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Created page with "== Corporate identity and regulatory footprint == 🏢 '''Legal entity.''' Baobab Insurance GmbH is a technology-enabled managing general agent (MGA) domiciled in Berlin, Germany.<ref name="baobab-cyber">{{cite web |title=Cyber Insurance |url=https://www.baobab.io/de-en/cyber-insurance |publisher=Baobab Insurance |access-date=9 March 2026}}</ref><ref name="scor">{{cite web |title=SCOR strengthens cyber capabilities partnering with Baobab Insurance |url=https://www.scor...."
 
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{{Infobox company
== Corporate identity and regulatory footprint ==
| name = Baobab Insurance
| legal_name = Baobab Insurance GmbH
| logo = Logo of Baobab Insurance.svg
| logo_size =
| logo_alt =
| logo_caption =
| type = Private — insurtech MGA
| exchange =
| ticker =
| isin =
| lei =
| license_type = Insurance agent under § 34d (1) GewO
| npn =
| coverholder_ref =
| incorporation =
| founded = {{Start date and age|2021}}
| headquarter = Berlin, Germany
| domicile = Germany
| insurance_jurisdictions = Germany<br/>Austria<br/>Benelux<br/>EEA cross-border
| regulator = IHK Berlin
| ultimate_parent =
| shareholders = Viola FinTech<br/>eCAPITAL Entrepreneurial Partners<br/>Augmentum Fintech<br/>Project A Ventures<br/>La Famiglia<br/>Discovery Ventures
| key_people = Vincenz Klemm, Co-Founder and CEO<br/>Anton Foth, Co-Founder and CTO<br/>John Braun, Head of Broker Sales<br/>Manuela Solescu, Head of Digital Product<br/>Andrew Saula, Head of Cyber Security<br/>Benedikt Klingenheben, Head of Cyber Underwriting<br/>Simon Bramsche, Head of Strategy and Finance
| num_employees = ~30 (June 2025)
| customer_segments = SME<br/>Mid-market<br/>Upper mid-market / industrial
| lines_of_business = Cyber insurance<br/>E-crime / fidelity<br/>IT liability
| segments =
| products = CyberSafe (cyber insurance)<br/>E-crime insurance (with Liberty Specialty Markets)<br/>IT pecuniary loss liability
| technology_platform = AI-native underwriting<br/>Continuous monitoring and scanning<br/>Broker portal<br/>Customer portal
| capacity_providers = Zurich Insurance Europe AG<br/>ERGO<br/>Liberty Specialty Markets<br/>Lloyd's syndicates (Tokio Marine Kiln, Talbot Underwriting, Argenta Syndicate Management)<br/>SCOR Syndicate at Lloyd's
| distribution = Broker-led
| geographic_markets = Germany<br/>Austria<br/>Benelux
| num_customers =
| competitors = Coalition<br/>At-Bay<br/>Stoïk<br/>Eye Security
| market_share_rank =
| financial_year =
| market_cap =
| revenue =
| insurance_revenue =
| operating_income =
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| gwp =
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| technical_reserves =
| csm =
| net_debt =
| equity =
| operating_margin =
| solvency_ratio =
| roe =
| total_funding = €20.1M
| last_round = Series A, €12M, June 2025
| last_valuation =
| lead_investors = Viola FinTech<br/>eCAPITAL Entrepreneurial Partners
| capital_structure =
| ifsr =
| capacity_partner_ratings =
| ratings =
| footnotes =
}}


{{Summary:Baobab Insurance|5}}
🏢 '''Legal entity.''' Baobab Insurance GmbH is a technology-enabled managing general agent (MGA) domiciled in Berlin, Germany.<ref name="baobab-cyber">{{cite web |title=Cyber Insurance |url=https://www.baobab.io/de-en/cyber-insurance |publisher=Baobab Insurance |access-date=9 March 2026}}</ref><ref name="scor">{{cite web |title=SCOR strengthens cyber capabilities partnering with Baobab Insurance |url=https://www.scor.com/en/news/scor-strengthens-cyber-capabilities-partnering-baobab-insurance |publisher=SCOR |access-date=9 March 2026}}</ref><ref name="baobab-impressum">{{cite web |title=Impressum |url=https://www.baobab.io/impressum |publisher=Baobab Insurance |access-date=9 March 2026}}</ref> The company's imprint discloses its register court as Charlottenburg District Court (Berlin) with register number HRB 230973 B and VAT ID DE 344 813 395.<ref name="baobab-imprint">{{cite web |title=Imprint |url=https://www.baobab.io/de-en/imprint |publisher=Baobab Insurance |access-date=9 March 2026}}</ref>

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== Corporate identity and regulatory footprint ==


📋 '''Regulatory status.''' Baobab is registered as an insurance agent under §34d (1) GewO with registration number D-F7C4-4U8EW-99, supervised by IHK Berlin.<ref name="asscompact">{{cite web |title=Baobab und LSM bringen E-Crime-Versicherung auf den Markt |url=https://www.asscompact.de/nachrichten/baobab-und-lsm-bringen-e-crime-versicherung-auf-den-markt |publisher=AssCompact |access-date=9 March 2026}}</ref> Its operating role is characterised as an insurance agent in the form of a managing general agent, performing brokerage and administration of insurance contracts, claims and recourse processing, and collection services under Germany's legal services framework.<ref name="baobab-imprint"/> Remuneration is via commission included in premiums, with potential additional compensation from insurers for services rendered; the company states it holds no direct or indirect participation of more than 10% in any insurer, and no insurer or insurer parent holds more than 10% of Baobab.<ref name="baobab-impressum"/>
🏛️ '''Legal entity.''' Baobab Insurance GmbH is domiciled in Berlin, Germany, and registered at the Charlottenburg District Court under register number HRB 230973 B with VAT ID DE 344 813 395.<ref name="imprint">{{cite web |title=Imprint |url=https://www.baobab.io/de-en/imprint |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> The company is registered as an insurance agent under § 34d (1) GewO with registration number D-F7C4-4U8EW-99 at IHK Berlin, and characterizes its operating role as an insurance agent in the form of a managing general agent performing brokerage, administration, claims processing, recourse processing, and collection services.<ref name="impressum">{{cite web |title=Impressum |url=https://www.baobab.io/impressum |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> Baobab discloses that it is remunerated via commission included in premiums and may receive separate remuneration from insurers, and that neither Baobab nor any insurer holds more than 10% of the other.<ref name="impressum"/>


