Bermuda-based insurance technology firms CatX and Cactus have announced plans to merge, forming the island’s largest insurance software company.
Cactus offers a digital workspace for underwriting and broking teams to capture information, price risks, generate documents, and produce reports, supporting more than $500 million in annual gross written premiums across Bermuda, the US, and London.
The combined company will launch Cactus Risk Studio, an AI-driven platform designed to let brokers, insurers, risk managers, and investors work from a single interface to analyse and transact risk.
The platform allows users to upload and standardise documents, test scenarios, generate quotes and contracts, and complete transactions with multiple parties, including through CatX’s regulated exchange. Users can also monitor risk accumulations and generate reports for internal or regulatory purposes.
The system is built to integrate with existing broker and insurer systems while maintaining client control over data.
Benedict Altier, Chief Executive Officer of CatX, commented: “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 risks quickly, 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.”
James Robinson, Chief Executive Officer of Cactus, added: “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.”
The merger was supported by legal advisors Walkers in Bermuda and Barclay Damon in the United States.
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