Piko Labs AI unveils reinsurance intermediary for captives

Piko Labs AI has launched its own reinsurance intermediary aimed at captives, Piko Re Intermediaries.

Captive Review Hall of Famer Steve McElhiney (pictured), who joined the company earlier this year as vice chairman and chief commercial officer, will lead Piko Re. McElhiney has more than 30 years of experience across the captive and reinsurance markets, including 15 years at EWI Re, followed by five years at Artex as global director of reinsurance.

Announcing the launch, the company said that fragmented risk data was currently a key barrier that was making it difficult for reinsurers to underwrite captive portfolios.

Piko Labs states it can turn fragmented captive data, including loss runs, bordereaux, exposures, financials, and other risk information, into standardised, source-traceable risk data that reinsurers can underwrite and price.

Piko Re is positioned to then take this standardised risk to reinsurance markets.

“Reinsurers price uncertainty. Captives pay for it. Piko Labs gives reinsurers standardised risk data they can actually underwrite and price,” McElhiney said. “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.”

The company stated that Piko Re was purpose-built for captive insurance companies and risk retention groups, utilising captive expertise, AI-native risk data, and traditional and innovative risk transfer solutions to help captives lower the cost of risk and expand capacity.

Christina Card Zbar, founder and chief executive of Piko Labs, added: “The market can’t efficiently price what it can’t clearly see. Piko Labs standardises the risk. Piko Re takes it to market. By reducing uncertainty, we can help captives secure better pricing and access greater capacity.”

Piko Re is a licensed reinsurance intermediary domiciled in Texas, operating in other states under applicable non-resident licenses. The firm also holds Texas licenses covering property and casualty and life and health lines.

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