CatX and Cactus merger unveiled at Rendez-Vous
CatX and Cactus are merging, creating the largest insurance software company operating from Bermuda.
The combined company will be Cactus Risk Studio, offering brokers, insurers, risk managers and investors a single integrated platform to analyse and transact risk, powered by artificial intelligence.
The announcement came during Rendez-Vous de Septembre in Monte Carlo, the largest annual gathering for the global insurance and reinsurance market which provides a forum for carriers, reinsurers, brokers and investors to meet, share insights and discuss future opportunities.
Also at Rendez-Vous this week are insurance and merger/acquisition lawyers from Walkers Bermuda, whose counsel supported the transaction.
Cactus offers a digital workspace used by underwriting and broking teams to capture information, price risks, produce documents and to report.
The company’s platform supports underwriting of more than $500 million of gross written premium annually by companies such as Ark, Amwins, Helix and First Specialty across Bermuda, the United States and London.
CatX's Catamaran platform is used by hedge funds and institutional investors to invest in insurance risk. It offers AI-powered risk intelligence and workflow tools for natural catastrophe, property, and specialty insurance and reinsurance.
CatX also operates a Bermudian-regulated digital exchange that enables risk transfer between investors and insurers. CatX connects insurers with capital from more than 50 funds that together manage more than a trillion dollars in assets including several of the world’s leading proprietary trading firms.
The new Cactus Risk Studio is an AI-powered risk decision platform that brings brokers, insurers, risk managers, and investors into one workspace to analyse risks, structure coverage, agree terms, place cover and track results. It is designed to:
• See the risk: upload documents and files, AI reads them, standardises the data, and flags gaps so nothing is missed.
• Decide with confidence: run scenario tests, compare options side by side, and get clear reason codes that explain pricing and choices.
• Agree terms and document: generate quotes, binders, and final paperwork with approvals and a full audit trail.
• Place cover and capital: invite insurers and investors into the same workspace, compare offers, and complete the deal in a few clicks, including execution through the CatX regulated exchange.
• Monitor and report: track accumulations and key metrics, receive alerts, and produce board-ready and regulator-ready reports.
• Built for teams: brokers, underwriters, risk managers and investors work in one system with role-based permissions, approvals and compliance controls.
• Open by design: connects to existing broker and carrier systems and keeps data under client control through secure integrations.
Benedict Altier, chief executive officer of CatX, commented: “Our industry is shifting. Risks are more complex, claim costs are rising and AI is ready to help in practical, defensible ways. We first built advanced machine learning tools so hedge funds and other investors could understand and invest in insurance risk.
“Last year we brought those tools into broker and underwriter workflows. Now, with Cactus, we are unifying the full suite in one workspace so teams can see the facts, test scenarios, agree terms and place cover end to end.
“We believe this is the most capable AI in the market, built by machine learning specialists from Oxford and Cambridge and engineers with experience at leading investment banks, including Goldman Sachs and Barclays.”
James Robinson, founder and chief executive of Cactus, said: “Cactus already powers underwriting teams in Bermuda, the United States and London. Combining Cactus with CatX's AI and marketplace capabilities gives our clients a studio for risk that reflects how the market works. One place to originate, collaborate, price, document, and place risk with greater transparency and control.
“After two years working with CatX, I am excited to deepen the relationship and tackle the big challenges facing our sector.”
The 67th edition of the Reinsurance Rendez-Vous de Septembre opened on Saturday and concludes on Wednesday.
Top executives from Bermuda’s reinsurance and insurance communities are together with industry counterparts in Monte Carlo.
With some 3,400 professionals from 82 countries, the meetings provide a crucial platform for key decision-makers to network and negotiate ahead of critical year-end renewals.
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