Monday, February 12, 2024 1:00 a.m.
Lloyd’s of London has announced the names of two companies to receive the first investments from the central fund’s private market allocation.
Two promising ventures that will receive support are cyber management software company Axio and flood mitigation technology company REOR20.
The fund specializes in investing in companies that have passed through Lloyds Labs and was created to increase the number of innovative technologies and solutions supporting the market.
Axio was part of the 10th batch of Lloyds Labs, a bi-annual accelerator program aimed at fast-tracking the development of promising insurtech companies.
Scott Kanny, CEO of Axio, said: “One of his goals in founding the company was to help the insurance industry better address cybersecurity risks.
“We are excited to help Lloyds Markets deliver better coverage solutions, especially for the most challenging areas of cybersecurity.”
New York-based Axio specializes in providing software solutions that enable comprehensive analysis of cyber maturity assessments, cyber risk quantification, and insurance stress testing. Axio’s products provide security leaders with valuable insights to strengthen their cyber investments and better prioritize initiatives.
Last week, Axio also won Cyber Property Disaster Product of the Year at the Cyber Insurance Awards. The judges praised the company’s hard-earned reputation in the cyber market for offering real value.
Swiss company REOR20 has developed an artificial intelligence system specifically designed to understand and reduce flood risk, a major concern in the insurance sector. The project aims to strengthen the industry’s ability to overcome and mitigate the effects of flooding, and will collectively contribute to improving the resilience of insurance operations.