🌍 '''International presence.''' A branch in Rotterdam, Netherlands, is registered with Dutch Chamber of Commerce (KvK) number 98565028.<ref name="techeu">{{cite web |title=Baobab Insurance raises EUR 12 million to protect businesses from AI attacks |url=https://tech.eu/2025/06/04/baobab-insurance-raises-eur12-million-to-protect-businesses-from-ai-attacks/ |publisher=Tech.eu |date=4 June 2025}}</ref><ref name="ecapital">{{cite web |title=Baobab Insurance raises €12 million to protect businesses from cyberattacks, fraud and software product failures |url=https://ecapital.vc/news/baobab-insurance-raises-e12-million-to-protect-businesses-from-cyberattacks-fraud-and-software-product-failures/ |publisher=eCAPITAL |access-date=9 March 2026}}</ref><ref name="baobab-imprint"/> Multiple EEA supervisory listings evidence cross-border intermediary status: the Bank of Lithuania lists Baobab Insurance GmbH as an EEA insurance intermediary under registration code D-F7C4-4U8EW-99;<ref name="lb-lt">{{cite web |title=Baobab Insurance GmbH — Financial market participants |url=https://www.lb.lt/en/sfi-financial-market-participants/baobab-insurance-gmbh |publisher=Bank of Lithuania |access-date=9 March 2026}}</ref> Finantsinspektsioon lists the company as a provider of cross-border insurance mediation services with an effective date of 14 January 2025;<ref name="finantsinspektsioon">{{cite web |title=Baobab Insurance GmbH — Cross-border insurance mediation services |url=https://www.fi.ee/en/insurance-0/insurance/insurance-intermediaries/providers-cross-border-insurance-mediation-services/baobab-insurance-gmbh |publisher=Finantsinspektsioon |access-date=9 March 2026}}</ref> and the AFM register page for Lloyd's Insurance Company S.A. includes Baobab Insurance GmbH with a date of entrance of 23 December 2025.<ref name="afm">{{cite web |title=Lloyd's Insurance Company S.A. — Financial service providers register |url=https://www.afm.nl/en/sector/registers/vergunningenregisters/financiele-dienstverleners/details?id=40FD6103-B2F3-E811-80E0-005056BB0C82 |publisher=AFM |access-date=9 March 2026}}</ref>
📌 '''Netherlands branch.''' Baobab maintains a branch in Rotterdam, Netherlands, with Dutch Chamber of Commerce (KvK) number 98565028.<ref name="imprint"/> Multiple EEA supervisory listings evidence cross-border intermediary status: the Bank of Lithuania lists Baobab as an EEA insurance intermediary, the Estonian Finantsinspektsioon lists it as a provider of cross-border insurance mediation services with rights effective 14 January 2025, and the AFM register page for Lloyd's Insurance Company S.A. includes Baobab with a date of entrance of 23 December 2025.<ref name="banklit">{{cite web |title=Baobab Insurance GmbH — Financial market participant |url=https://www.lb.lt/en/sfi-financial-market-participants/baobab-insurance-gmbh |publisher=Bank of Lithuania |access-date=2026-03-09}}</ref><ref name="fiee">{{cite web |title=Baobab Insurance GmbH — Cross-border insurance mediation |url=https://www.fi.ee/en/insurance-0/insurance/insurance-intermediaries/providers-cross-border-insurance-mediation-services/baobab-insurance-gmbh |publisher=Finantsinspektsioon |access-date=2026-03-09}}</ref><ref name="afm">{{cite web |title=Lloyd's Insurance Company S.A. — Register details |url=https://www.afm.nl/en/sector/registers/vergunningenregisters/financiele-dienstverleners/details?id=40FD6103-B2F3-E811-80E0-005056BB0C82 |publisher=AFM |access-date=2026-03-09}}</ref>


🔑 '''Lloyd's coverholder status.''' Baobab positions itself as a coverholder acting on behalf of Lloyd's Europe (Lloyd's Insurance Company S.A.), which is authorised by the National Bank of Belgium.<ref name="baobab-about">{{cite web |title=About us |url=https://www.baobab.io/de-en/about-us |publisher=Baobab Insurance |access-date=9 March 2026}}</ref> German-language trade press independently reports the appointment as an official Lloyd's coverholder for a mid-market proposition.<ref name="handelszeitung">{{cite web |title=Baobab Insurance bietet Mid-Market Cyberschutz |url=https://www.handelszeitung.ch/insurance/baobab-insurance-bietet-mid-market-cyberschutz-762723 |publisher=Handelszeitung |access-date=9 March 2026}}</ref> No evidence in reviewed sources indicates that Baobab holds a direct insurer (carrier) authorisation; the company operates as an MGA with risk carried by partner insurers.<ref name="financefwd">{{cite web |title=Baobab Funding Series A |url=https://financefwd.com/de/baobab-funding-series-a/ |publisher=Finance Forward |access-date=9 March 2026}}</ref>
🏷️ '''Lloyd's coverholder status.''' Baobab positions itself as a coverholder acting on behalf of Lloyd's Europe (Lloyd's Insurance Company S.A.), authorized by the National Bank of Belgium.<ref name="aboutus">{{cite web |title=About us |url=https://www.baobab.io/de-en/about-us |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> German-language trade press independently reports the appointment as an official Lloyd's coverholder for a mid-market proposition.<ref name="handelszeitung">{{cite web |title=Baobab Insurance bietet Mid-Market Cyberschutz |url=https://www.handelszeitung.ch/insurance/baobab-insurance-bietet-mid-market-cyberschutz-762723 |publisher=Handelszeitung |access-date=2026-03-09}}</ref> No evidence in reviewed sources indicates that Baobab holds a direct insurer or carrier authorization; the company describes itself as an MGA/insurance agent, with risk carried by partner insurers.<ref name="financefwd">{{cite web |title=Baobab Funding Series A |url=https://financefwd.com/de/baobab-funding-series-a/ |publisher=Finance Forward |access-date=2026-03-09}}</ref>


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== Business model and operating mechanics ==
== Business model ==


