.png)
CatX and Cactus to merge, creating Bermuda's largest insurance software company and launching Cactus Risk Studio for AI powered risk decisions.
CatX and Cactus today announced a merger that will create the largest insurance software company operating from Bermuda. The combined company will launch Cactus Risk Studio, offering brokers, insurers, risk managers, and investors a single integrated platform to analyze and transact risk, powered by AI. The transaction was supported by leading counsel from Walkers in Bermuda and Barclay Damon in the US.
What is Cactus Risk Studio
Cactus Risk Studio is an AI powered risk decision platform that brings brokers,insurers, risk managers, and investors into one workspace to analyze risks, structure coverage, agree terms, place cover, and track results.
See the risk: Upload documents and files, AI reads them, standardizes the data, and flags gaps so nothing is missed.
Decide with confidence: Run scenario tests, compare options side by side, and get clear reason codes that explain pricing and choices.
Agree terms and document: Generate quotes, binders, and final paperwork with approvals and a full audit trail.
Place cover and capital: Invite insurers and investors into the same workspace, compare offers, and complete the deal in a few clicks, including execution through theCatX regulated exchange.
Monitor and report: Track accumulations and key metrics, receive alerts, and produce board-ready and regulator-ready reports.
Built for teams: Brokers, underwriters, risk managers, and investors work in one system with role-based permissions, approvals, and compliance controls.
Open by design: Connects to existing broker and carrier systems and keeps data under client control through secure integrations.
Where each company fits
Cactus
Cactus offers a digital workspace used by underwriting and broking teams to capture information, price risks, produce documents, and report. The company’s platform supports underwriting of more than 500 million dollars of gross written premium annually by companies like Ark, Amwins, Helix, and First Specialty across Bermuda, the United States, and London.
CatX
CatX's flagship Catamaran platform provides AI powered risk intelligence and workflow tools for natural catastrophe, property, and specialty insurance. CatX also operates a Bermuda regulated digital exchange that enables risk transfer between investors and insurers. CatX connects insurers with capital from more than 50 funds that together manage more than a trillion dollars in assets including several of the world’s leading proprietary trading firms.
Executive perspectives
Benedict Altier, Chief Executive Officer of CatX, said: "The time to act is now. Our industry is in a transformative period where risks are more complex and claim costs are rising, and AI is ready to help in practical ways. We built advanced tools so institutional investors could understand specialty risksquickly, from natural catastrophe to space, and then put those tools in the hands of brokers and underwriters where the feedback has been outstanding.Together with Cactus we are bringing this capability into one workspace so teams can see the facts, test scenarios, agree terms, and complete placement.We believe we are delivering the most advanced AI in the industry, with a team that includes machine learning specialists from Oxford and Cambridge and engineers with experience at top investment banks, including Goldman Sachs and Barclays."
JamesRobinson, Chief Executive Officer of Cactus, said: "Cactus already powers underwriting teams in Bermuda, the United States, and London. Combining Cactus with CatX's AI and marketplace capabilities gives our clients a studio for risk that reflects how the market works. One place to originate, collaborate, price, document, and place risk with greater transparency and control. After two years working with CatX, I am excited to deepen the relationship.”
Background and Context
CatX Global Inc
Founded in 2023, CatX operates as a regulated digital marketplace connecting institutional investors with high-return insurance risk opportunities across insurance, reinsurance, and retrocession markets. The company’s flagship Catamaran platform provides advanced risk intelligence solutions, democratizing access to insurance as an asset class. Backed by Y Combinator and Lloyd's Lab,CatX partners directly with leading brokers and insurance companies to structure bespoke investment opportunities while offering world-class risk modeling and management tools. The company last raised a seed round at a 25-million-dollar valuation in September 2023.
Cactus
Cactus is Bermuda's leading insurance software company, helping brokers and(re)insurers digitize underwriting, placement, and portfolio management. The company's award-winning Marmalade platform unifies submissions, pricing,documentation, and analytics in a single collaborative workspace. Cactus delivers world-class tools for broking, underwriting, and operations across specialty and reinsurance lines. A Lloyd's Lab alumnus, Cactus saw significant growth in 2024 and has emerged as one of Bermuda's fastest-growing technology companies.
Learn more https://www.cactusrisk.com
