San Francisco – March 11, 2024 – Nirvana Insurance announced today that it has more than doubled capacity with the support of AM Best A+ rated reinsurance partners. This capacity increase positions Nirvana as one of the fastest-growing trucking insurers of all time.
“We’re excited that some of the largest names in the industry have seen what we’re accomplishing and are eager to be a part of modernizing commercial insurance. It’s a testament to our innovation and our ability to provide ultra competitive rates while maintaining best in class loss ratios,” says Rushil Goel, Nirvana CEO “As we secure top-tier reinsurers and expand our capabilities, we’re looking forward to further opportunities to transform the commercial insurance landscape.”
In addition to the remarkable growth, these new reinsurance partners indicate that Nirvana’s Telematics and AI approach has led to better loss ratios – which Nirvana indicates exceeds best in class.
“Given the current market environment in Commercial Auto, programs are experiencing the strictest reinsurance underwriting requirements in recent history,” said Justin Ward, Head of Production for North America Programs with Gallagher Re, Nirvana’s reinsurance broker.
Ward added: “Reinsurers are seeking to partner with the most disciplined underwriting teams who display an extreme depth of knowledge in their space and proactively utilize industry-leading tools and metrics to assess risk. The Nirvana team has aligned with these underwriting requirements, and as a result, they have garnered distinguished traction in the marketplace.”
Driven by AI, telematics, and computer vision, Nirvana’s mission is to bring new data led insights to the dynamic landscape of commercial trucking underwriting and passing along both savings and AI powered safety insights to fleets throughout the US.
Nirvana’s news comes amongst other major developments, including a successful raise of a Series B round last year and the recent launch of a non-fleet program with SiriusPoint.
About Nirvana Insurance
Nirvana was founded in early 2021 with the mission of harnessing data to bring fairness and proactive safety to insurance. Using vast troves of IoT data derived from sensors already aboard most heavy trucks, the company applies unique AI & ML Models to better predict risk and coach fleets into safer behaviors. The upside is improved safety for everyone on the road.
Contact Information:
Name: Bandar El-Eita
Email: [email protected]
Job Title: Head of Marketing
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