⚙️ '''Operating model.''' Baobab functions as a technology-enabled MGA (in German market parlance, an "Assekuradeur") focused on digital risks, combining delegated underwriting and distribution with risk mitigation services and continuous monitoring.<ref name="baobab-impressum"/> The core proposition pairs cyber insurance with bundled security measures, including ongoing monitoring, vulnerability notification, and preventive services delivered through broker and customer portals.<ref name="baobab-security">{{cite web |title=Cyber Security |url=https://www.baobab.io/de-en/cyber-security |publisher=Baobab Insurance |access-date=9 March 2026}}</ref>
🔧 '''Operating model.''' Baobab operates as a technology-enabled managing general agent (referred to in the German market as an "Assekuradeur") focused on digital risks, combining delegated underwriting and distribution with risk mitigation services and continuous monitoring.<ref name="impressum"/> The core proposition pairs cyber insurance with bundled security measures, including ongoing monitoring, vulnerability notification, and preventive services delivered through broker and customer portals.<ref name="cybersecurity">{{cite web |title=Cyber Security |url=https://www.baobab.io/de-en/cyber-security |publisher=Baobab Insurance |access-date=2026-03-09}}</ref>


🤖 '''Underwriting approach.''' Baobab frames its underwriting as "AI-native" and tied to continuous monitoring; investor and sponsor communications characterise it as "data-first," with automated underwriting, dynamic pricing, and continuous portfolio management.<ref name="ecapital"/> A machine-learning risk model R&D effort is co-financed by Investitionsbank Berlin and the European Regional Development Fund.<ref name="baobab-eu-financed">{{cite web |title=EU co-financed |url=https://www.baobab.io/de-en/eu-co-financed |publisher=Baobab Insurance |access-date=9 March 2026}}</ref>
🤖 '''AI-native underwriting.''' Baobab frames its underwriting as AI-native and tied to continuous monitoring; investor communications characterize the approach as data-first, with automated underwriting, dynamic pricing, and continuous portfolio management.<ref name="ecapital">{{cite web |title=Baobab Insurance raises €12 million to protect businesses from cyberattacks, fraud and software product failures |url=https://ecapital.vc/news/baobab-insurance-raises-e12-million-to-protect-businesses-from-cyberattacks-fraud-and-software-product-failures/ |publisher=eCAPITAL |date=June 2025 |access-date=2026-03-09}}</ref> The company also discloses a machine-learning risk model R&D effort co-financed by Investitionsbank Berlin and the European Regional Development Fund.<ref name="eucofinanced">{{cite web |title=EU co-financed |url=https://www.baobab.io/de-en/eu-co-financed |publisher=Baobab Insurance |access-date=2026-03-09}}</ref>


🏦 '''Distribution and capacity.''' Brokers serve as the primary distribution channel, supported by a broker portal, enablement materials, and broker-facing cyber risk visualisation; the CEO has stated that seven of the ten largest German brokers were cooperating with Baobab.<ref name="baobab-blog-klemm">{{cite web |title=Vincenz Klemm — Finance Round |url=https://www.baobab.io/de-en/blog/vincenz-klemm-finance-round |publisher=Baobab Insurance |access-date=9 March 2026}}</ref> The company places partner insurers behind its products as risk carriers, with third-party sources naming multiple carrier partners over time — including Zurich, ERGO, and others — consistent with an MGA rather than balance-sheet underwriting model.<ref name="baobab-home">{{cite web |title=Baobab Insurance |url=https://www.baobab.io/de-en |publisher=Baobab Insurance |access-date=9 March 2026}}</ref>
📊 '''Distribution architecture.''' Brokers serve as the primary go-to-market channel, supported by a broker portal, enablement materials, cyber risk visualization, and broker-facing webinars with IDD continuing education points.<ref name="broker">{{cite web |title=Broker |url=https://www.baobab.io/de-en/broker |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> The CEO has stated that seven of the ten largest German brokers were already cooperating with Baobab.<ref name="vincenzblog">{{cite web |title=Vincenz Klemm — Finance round |url=https://www.baobab.io/de-en/blog/vincenz-klemm-finance-round |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> The company places partner insurers behind its products as risk carriers, with third-party sources naming multiple carrier partners over time — including Zurich, ERGO, and others — consistent with an MGA model rather than balance-sheet underwriting.<ref name="baobabhome">{{cite web |title=Baobab Insurance |url=https://www.baobab.io/de-en |publisher=Baobab Insurance |access-date=2026-03-09}}</ref>


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== Leadership, governance, and key-person considerations ==
== Leadership and governance ==


👤 '''Founders.''' Vincenz Klemm (Co-Founder, CEO / Managing Director) previously co-founded Gabi in San Francisco, building it into a leading online insurance broker in the United States.<ref name="baobab-about"/><ref name="augmentum">{{cite web |title=Augmentum Fintech plc — Annual Results 31 March 2025 |url=https://augmentum.vc/wp-content/uploads/2025/07/Augmentum-Fintech-plc-Annual-Results-31-March-2025.pdf |publisher=Augmentum Fintech |date=July 2025}}</ref> Anton Foth (Co-Founder, CTO / Managing Director) previously served as CTO at Coya AG and leads technical product development at Baobab.<ref name="baobab-about"/><ref name="vwheute">{{cite web |title=Insurtech Baobab expandiert nach Österreich |url=https://versicherungswirtschaft-heute.de/unternehmen-und-management/2023-03-30/insurtech-baobab-expandiert-nach-oesterreich/ |publisher=Versicherungswirtschaft Heute |date=30 March 2023}}</ref>
👤 '''Founders.''' Vincenz Klemm (Co-Founder, CEO / Managing Director) previously co-founded Gabi in San Francisco and built it into a leading online insurance broker in the United States.<ref name="aboutus"/> Anton Foth (Co-Founder, CTO / Managing Director) previously served as CTO at Coya AG and leads technical product development at Baobab.<ref name="aboutus"/>


👥 '''Senior leadership.''' The published leadership roster includes John Braun (Head of Broker Sales; formerly WTW and CyberDirekt), Manuela Solescu (Head of Digital Product; formerly Revolut and wefox), Andrew Saula (Head of Cyber Security; formerly EY and Deputy CISO at TUI), Benedikt Klingenheben (Head of Cyber Underwriting; formerly head of mid-market cyber practice at Chubb), and Simon Bramsche (Head of Strategy and Finance; formerly HPE Growth and GP Bullhound).<ref name="baobab-about"/><ref name="eu-startups">{{cite web |title=Berlin-based Baobab secures €3.5 million to protect SMEs against cyberattack threat |url=https://www.eu-startups.com/2022/01/berlin-based-baobab-secures-e3-5-million-to-protect-smes-against-cyberattack-threat/ |publisher=EU-Startups |date=January 2022}}</ref>
👥 '''Senior leadership.''' The disclosed leadership team includes John Braun (Head of Broker Sales, previously at WTW and CyberDirekt), Manuela Solescu (Head of Digital Product, previously at Revolut and wefox), Andrew Saula (Head of Cyber Security, previously at EY and Deputy CISO at TUI), Benedikt Klingenheben (Head of Cyber Underwriting, previously head of mid-market cyber practice at Chubb), and Simon Bramsche (Head of Strategy and Finance, previously at HPE Growth and GP Bullhound).<ref name="aboutus"/>


