A Bermudian-headquartered insurance technology firm has secured a $50-million growth equity investment as it looks to expand its footprint across the global re/insurance market.

Hamilton-based mea Platform announced yesterday that Scottish Equity Partners has completed a minority investment in the artificial intelligence-native insurtech company. The deal comes amid more demand for tools to improve combined ratios and strengthen margins across the sector, according to mea.

Founded in 2021 and intentionally bootstrapped, the company is in its fourth consecutive year of profitable growth. The SEP backing will allow the company to accelerate product development and deepen customer engagement as it expands across carriers, brokers and managing general agents.

The company deploys proprietary, insurance-specific AI products to automate end-to-end operations. Because its systems are pre-trained in the language and technical requirements of insurance, deployments are described as fast and non-invasive. The company reports live client deployments in 21 countries, with more than $400 billion of gross written premium processed through its platform.

Customers and partners include Axis, Continental National American, The Hartford, Markel, Société Commerciale de Réassurance, Ardonagh, Lloyd’s of London, Public Partnerships LLC, Accenture, Deliver Exponential Change, ServiceNow, Velonetic and Verisk.

Despite years of technology investment, many insurance processes remain manual and resource-intensive, the company said. Operating costs can account for up to 14 points of the combined ratio for carriers and nearly half of total expenses for brokers.

Its “agentic AI” products, mea said, can reduce operating costs by as much as 60 per cent.

Martin Henley, founder and chief executive of mea, said SEP’s experience in scaling enterprise technology businesses made it the right partner for the company’s next phase of growth.

Angus Conroy, managing partner of SEP, said mea has built a “production-grade platform with clear return on investment for global insurance groups” and stands out for what is “live, proven and scaled today”.