CatX and Cactus Merge to Form Bermuda’s Largest Insurance Software Company with New AI Platform

CatX and Cactus Merge to Form Bermuda’s Largest Insurance Software Company

Bermuda-based insurance technology firms CatX and Cactus are joining forces to create the island’s largest insurance software company. This merger brings together two leaders in insurance tech to streamline workflows and improve risk analysis for insurers, brokers, and investors.

What Each Company Brings to the Table

CatX specializes in AI-driven risk intelligence and workflow tools focused on property, specialty, and catastrophe insurance. It also operates a regulated digital exchange that connects insurers with investment funds, enabling smoother transactions.

Cactus offers a digital workspace used by underwriting and broking teams to capture data, price risks, generate documents, and produce reports. Its platform supports more than $500 million in annual gross written premiums across Bermuda, the US, and London.

The New Platform: Cactus Risk Studio

The combined company will introduce Cactus Risk Studio, an AI-powered platform that unifies brokers, insurers, risk managers, and investors on a single interface. Key features include:

• Uploading and standardizing documents
• Testing risk scenarios
• Generating quotes and contracts
• Completing transactions involving multiple parties via CatX’s regulated exchange
• Monitoring risk accumulations
• Producing reports for internal use or regulatory compliance

The platform integrates smoothly with existing broker and insurer systems, while keeping clients in control of their data throughout the process.

Leadership Perspectives

Benedict Altier, CEO of CatX, emphasized the timing of this move: “Our industry is facing more complex risks and rising claim costs. AI is now practical and ready to assist. We developed advanced tools to help institutional investors quickly understand specialty risks, from natural catastrophes to space-related exposures. Bringing these capabilities into one workspace allows teams to analyze facts, test scenarios, agree on terms, and finalize placements efficiently.”

Altier also highlighted the expertise behind the technology, mentioning a team that includes machine learning specialists from Oxford and Cambridge and engineers with backgrounds at Goldman Sachs and Barclays.

James Robinson, CEO of Cactus, added: “Cactus already supports underwriting teams across Bermuda, the US, and London. Combining with CatX’s AI and marketplace features gives clients a single studio for risk management that mirrors actual market workflows—from originating and collaborating to pricing, documenting, and placing risk with greater transparency and control.”

Robinson noted the partnership has been building for two years and expressed enthusiasm about deepening this relationship.

Legal Support

The merger received legal backing from Walkers in Bermuda and Barclay Damon in the United States.

This collaboration signals a significant step for insurance professionals seeking streamlined, AI-enhanced tools to manage risk more effectively. For those interested in how AI can impact insurance workflows, exploring resources on AI tools for insurance may offer practical insights.