The Demex Group Raises $10.25 Million to Address Growing Demand for its Breakthrough Weather- and Climate-related Reinsurance Solution
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WASHINGTON, Sept. 5, 2024 ~ The Demex Group, a risk analytics and intelligence company, has recently announced that it has raised $10.25 million through a Series A and previously closed SAFE funding round. The funding was led by Congruent Ventures and included investments from Moxxie Ventures, MetaProp, and existing investor Blue Bear Capital.

Demex specializes in providing innovative stop-loss reinsurance protection for severe convective storms such as tornadoes, thunderstorms, hail, and wind. These types of storms have become increasingly frequent due to climate change, posing a significant challenge for the insurance industry. With their parametric reinsurance solution, Demex aims to help insurers protect their financial security.

According to Bill Clark, President and CEO of Demex, the company's model has been well-received by both customers and investors. In fact, they have already bound $65 million in reinsurance during their first selling season.

Clark expressed his gratitude towards the investors who bring a diverse range of perspectives and expertise to Demex. He believes that their climate perspective, technology capabilities, property mindset, and insurance experience will be valuable assets for the company.

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Abe Yokell, Co-Founder and Managing Partner of Congruent Ventures who led the funding round, highlighted the increasing losses faced by insurance carriers from high-frequency events like thunderstorms. He also noted that even reinsurers have experienced higher than expected losses from secondary perils. Yokell believes that Demex's model can help mitigate these risks by quantifying them and reducing deviation.

Hank Hattemer, Chief Operating Officer of Blue Bear Capital, emphasized the importance of addressing higher frequency extreme weather events like severe convective storms. He praised Demex's unique approach of providing each insurer customer with a reinsurance product tailored to their specific needs based on their own data.

The investors participating in this funding round come from various sectors including climate solutions (Congruent Ventures), technology (Blue Bear Capital), seed-stage investments (Moxxie Ventures), and property technology (MetaProp). This diverse range of investors reflects the broad appeal and potential impact of Demex's innovative reinsurance solution.

With this new funding, Demex plans to continue expanding its reach and providing much-needed protection for insurers and their clients. The company's success in attracting significant investments is a testament to the value and potential of their unique approach to reinsurance.

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