🧭 '''Advisory board.''' The company discloses an advisory board comprising Thies Sander (Founding Partner at Project A Ventures), Martyn Holman (Partner at Augmentum Fintech), and Christof Mascher (former board member of Allianz SE).<ref name="aboutus"/><ref name="ecapital"/> Public narrative, partner announcements, and capital-raise communications are heavily centered on the CEO as primary spokesperson and strategic driver, indicating key-person concentration risk.<ref name="ecapital"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 🧑‍💼 Baobab Insurance — disclosed leadership roster
! scope="col" style="text-align:center" | Name
! scope="col" style="text-align:center" | Title
! scope="col" style="text-align:center" | Notable prior experience
|-
| Vincenz Klemm || Co-Founder, CEO / Managing Director || Co-founded Gabi (San Francisco)
|-
| Anton Foth || Co-Founder, CTO / Managing Director || CTO at Coya AG
|-
| John Braun || Head of Broker Sales || WTW, CyberDirekt
|-
| Manuela Solescu || Head of Digital Product || Revolut, wefox
|-
| Andrew Saula || Head of Cyber Security || EY, Deputy CISO at TUI
|-
| Benedikt Klingenheben || Head of Cyber Underwriting || Head of mid-market cyber at Chubb
|-
| Simon Bramsche || Head of Strategy and Finance || HPE Growth, GP Bullhound
|}

🎓 '''Advisory board.''' Disclosed advisory board members include Thies Sander (Founding Partner at Project A Ventures), Martyn Holman (Partner at Augmentum Fintech), and Christof Mascher (former board member of Allianz SE).<ref name="baobab-about"/><ref name="investegate">{{cite web |title=Portfolio update and new investment in insurtech |url=https://www.investegate.co.uk/announcement/prn/augmentum-fintech--augm/portfolio-update-and-new-investment-in-insurtech/7232775 |publisher=Investegate |access-date=9 March 2026}}</ref><ref name="ecapital"/>

⚠️ '''Key-person risk.''' Public communications, partner announcements, and capital-raise messaging are heavily centred on the CEO as the primary spokesperson and strategic driver, indicating material key-person concentration.<ref name="ecapital"/>


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== Funding, capitalization, and financial signals ==
== Funding and capitalization ==

💰 '''Funding overview.''' Total capital raised stands at €20.1M across pre-seed, seed, and Series A rounds.<ref name="techeu"/> The June 2025 Series A of €12M was co-led by Viola FinTech and eCAPITAL Entrepreneurial Partners, with participation from existing investors, and was positioned as funding for continued build-out of an active risk mitigation platform, team growth, and expansion to additional EU markets within 12 months.<ref name="ecapital"/>


{| class="wikitable sortable" style="width:100%; font-size:0.85em"
{| class="wikitable sortable" width="100%" style="font-size:0.85em"
|+ 💶 Baobab Insurance — equity funding rounds (EUR)<ref name="eu-startups"/><ref name="investegate"/><ref name="augmentum"/><ref name="ecapital"/><ref name="techeu"/>
|+ 💰 Baobab Insurance funding rounds, amounts, lead investors, and cumulative capital raised (EUR)
! scope="col" style="text-align:center" | Round
! scope="col" style="text-align:center" | Round
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center; width:7em" | Amount raised
! scope="col" style="text-align:right; width:7em" | Amount raised
! scope="col" style="text-align:center" | Lead investor(s)
! scope="col" style="text-align:center" | Lead investor(s)
! scope="col" style="text-align:center" | Notable co-investors
! scope="col" style="text-align:center" | Notable co-investors
! scope="col" style="text-align:center; width:7em" | Cumulative funding
! scope="col" style="text-align:right; width:7em" | Cumulative funding
|-
|-
| Pre-seed || 2022-01 || style="text-align:right" | €3.5M || Project A Ventures || La Famiglia; Discovery Ventures; angels || style="text-align:right" | —
| Pre-seed || January 2022 || style="text-align:right" | €3.5M || Project A Ventures || La Famiglia; Discovery Ventures; angels || style="text-align:right" | —
|-
|-
| Seed / new investment round || 2023-01-30 || style="text-align:right" | — (Augmentum disclosed €3M investment) || Augmentum Fintech || Existing investors || style="text-align:right" | —
| Seed || 30 January 2023 || style="text-align:right" | — || Augmentum Fintech (€3M disclosed investment) || Existing investors || style="text-align:right" | —
|-
|-
| Follow-on investment || 2024-07 || style="text-align:right" | — (Augmentum disclosed £0.6M) || — || — || style="text-align:right" | —
| Follow-on || July 2024 || style="text-align:right" | — || — || Augmentum Fintech (£0.6M disclosed investment) || style="text-align:right" | —
|-
|-
| Series A || 2025-06 || style="text-align:right" | €12M || Viola FinTech; eCAPITAL || Augmentum Fintech; Project A Ventures; advisory board participation || style="text-align:right" | €20.1M
| Series A || June 2025 || style="text-align:right" | €12M || Viola FinTech; eCAPITAL Entrepreneurial Partners || Augmentum Fintech; Project A Ventures; advisory board participation || style="text-align:right" | €20.1M
|}
|}


💶 '''Total capital raised.''' Baobab has raised a total of €20.1M across pre-seed, seed, and Series A rounds.<ref name="techeu">{{cite web |title=Baobab Insurance raises EUR12 million to protect businesses from AI attacks |url=https://tech.eu/2025/06/04/baobab-insurance-raises-eur12-million-to-protect-businesses-from-ai-attacks/ |publisher=Tech.eu |date=4 June 2025 |access-date=2026-03-09}}</ref> The €12M Series A, disclosed in June 2025, was led by Viola FinTech and eCAPITAL Entrepreneurial Partners, with participation from existing investors and a named advisory board member; proceeds were positioned for building out an active risk mitigation platform, team growth, and expansion to additional EU markets within 12 months.<ref name="ecapital"/>
📝 '''Seed round nuance.''' A primary-source announcement from Augmentum states a €3M investment in a new round without specifying total round size.<ref name="investegate"/> A Baobab-hosted interview post refers to a "€5 million financing round" led by Augmentum, but the post contains internal time inconsistencies (dated 2025 while discussing forward-looking plans for 2023), and the total round size is therefore not reliably confirmed.<ref name="baobab-blog-klemm"/>


