Exclusive: CatX and Cactus merge in Bermuda insurance software deal

Cactus

07/09/2025 14:00

By George Abbott and Henry Gale

Sept 7 - (The Insurer) - CatX and Cactus have merged to form what they say will be Bermuda's largest insurance software company.

The deal officially closed on September 5 after securing investor approvals.

The new entity will be known as Cactus and bring together CatX’s modelling platform, Catamaran, with Cactus’s Marmalade system, which is already used for underwriting and placement by clients including Ark, Amwins and Helix, said the companies, which are both graduates of the Lloyd’s Lab Accelerator programme.

Catamaran is used by brokers, (re)insurers and ILS investors to structure and analyse risk transfer opportunities including parametric covers and industry-loss warranties, among others.

The deal will result in the launch of Cactus Risk Studio, a single platform intended to allow brokers, insurers, risk managers and capital providers to assess, structure and transact risk.

CatX CEO Benedict Altier and Cactus CEO James Robinson told The Insurer the deal has been structured so that CatX’s existing investors will become shareholders in Cactus over four years.

Altier will become chief operating officer at Cactus, reporting to Robinson, who will continue as CEO.

The deal does not involve external financing. CatX was last valued at $25 million in 2023 in a Y Combinator-backed seed round. Neither party provided an updated valuation for the combined company.

Altier and Robinson said Cactus will be focused on utility and adoption rather than multiyear lock-ins.

“There’s no five-year contracts,” said Robinson, adding: “We price on value. If it doesn’t work for the client, they can walk away.”

Altier added: “We’re not trying to sell software that doesn’t get used.”