinsurers per placement on average.
Key Features
- Batch auction clearing with mathematical optimization
- Real-time capacity visibility across participating reinsurers
- Structured support for prop cat, casualty treaty, retrocession, facultative, and ILW placements
Target Users: Cedents (primary insurers), reinsurers, ILS funds, Lloyd's syndicates
Tremor Panorama
Analytics and dashboard interface for cedents and reinsurers managing placements and monitoring capacity.
Target Users: Cedents and reinsurers
Tremor X-Ray (November 2021)
Real-time capacity visibility tool allowing cedents to view participating reinsurer appetite before committing to a placement.
Target Users: Cedents
Tremor Fetch (December 2021)
Automated tool for authorizing following capacity from reinsurers, streamlining post-placement workflows.
Target Users: Cedents and reinsurers
RetroOS (March 2022)
Cloud-based system for retrocession coverage transactions, enabling programmatic placement of retro capacity.
Target Users: Reinsurers, ILS funds
Tremor Sandbox (September 2022)
Mock transaction environment for market participants to test and rehearse placements before going live.
Target Users: New market entrants, cedents, reinsurers
Tremor Issuer (March 2023)
Catastrophe bond issuance platform to streamline the cat bond process for sponsors and investors.
Target Users: Cat bond sponsors, ILS investors
Tremor Public (April 2023)
Division targeting residual and publicly-funded insurance markets, serving state-backed insurers in California, Florida, Louisiana, and Texas.
Target Users: Residual market insurers, state-sponsored insurers
TremorTalk (May 2023)
Embedded communications platform for marketplace discussions between reinsurers and cedents, integrated directly into the placement workflow.
Target Users: Cedents and reinsurers
Tremor Wordings (June 2023)
Digitized reinsurance contract negotiation and approval workflows, replacing manual document exchange with a structured digital process.
Target Users: Cedents, reinsurers, brokers
At a Glance
- Founded
- 2017
- Headquarters
- Boston, Massachusetts, USA
- Employees
- 11-50
- Funding
- Acquired
Category & Focus
- Category
- Reinsurance Technology
- Subcategories
- Risk Transfer Marketplace Catastrophe Bonds Parametric Insurance Retrocession
- Insurance Verticals
- Reinsurance Specialty/E&S
- Target Customers
- Carriers, Reinsurers, MGAs/MGUs, Brokers
Customers
- W. R. Berkley Corporation (first cedent client 2019 for property catastrophe renewals; became Series A investor and ultimate acquirer)
- Residual market insurers across major US states (California, Florida, Louisiana, Texas)
- 70+ reinsurers, ILS funds, and Lloyd's syndicates (capacity side)
- Nearly 200 participating reinsurers over the platform's lifetime
Links
Last updated: 2026-04-08