📄 '''Seed round nuance.''' Augmentum Fintech's primary-source market announcement states it led a new investment round with a €3M investment, without explicitly disclosing the total round size.<ref name="augmentumrns">{{cite web |title=Portfolio update and new investment in insurtech |url=https://www.investegate.co.uk/announcement/prn/augmentum-fintech--augm/portfolio-update-and-new-investment-in-insurtech/7232775 |publisher=Investegate (Augmentum Fintech) |date=30 January 2023 |access-date=2026-03-09}}</ref> A Baobab-hosted interview post references a €5M financing round led by Augmentum, but that post contains internal time inconsistencies, making the €5M figure unreliable without independent corroboration.<ref name="vincenzblog"/>
📊 '''Operating scale signals.''' Around the Series A announcement, Baobab was reported at approximately 30 employees and planning multi-country EU expansion and product range broadening.<ref name="techeu"/> Investor communications describe loss ratios as "significantly below market average," though no quantitative figures are disclosed.<ref name="augmentum"/>

📈 '''Operating scale signals.''' Around the Series A announcement, Baobab was reported as approximately 30 employees and planning multi-country EU expansion and product range expansion.<ref name="techeu"/>


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== Product suite and underwriting appetite ==
== Product suite and underwriting appetite ==


🎯 '''Customer segments.''' Baobab markets cyber insurance primarily as a broker-sold product for companies with up to €200M turnover under its "Cyber Safe" terms and conditions.<ref name="baobab-cyber"/> German specialist press reports a mid-market cyber offering for companies with revenue up to €500M and cyber limits up to €15M, associated with Lloyd's coverholder status and cooperation with multiple Lloyd's syndicates and ERGO.<ref name="handelszeitung"/><ref name="baobab-about"/> A reinsurer announcement further extends underwriting capacity for CyberSafe to companies with up to €1B annual revenue in Germany and Austria via the SCOR Syndicate at Lloyd's.<ref name="scor"/> These thresholds indicate a deliberate trajectory from SME-focused underwriting toward upper mid-market and industrial clients.
🎯 '''Customer segments.''' Baobab markets cyber insurance primarily as a broker-sold product for companies with turnover up to €200M under its CyberSafe terms and conditions.<ref name="cyberins">{{cite web |title=Cyber Insurance |url=https://www.baobab.io/de-en/cyber-insurance |publisher=Baobab Insurance |access-date=2026-03-09}}</ref> German specialist press reports a mid-market cyber offering for companies with revenue up to €500M and cyber limits up to €15M, associated with Lloyd's coverholder status and cooperation with multiple Lloyd's syndicates and ERGO.<ref name="handelszeitung"/> A reinsurer announcement confirms that a partnership via the SCOR Syndicate at Lloyd's extends underwriting capacity for CyberSafe to companies with annual revenue up to €1B in Germany and Austria.<ref name="scor">{{cite web |title=SCOR strengthens cyber capabilities partnering with Baobab Insurance |url=https://www.scor.com/en/news/scor-strengthens-cyber-capabilities-partnering-baobab-insurance |publisher=SCOR |date=January 2026 |access-date=2026-03-09}}</ref>


🛡️ '''First-party coverages.''' Baobab publicly describes first-party cyber coverages including business interruption and revenue losses (including cloud failure), data and system recovery, hardware damage from cyber attack, crisis communication and PR support, cyber fraud coverage (e.g., fake president fraud), security improvements, and BYOD-related incidents.<ref name="cyberins"/>
🛡️ '''Policy form.''' Baobab markets "Cyber Safe" terms and conditions and identifies a partner risk carrier on its website, though the reviewed materials do not disclose whether the wording is proprietary versus carrier-issued.<ref name="baobab-cyber"/>


⚖️ '''Third-party coverages.''' Disclosed third-party coverages encompass network security liability (defense and indemnification for third-party damage), privacy liability and legal data protection advice, media liability, PCI-DSS and credit card industry penalties, intellectual property rights violations, and contractual penalties relating to unlawful disclosure, delayed services, and breach of notification obligations.<ref name="cyberins"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 🔒 Baobab Insurance — first-party cyber coverages (publicly described)<ref name="baobab-cyber"/>
! scope="col" style="text-align:center" | Coverage element
! scope="col" style="text-align:center" | Status
! scope="col" style="text-align:center" | Evidence note
|-
| Business interruption / revenue losses (incl. cloud failure) || Described as covered || Revenue losses including cloud failure listed as an exemplary benefit
|-
| Data restoration / system recovery || Described as covered || Listed as data and system recovery
|-
| Hardware damage / bricking || Described as covered || Coverage for property damage of hardware due to cyber attack
|-
| Cyber extortion / ransomware payments / negotiation || — || Ransomware mentioned as a threat but extortion cost coverage not specified in reviewed benefit lists
|-
| Reputational harm / crisis PR || Described as covered || Crisis communication and PR support listed
|-
| Social engineering / funds transfer fraud || Partially described || Cyber fraud coverage referencing fake-president scenarios
|-
| Security improvement costs || Described as covered || Security improvements listed as an exemplary benefit
|-
| BYOD-related incidents || Described as covered || BYOD coverage referenced in benefit list
|}


🆘 '''Breach response services.''' Embedded breach response services include forensic investigation, notification support, crisis management, crisis communication and PR support, and 24/7 emergency hotline access.<ref name="cyberins"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 🔓 Baobab Insurance — third-party cyber coverages (publicly described)<ref name="baobab-cyber"/>
! scope="col" style="text-align:center" | Coverage element
! scope="col" style="text-align:center" | Status
! scope="col" style="text-align:center" | Evidence note
|-
| Network security liability || Described || Includes defence and indemnification language for damage caused to third parties
|-
| Privacy liability (incl. legal counsel / regulatory) || Described || Advice on legal data protection obligations and third-party damage coverage referenced; fines/penalties not clearly specified
|-
| Media liability || Described || Media liability listed
|-
| PCI-DSS / card industry assessments || Described || Credit card industry penalties due to e-payment listed
|-
| IP rights infringement || Described || Violation of intellectual property rights listed
|-
| Contractual penalties || Described || Coverage for contractual penalties relating to unlawful disclosure, delayed services, and breach of notification obligation
|}


