Q&A with Tom Hutton of InsurTech Investors XL Innovate
XL Group is a global insurance company with both insurance and reinsurance operations. Operating primarily under the XL Catlin brand since the 2015 acquisition of Catlin Group Limited, the company today provides property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies, and other enterprises on a worldwide basis. On April 1st of last year, XL Group announced the formation of XL Innovate, an initiative designed to foster innovation in the insurance industry. It seeks to invest in and build new businesses that are addressing large markets and have the potential to become significant new companies. An early focus has been looking for ways to address currently uninsured risks.
Thus far, XL Innovate has made seven investments in InsurTech (broadly defined), including Embroker, New Energy Risk, Notion, and Slice Labs, with a few more in process.
The new vehicle is led by Tom Hutton, a venture investor with deep knowledge of risk and insurance. He is a former director at XL Group, so obviously he knows the company well. He is also a former CEO of Risk Management Solutions and White Mountains Re, and has been a Director of other private and public insurance and reinsurance companies including Montpelier Re, Safeco, Centre Cat, and Palomar.
via blue-dun.com