Bermudian-based firms Everest Re Group and Hudson Structured Capital Management have agreed to work together.

Everest will invest across several of HSCM’s investment funds and will be the anchor investor in HSCM’s new insurance technology strategy due to be launched this year.

The companies said that they will work together to identify and capitalise on trends and themes across the spectrum of insurtech opportunities.

Dominic Addesso, CEO of Everest Re Group, said: “We look forward to working with HSCM to continue our efforts to drive innovation in the re/insurance market. We believe HSCM Bermuda’s unique skills will enhance our development of creative solutions and leverage the full strength of the Everest Re Group across the spectrum of reinsurance, insurance, and alternative capital.”

Vikas Singhal who leads HSCM Bermuda’s insurtech strategy, commented: “Insurtech is evolving quickly and offers a strong pipeline of opportunities that will bring fundamental change to the re/insurance experience. We expect that through our collaboration with Everest we will be able to improve the likelihood of success and returns for the companies in which we invest.”

The agreement will combine the investment experience of the HSCM team, and its investor capital, with Everest Re’s global underwriting expertise, appetite for risk, strong balance sheet and highly-rated reinsurance and insurance companies.

Michael Millette, managing partner of HSCM, added, “We are excited to be working with a leading global re/insurance company with the breadth and depth of capabilities that Everest possesses.”