📋 '''E-crime product.''' Baobab and Liberty Specialty Markets jointly launched an e-crime (fidelity) product focused on CEO fraud and deepfakes, featuring five risk questions and limits up to €5M, positioned for mid-sized businesses and available as a standalone product with planned integration into cyber application flows.<ref name="asscompact">{{cite web |title=Baobab und LSM bringen E-Crime-Versicherung auf den Markt |url=https://www.asscompact.de/nachrichten/baobab-und-lsm-bringen-e-crime-versicherung-auf-den-markt |publisher=AssCompact |date=March 2025 |access-date=2026-03-09}}</ref>
🚨 '''Breach response services.''' Baobab's cyber insurance materials describe embedded services including forensic investigation, notification support, crisis management, crisis communication/PR support, and a 24/7 emergency hotline.<ref name="baobab-cyber"/>


💻 '''IT liability insurance.''' Baobab markets an IT pecuniary loss liability cover with sums insured up to €15M in Germany and Austria, featuring a three-question application for companies up to €200M turnover, coverage modules spanning liability and own damage with multiple named extensions (including delay damage and IP infringement), and insured activities such as software development, IT consulting, hosting, data centers, and related services.<ref name="itliability">{{cite web |title=IT Liability Insurance |url=https://www.baobab.io/de-en/it-liability-insurance |publisher=Baobab Insurance |access-date=2026-03-09}}</ref>
💳 '''E-crime product.''' A jointly launched e-crime (fidelity / "Vertrauensschaden") product with Liberty Specialty Markets as capacity provider focuses on CEO fraud and deepfakes, requires only five risk questions, and offers limits up to €5M; it is positioned for mid-sized businesses as a standalone product with planned integration into cyber application flows.<ref name="asscompact"/>


{{Section separator}}
💻 '''IT liability insurance.''' Baobab markets an IT pecuniary loss liability cover with sums insured up to €15M in Germany and Austria, with eligibility framed via a short three-question application for companies with up to €200M turnover. Coverage modules span liability and own damage with named extensions such as delay damage and IP infringement, and insured activities include software development, IT consulting, hosting, data centres, and related services.<ref name="baobab-it-liability">{{cite web |title=IT Liability Insurance |url=https://www.baobab.io/de-en/it-liability-insurance |publisher=Baobab Insurance |access-date=9 March 2026}}</ref>
== Distribution and geographic expansion ==

🌐 '''Broker-led distribution.''' Broker distribution is structurally central to Baobab's model, featuring a broker portal, broker-facing risk reports, cyber expert support for broker meetings, and accelerated onboarding via outside-in scanning and a DIN SPEC 27076 cyber risk check option. The portal provides digital application and quotation flows (including email-based options), customer scanning views for brokers, a resource center, and customer security status visibility.<ref name="broker"/>

🇩🇪 '''Core markets.''' Germany and Austria are repeatedly stated as active markets in investor and partner communications.<ref name="scor"/> Baobab launched in Germany in September 2022 and subsequently expanded to Austria.<ref name="vwheute">{{cite web |title=Insurtech Baobab expandiert nach Österreich |url=https://versicherungswirtschaft-heute.de/unternehmen-und-management/2023-03-30/insurtech-baobab-expandiert-nach-oesterreich/ |publisher=Versicherungswirtschaft Heute |date=30 March 2023 |access-date=2026-03-09}}</ref>

🇳🇱 '''Benelux entry.''' A reinsurer announcement states Baobab became active in the Benelux as of November 2025.<ref name="scor"/> The company is registered as a German insurance agent/MGA and separately discloses a Netherlands branch while appearing in EEA cross-border intermediary listings, consistent with EU insurance distribution rules for intermediaries.<ref name="impressum"/>


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{{Section separator}}
== Distribution, geographic expansion, and partnerships ==
== Capacity and partnerships ==


🏦 '''Named risk carriers.''' Baobab identifies Zurich Insurance Europe AG as the risk carrier for its cyber offering on its website.<ref name="baobabhome"/> Investor and insurer communications attribute additional carrier relationships over time, including ERGO and Liberty Specialty Markets, along with multiple named Lloyd's syndicate participants in mid-market offerings: Tokio Marine Kiln, Talbot Underwriting, and Argenta Syndicate Management.<ref name="ecapital"/><ref name="handelszeitung"/>
📡 '''Broker distribution.''' Broker distribution is structurally central to Baobab's go-to-market strategy, supported by a broker portal, broker-facing risk reports, IDD-accredited webinars, cyber experts attending broker meetings, and accelerated onboarding via outside-in scanning and a DIN SPEC 27076 cyber risk check option.<ref name="baobab-broker">{{cite web |title=Broker |url=https://www.baobab.io/de-en/broker |publisher=Baobab Insurance |access-date=9 March 2026}}</ref> Platform capabilities include digital application and quotation flows (including email-based options), customer scanning views for brokers, and a resource centre with customer security status visibility.<ref name="baobab-broker"/>


🤝 '''SCOR partnership.''' A reinsurer announcement confirms a partnership facilitated by the SCOR Syndicate at Lloyd's, extending Baobab's underwriting capacity for CyberSafe to companies with annual revenue up to €1B.<ref name="scor"/> This partnership is positioned as a milestone enabling entry into upper industrial client segments.
🗺️ '''Geographic expansion.''' Germany and Austria are repeatedly cited as active markets in investor and partner communications.<ref name="scor"/> Trade press reports a Germany launch in September 2022 followed by Austrian expansion.<ref name="vwheute"/> A reinsurer announcement confirms Benelux activity as of November 2025.<ref name="scor"/> The company is registered as a German insurance agent/MGA and separately discloses a Netherlands branch while appearing in EEA cross-border intermediary listings, consistent with EU insurance distribution rules for intermediaries.<ref name="baobab-impressum"/>


