XL Catlin’s investor arm is the lead backer of an $11.6 million round of funding for insurtech start-up Slice Lab.

XL Innovate is joining Munich Re/HSB Ventures, Sompo, Horizons Ventures, Plug and Play and Tusk Ventures in the backing the young company, which has developed an on-demand, pay-per-use insurance platform.

Slice’s first on-demand insurance product was designed for homeshare hosts using platforms such as Airbnb, HomeAway, OneFineStay and FlipKey. The on-demand commercial insurance policy can be purchased via app or online and it covers the time period hosts rent their home.

Slice said it now provides homeshare coverage in 26 US states, reaching 70 per cent of the US population and 82 per cent of the homeshare market. Plans call for having the product available in all 50 states by the end of 2017.

In March, Slice said it had completed a pay-per-use rideshare insurance app, and launched a test with a “select set” of rideshare drivers.

The policy protects rideshare drivers while covering the liability connected to the commercial activity of vehicle. It kicks in from the time the driver goes online and starts to work to the time he or she goes offline at the end of their shift. Slice expects the product will launch “soon”.

XL Innovate, a part of XL Catlin, which is based in Bermuda, was one of the companies to provide seed funding to Slice early in 2016.