A new Bermuda-based technology firm called H2 Group will be specialising in developing bespoke solutions for the insurance industry.

The firm’s initial focus will be on insurance-linked securities, leaving room for further expansion into other insurance industry verticals.

The company’s aims to remove layers of operational inefficiencies in the value chain, something that non-executive chairman Andre Perez deems paramount.

“Compared to other industries, the insurance sector has a lot of work to do when it comes to the use of the latest technologies to enhance overall operations,” Mr Perez said. “There are several reasons for this apparent lag and H2 is set up to help improve the technology landscape in a collaborative and responsive manner.”

H2 Group’s inaugural product, RUDDR, is a turnkey policy management system that works synergistically with investor-facing portfolio dashboards to grant investors access and transparency into their collateral accounts, real-time data, automated reporting tools and portfolio analytics.

Mr Perez, who previously founded and was CEO of the Horseshoe Group, which now trades as part of the Artex Group, said the proprietary technology platform utilised data to streamline the ILS transaction process, whether it be collateralised reinsurance, sidecars or catastrophe bonds.

He said this created a seamless user experience for investment managers, allowing them to focus on optimising their portfolios rather than middle and back-office processes.

The platform will be available for licensing by any company involved in the management or administration of ILS transactions.

H2 Group has team members located globally.

Bror Muller, the chief information officer of the company, has more than 25 years of experience guiding teams in the design, development and support of information technology solutions.

Most recently, Mr Muller led a technology team at Tokio Millennium Re that developed a trading platform hosting several billion dollars of ILS linked to the capital markets.

“While H2 Group’s initial focus will be on the ILS sector,” Mr Muller said, “it intends to develop technology solutions for insurance, traditional reinsurance, MGA/MGU’s, captives as well as other related industry sectors.”