🔐 '''Technology and services partners.''' Baobab's cyber security page references a partner network including 1Password, Darktrace, and Device42, alongside partner discounts for policyholders.<ref name="cybersecurity"/> Bundled security measures include weekly scanning, awareness training components, templates, and a DIN SPEC 27076 cyber risk check valued at €2,000.<ref name="cybersecurity"/> Managed Detection and Response is presented as an additional service rather than universally bundled.<ref name="cybersecurity"/>
🏗️ '''Capacity partners.''' Baobab's own site identifies Zurich Insurance Europe AG as the risk carrier for its cyber offering.<ref name="baobab-cyber"/><ref name="baobab-home"/> Investor and insurer communications attribute additional carrier relationships over time, including ERGO and Liberty Specialty Markets, as well as multiple Lloyd's syndicate participants (Tokio Marine Kiln, Talbot Underwriting, and Argenta Syndicate Management) in mid-market offerings.<ref name="ecapital"/><ref name="finantsinspektsioon"/><ref name="baobab-home"/><ref name="eu-startups"/> A reinsurer announcement confirms a partnership via the SCOR Syndicate at Lloyd's extending CyberSafe underwriting capacity.<ref name="scor"/>

{{Section separator}}
== Competitive positioning ==


📐 '''Scale signals.''' Headcount stood at approximately 30 employees around the Series A announcement period.<ref name="techeu"/> Quantitative GWP, policy count, and loss ratio figures are not publicly disclosed; the most specific performance statement is qualitative, with investor communications describing loss ratios significantly below market average.<ref name="augmentum">{{cite web |title=Augmentum Fintech plc Annual Results 31 March 2025 |url=https://augmentum.vc/wp-content/uploads/2025/07/Augmentum-Fintech-plc-Annual-Results-31-March-2025.pdf |publisher=Augmentum Fintech |date=July 2025 |access-date=2026-03-09}}</ref>
🔧 '''Technology and services partners.''' Baobab's cyber security page references a partner network including 1Password, Darktrace, and Device42, with partner discounts available for policyholders.<ref name="baobab-security"/><ref name="baobab-about"/> Multiple security measures are bundled at no additional cost with cyber insurance, including weekly scanning, awareness training, templates, and a DIN SPEC 27076 cyber risk check valued at €2,000; Managed Detection and Response (MDR) is presented as an add-on service.<ref name="baobab-security"/>

🧬 '''Differentiation.''' Baobab's competitive moat rests on several pillars: a data and telemetry advantage through weekly scanning, continuous monitoring, and an AI/ML risk model R&D program; product-plus-services integration bundling prevention tools such as phishing simulation, awareness training, and vulnerability notification; broker portal tooling and risk visualization enabling distribution partnerships; and a broadening capacity access across multiple carriers and Lloyd's syndicates, reducing single-carrier dependency.<ref name="cybersecurity"/><ref name="broker"/><ref name="baobabhome"/>

🔍 '''Peer landscape.''' Within the cyber MGA ecosystem, Baobab most closely resembles an integrated European cyber MGA combining broker-led distribution and embedded cyber services. Comparable models include Coalition and At-Bay as US full-stack cyber platform comparators and Stoïk and Eye Security as European challengers blending cyber services and insurance placement.<ref name="techeu"/><ref name="cyberins"/> Baobab's distinct signal is its progression to higher revenue bands via Lloyd's-related authority and the SCOR partnership, representing a deliberate upmarket strategy.<ref name="scor"/>


{{Section separator}}
{{Section separator}}
== Risk factors ==
== Competitive positioning, risks, and outlook ==


⚠️ '''Capacity dependency.''' While Baobab cites multiple carrier relationships over time, the share of premium placed on each paper and the stability of each binder are undisclosed, leaving residual dependency risk if book economics concentrate on one carrier program.<ref name="ecapital"/>
📈 '''Scale and trajectory.''' Reported headcount is approximately 30 around the Series A cycle.<ref name="techeu"/> Public partner announcements and product eligibility thresholds show a clear expansion path from SMEs toward mid-market and upper mid-market/industrial segments, with revenue eligibility moving from €200M to €500M (reported) and to €1B (confirmed via the SCOR partnership).<ref name="baobab-cyber"/><ref name="scor"/>


🌊 '''Systemic cyber aggregation.''' The firm's move into larger revenue bands (up to €1B eligibility) may increase tail risk and aggregation exposure if portfolio controls, sublimits, and event management are not tightly governed.<ref name="scor"/>
🧩 '''Competitive moat.''' Baobab emphasises weekly scanning, continuous monitoring, and an AI/ML risk model R&D project as differentiators; investors and partners repeat the "data-first" and "AI-native" positioning.<ref name="baobab-security"/> Product differentiation is further framed through bundled prevention: templates, phishing simulation training, awareness trainings, risk checks per DIN SPEC 27076, and vulnerability notification workflows.<ref name="baobab-security"/> Broker portal tooling and broker-facing risk visualisation are highlighted as distribution enablers, and the partner set appears to broaden over time, potentially reducing single-carrier dependency.<ref name="baobab-broker"/><ref name="baobab-home"/>


📜 '''Regulatory and conduct risk.''' As a registered insurance agent/MGA with claims-handling responsibilities, operational execution and complaint handling are material, especially in cross-border contexts.<ref name="impressum"/>
🏁 '''Peer positioning.''' Within the cyber MGA ecosystem, Baobab most closely resembles a European "integrated cyber MGA" cluster combining broker-led distribution and embedded cyber services. The closest analogs by operating pattern are Coalition and At-Bay as full-stack cyber platform comparators in the US context and Stoïk and Eye Security as European challengers blending cyber services and insurance placement.<ref name="techeu"/><ref name="financefwd"/><ref name="vwheute"/><ref name="baobab-cyber"/> Baobab's distinct signal is its disclosed progression to higher revenue bands via Lloyd's-related authority and the SCOR partnership, marking a clear upmarket trajectory.<ref name="scor"/>


🔴 '''Risk factors.''' Capacity dependency remains material: while multiple carrier relationships are cited over time, the premium share placed on each paper and the tenure of each binder are undisclosed, leaving residual concentration risk.<ref name="ecapital"/> The move into larger revenue bands (up to €1B eligibility) may increase tail risk and aggregation exposure if portfolio controls, sublimits, and event management are not tightly governed.<ref name="scor"/> As a registered insurance agent/MGA with claims-handling responsibilities, operational execution and complaint handling become material in cross-border contexts.<ref name="baobab-impressum"/> The cyber MGA segment remains crowded, with well-capitalized competitors and incumbent carriers upgrading in-house cyber capabilities, meaning differentiation depends on sustained broker adoption and demonstrable loss performance. Post-Series A expansion plans also depend on effective scaling of underwriting, claims, security services, and cross-border regulatory operations.<ref name="ecapital"/>
⚔️ '''Competition.''' The cyber MGA segment remains crowded, with well-capitalized competitors and incumbent carriers upgrading in-house cyber capabilities; Baobab's differentiation depends on sustained broker adoption and demonstrable loss performance.


