Cactus merges with CatX in Bermuda's largest ever insurance software merger
Sep 8, 2025
Cactus and CatX have agreed to merge, creating the largest insurance software company headquartered in Bermuda. As part of the combination we will introduce Cactus Risk Studio, a single workspace that allows brokers, insurers, risk managers, and investors to analyze and transact risk with AI support. The transaction received legal support from Walkers in Bermuda and Barclay Damon in the United States.
Introducing Cactus Risk Studio
Cactus Risk Studio is an AI powered risk decision platform that brings market participants into one place to analyze risk, structure coverage, align on terms, place capacity, and monitor performance.
• See the risk: Upload documents and data. AI extracts and standardizes content, highlights gaps, and prepares a clean dataset.
• Decide with confidence: Run scenarios, compare options side by side, and receive transparent reason codes that explain pricing and recommendations.
• Agree terms and document: Produce quotes, binders, and execution ready paperwork with approvals and a complete audit trail.
• Place cover and capital: Invite insurers and investors into the same workspace, compare offers, and close in a few clicks, including execution through the CatX regulated exchange.
• Monitor and report: Track accumulations and key metrics, set alerts, and generate 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. Data stays under client control through secure integrations.
How the two businesses fit together
Cactus
Cactus provides a digital workspace for underwriting and broking teams to capture information, price risk, generate documents, and report. The platform supports more than 500 million dollars of gross written premium each year with clients such as Ark, Amwins, Helix, and First Specialty across Bermuda, the United States, and London.
CatX
CatX’s Catamaran platform delivers AI powered risk intelligence and workflow tools across natural catastrophe, property, and specialty. CatX also operates a Bermuda regulated digital exchange that enables risk transfer between investors and insurers. CatX connects carriers with capital from more than 50 funds that collectively manage over one trillion dollars in assets, including several leading proprietary trading firms.
Company backgrounds
CatX Global Inc
Founded in 2023, CatX operates a regulated digital marketplace that connects institutional investors with high return insurance risk opportunities across insurance, reinsurance, and retrocession. The Catamaran platform provides advanced risk intelligence solutions that help open insurance as an asset class to a wider investor base. Backed by Y Combinator and Lloyd’s Lab, CatX partners with leading brokers and carriers to structure bespoke opportunities while offering best in class modeling and risk 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 reinsurers digitize underwriting, placement, and portfolio management. The award winning Marmalade platform unifies submissions, pricing, documentation, and analytics in one collaborative workspace. A Lloyd’s Lab alumnus, Cactus saw strong growth in 2024 and is now one of Bermuda’s fastest growing technology companies.
Learn more at https://www.cactusrisk.com
Chief Executive Officer - CatX
"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."
