Piko Labs Launches Reinsurance Intermediary for Captive Insurance Companies

Piko Labs AI has launched Piko Re Intermediaries, an artificial intelligence (AI)-focused reinsurance intermediary designed to help captive insurers and risk retention groups bring standardized risk information to the reinsurance market.

Piko Re will use Piko Labs' technology to convert information including loss runs, bordereaux, exposures, and financial data into standardized underwriting datasets. The company said the approach is intended to make captive risks easier for reinsurers to evaluate and price.

Piko Labs said fragmented risk information can create challenges for reinsurers evaluating captive programs, potentially affecting pricing and available capacity. Its platform ingests and structures information from multiple sources while maintaining traceability to the original material. The technology also identifies exposures, loss patterns, trends, and other information intended to support underwriting.

Piko Re will then use those datasets in reinsurance submissions and the development of risk transfer solutions for captive insurance companies.

"The market can't efficiently price what it can't clearly see. Piko Labs standardizes the risk. Piko Re takes it to market. By reducing uncertainty, we can help captives secure better pricing and access greater capacity," Christina Card Zbar, founder and CEO of Piko Labs AI, said.

Steve McElhiney will lead Piko Re as vice chairman and chief commercial officer, reinsurance. Mr. McElhiney has more than 30 years of experience in the captive and reinsurance markets, including roles involving ceded reinsurance, reinsurance company finance, captive reinsurance intermediation, and the management of a Fortune 500 company's captive.

"Reinsurers price uncertainty. Captives pay for it. Piko Labs gives reinsurers standardized risk data they can actually underwrite and price. That creates the opportunity for better pricing, greater capacity, and a more optimal placement for the captive. Unlike traditional intermediaries, we exist for one market: captives," Mr. McElhiney said.

Piko Re is a wholly owned subsidiary of Piko Labs and will focus exclusively on captive insurers and risk retention groups. The company said it will combine captive insurance expertise, AI-based risk data, and traditional and alternative risk transfer solutions.