Nirvana Insurance Reaches a new Milestone - adds MS Transverse as additional capacity

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Oct 15, 2024, 12:11 ET

Collaboration with A rated, Excellent (AM Best) Fronting Carrier Unlocks Substantial Capacity

SAN FRANCISCO, Oct. 15, 2024 /PRNewswire/ -- Nirvana Insurance, the Data and Telematics insurtech firm transforming the commercial trucking insurance landscape, today announced a landmark agreement with MS Transverse Insurance Company, a part of MS&AD Insurance Group Holdings, one of the largest property and casualty insurance groups in the world. This strategic partnership, coupled with additional capacity from a top-tier panel of A+ rated reinsurers, solidifies the company's position as a disruptive force in the industry.

The collaboration with MS Transverse provides Nirvana with a boost in capacity, accelerating its growth trajectory and enabling the delivery of best-in-class insurance solutions to its customers. MS Transverse's alignment with Nirvana's long-term vision and highly stable financial footing (A rated, Excellent - AM Best) ensure a robust partnership for years to come.

"We are thrilled to join forces with MS Transverse who not only bring the financial strength our customers demand but are also aligned to our vision of harnessing the power of data to change the insurance landscape," said Rushil Goel, CEO of Nirvana Insurance. "This partnership represents a significant milestone in our journey, opening up new avenues for innovation and further solidifying our position as a leader in the commercial trucking insurance space."

Nirvana's groundbreaking approach, driven by artificial intelligence, telematics, and computer vision, has already garnered industry-wide acclaim for delivering superior loss ratios and passing along savings to the safest fleets throughout the United States. With the added support of MS Transverse and the global resources of MS&AD, Nirvana is poised to expand its transformative impact at its incredible pace.

"Our partnership with Nirvana Insurance represents a strategic investment in the future of how we utilize data in commercial insurance," said Dave Paulsson, CEO. "We are impressed by Nirvana's innovative approach and unwavering commitment to safety and innovation. Together, we will unlock new opportunities and drive positive change in the industry."

In addition to the MS Transverse partnership, Nirvana Insurance announced the continued support and capacity from its top tier reinsurance panel. With trillions of dollars in combined assets, Nirvana's reinsurance partners remain steadfast in their support, enabling the company to navigate market dynamics with agility and confidence.

Nirvana Insurance's continued momentum underscores its position as a disruptive force, reshaping the commercial insurance landscape through data-driven insights, proactive safety measures, and a relentless pursuit of innovation.

About Nirvana Tech

Nirvana was founded in early 2021 with the mission of harnessing data to bring fairness and proactive safety to insurance. Using vast troves of IoT data derived from sensors already aboard most trucks, the company applies unique AI & ML models to better predict risk and coach fleets into safer behaviors. The upside is improved safety for everyone on the road.

About MS Transverse Insurance Group, LLC (MS Transverse)

MS Transverse refers to MS Transverse Insurance Group, LLC and its underwriting and management subsidiaries. MS Transverse is a hybrid fronting carrier serving the program, managing general agent, and reinsurance markets with offices in New York, New Jersey and Texas. MS Transverse is a subsidiary of Mitsui Sumitomo Insurance Group and part of MS&AD Insurance Group Holdings. Founded in 2018 by Erik Matson, Vice Chairman, and Dave Paulsson, CEO, MS Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit www.mstransverse.com.

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SOURCE Nirvana Tech