The funding round was led by the DESCOvery group at D.E. Shaw, a global investment and technology development firm based in New York City, with participation from several other strategic investors.
The company intends to use the funds to grow and adapt to new use cases alongside the enterprises.
Led by CEO John Horneff, Noldor is an insurtech that allows carriers, reinsurers, and brokers to connect with program data. Rather than handling MGA reporting inhouse or aggregating data within a closed system, Noldor takes a data agnostic approach that allows for the integration of MGA data – enabling partners to spend time acting on data rather than processing it.
Founded in D. E. Shaw’s venture studio DESCOvery in 2021, Noldor’s technology integrates with any entity with delegated underwriting authority regardless of their existing tech stack. This integration allows the company’s platform to leverage artificial intelligence and machine learning to aggregate data, uncover hidden drivers of loss ratios and automate back-office functions like reporting.
Noldor is currently working with dozens of MGAs and across multiple carriers and reinsurance brokers responsible for billions of dollars in gross written premiums. Active in both London and Bermuda (and across multiple lines of business), the data platform is being developed to improve efficiency and reduce expense ratios of all stakeholders associated with delegated authority.
Source: FinSMEs
