Two Bermuda-based insurtech players just decided to become one. CatX and Cactus announced a merger that will create the island’s largest insurance software company.
CatX has been building AI-driven risk intelligence tools and running a regulated digital exchange that links insurers with institutional investors.
Its software helps carriers and funds understand specialty and catastrophe exposures faster. Cactus, meanwhile, built a digital workspace where underwriting and broking teams capture information, price risks, generate quotes, and draft reports.
The platform already supports more than $500mn in gross written premiums across Bermuda, the U.S., and London.
The new combined outfit will roll out Cactus Risk Studio, an AI-first platform designed to unify workflows for brokers, insurers, risk managers, and investors.
The idea: one interface where users can upload and standardise documents, run stress tests, price risks, draft contracts, and even complete placements through CatX’s regulated exchange.
The system also lets teams monitor accumulations, produce compliance reports, and plug into existing broker and carrier systems without losing control of their data.
Benedict Altier, CEO of CatX, said the industry can’t wait. Rising claims and increasingly complex risks, from natural catastrophes to space, demand faster analysis.
His team built the underlying AI for institutional investors, then pushed it into underwriting teams where feedback has been strong.
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.
Benedict Altier, Chief Executive Officer of CatX
“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.
Altier said merging with Cactus means “one workspace” where everyone can test scenarios, agree terms, and close transactions. He also flagged the strength of the team — machine learning experts from Oxford and Cambridge alongside engineers with banking pedigrees at Goldman Sachs and Barclays.
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, CEO of Cactus, sees it as the logical next step after two years working alongside CatX. He said Cactus already runs underwriting desks across three markets, but combining with CatX’s AI and exchange opens a studio for risk that mirrors how the market actually operates. His pitch: one environment to originate, collaborate, price, document, and complete placements with more transparency.
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.
James Robinson, Chief Executive Officer of Cactus
Legal advisors Walkers in Bermuda and Barclay Damon in the U.S. guided the merger, which positions the new company as the key software provider in Bermuda’s reinsurance ecosystem.
