Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS), has invested in cyber insurtech start-up Elpha Secure Technology, participating in its $20 million Series A.
Canapi Ventures led a $20 million Series A funding round for Elpha, alongside a list of well know insurance and reinsurance investors, one of which being Fermat Capital Management, while the others were Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, and EOS Venture Partners.
In fact, this isn’t the first time Fermat had invested in this cyber insurance startup, as the ILS manager had also participated in a $9 million seed funding round for Elpha it turns out.
By combining cybersecurity software with risk transfer, Elpha hopes to be able to improve the cyber insurance coverage available, rather than limiting it or raising rates.
Fermat Capital Management is one of the ILS investment managers that has shown strong interest in cyber risk transfer and…
