Balance Re receives Bafin approval

Life reinsurer from Cologne also secures ten million US dollars in its Series A financing round.

Cologne-based insurtech Balance Re has received approval from the German Federal Financial Supervisory Authority (Bafin). This means that the life reinsurer can now get started. At the same time, the start-up has announced that it has successfully completed its Series A financing round of ten million US dollars. The round was led by the Anthemis Group, a London-based VC specializing in insurtechs. Global Brain, one of the largest Japanese VCs, and existing investors Roland Berger Industries and Talabot Finance from the USA also participated.

Balance Re offers life insurers reinsurance for pension and savings products. The Cologne-based insurtech relies on technology and data-driven approaches to map risks in real time, for example. "Balance Re's insurance cover is designed to help clients achieve their strategic goals while keeping an eye on the interests of their policyholders," says Matthew Jones, Managing Director of lead investor Anthemis. Balance Re intends to invest the money from the Series A financing round in the further development of the technology.