🚀 '''Funding and execution.''' Post-Series A expansion plans depend on the effective scaling of underwriting, claims, security services, and cross-border regulatory operations.<ref name="ecapital"/>
🔭 '''Strategy and outlook.''' Public announcements tie recent funding to expansion into additional EU markets, strengthening positions in Germany and Austria, and broadening the product range for commercial customers.<ref name="ecapital"/> The SCOR partnership is positioned as a milestone enabling entry into upper industrial client segments, implying a deliberate upmarket strategy likely requiring heavier underwriting governance, claims sophistication, and more bespoke placements.<ref name="scor"/>

{{Section separator}}
== Strategy and outlook ==


🗺️ '''Near-term priorities.''' Public announcements tie recent funding to expansion into additional EU markets, strengthening positions in Germany and Austria, and broadening the product range for commercial customers.<ref name="ecapital"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"

|+ 📅 Baobab Insurance — key events timeline
🏗️ '''Upmarket trajectory.''' The SCOR partnership is positioned as a milestone enabling entry into upper industrial client segments, implying a deliberate upmarket strategy likely requiring heavier underwriting governance, claims sophistication, and potentially more bespoke placements.<ref name="scor"/> Disclosed revenue thresholds indicate a product and authority trajectory progressing from SME-focused underwriting toward upper mid-market and industrial clients, with eligibility bands expanding from €200M to €500M and ultimately to €1B.<ref name="scor"/><ref name="handelszeitung"/><ref name="cyberins"/>

{{Section separator}}
== Timeline ==

{| class="wikitable sortable" width="100%" style="font-size:0.85em"
|+ 📅 Baobab Insurance key corporate events and milestones, 2021–2026
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center" | Event
! scope="col" style="text-align:center" | Event
|-
|-
| 2021 || Company founded by Vincenz Klemm and Anton Foth<ref name="baobab-about"/>
| 2021 || Company founded by Vincenz Klemm and Anton Foth
|-
|-
| 2022-01 || Pre-seed financing (€3.5M) led by Project A Ventures<ref name="eu-startups"/>
| January 2022 || Pre-seed financing (€3.5M) led by Project A Ventures
|-
|-
| 2022-09 || Launch in Germany<ref name="vwheute"/>
| September 2022 || Launch in Germany
|-
|-
| 2023-01-30 || Augmentum announces €3M investment in a new round<ref name="investegate"/>
| 30 January 2023 || Augmentum Fintech announces €3M investment in a new round
|-
|-
| 2023-03 || Expansion to Austria<ref name="vwheute"/>
| March 2023 || Expansion to Austria
|-
|-
| August 2024 || IT liability insurance launch
| 2024-07 || Augmentum follow-on investment (£0.6M disclosed)<ref name="augmentum"/>
|-
|-
| October 2024 || Lloyd's coverholder appointment for mid-market cyber; cooperation with Lloyd's syndicates and ERGO
| 2024-08 || IT liability insurance launch<ref name="augmentum"/>
|-
|-
| 14 January 2025 || Cross-border rights effective per Estonian regulator listing
| 2024-10 || Lloyd's coverholder appointment for mid-market cyber; cooperation with Lloyd's syndicates and ERGO<ref name="handelszeitung"/>
|-
|-
| March 2025 || E-crime product launch with Liberty Specialty Markets
| 2025-01-14 || Cross-border rights date shown on Estonian regulator listing<ref name="finantsinspektsioon"/>
|-
|-
| 4 June 2025 || €12M Series A; total raised €20.1M; EU expansion plans announced
| 2025-03 || E-crime product launch with Liberty Specialty Markets<ref name="asscompact"/>
|-
|-
| November 2025 || Benelux market entry
| 2025-06-04 || €12M Series A; total raised €20.1M; EU expansion plans announced<ref name="ecapital"/>
|-
|-
| 23 December 2025 || AFM register lists Baobab on Lloyd's Insurance Company S.A. page
| 2025-11 || Benelux active per reinsurer statement<ref name="scor"/>
|-
|-
| 30 January 2026 || SCOR partnership extends CyberSafe underwriting capacity to companies up to €1B revenue
| 2025-12-23 || AFM register lists Baobab Insurance GmbH (Lloyd's Insurance Company S.A. page)<ref name="afm"/>
|-
| 2026-01-30 || SCOR partnership extends CyberSafe underwriting capacity to companies up to €1B revenue<ref name="scor"/>
|}
|}
<ref name="aboutus"/><ref name="eustartups">{{cite web |title=Berlin-based Baobab secures €3.5 million to protect SMEs against cyberattack threat |url=https://www.eu-startups.com/2022/01/berlin-based-baobab-secures-e3-5-million-to-protect-smes-against-cyberattack-threat/ |publisher=EU-Startups |date=January 2022 |access-date=2026-03-09}}</ref><ref name="vwheute"/><ref name="augmentumrns"/><ref name="augmentum"/><ref name="handelszeitung"/><ref name="fiee"/><ref name="asscompact"/><ref name="techeu"/><ref name="scor"/><ref name="afm"/>

{{Section separator}}
== See also ==
* [[Cyber insurtech MGAs and underwriting agencies]]


{{Section separator}}
{{Section separator}}

Latest revision as of 14:01, 9 March 2026

Baobab Insurance
Baobab Insurance GmbH
Corporate identity
TypePrivate — insurtech MGA
License typeInsurance agent under § 34d (1) GewO
Founded2021; 5 years ago (2021)
HeadquartersBerlin, Germany
DomicileGermany
Licensed jurisdictionsGermany
Austria
Benelux
EEA cross-border
RegulatorIHK Berlin
Major shareholdersViola FinTech
eCAPITAL Entrepreneurial Partners
Augmentum Fintech
Project A Ventures
La Famiglia
Discovery Ventures
Key peopleVincenz Klemm, Co-Founder and CEO
Anton Foth, Co-Founder and CTO
John Braun, Head of Broker Sales
Manuela Solescu, Head of Digital Product
Andrew Saula, Head of Cyber Security
Benedikt Klingenheben, Head of Cyber Underwriting
Simon Bramsche, Head of Strategy and Finance
Number of employees~30 (June 2025)
Business & markets
Customer segmentsSME
Mid-market
Upper mid-market / industrial
Lines of businessCyber insurance
E-crime / fidelity
IT liability
Main products & servicesCyberSafe (cyber insurance)
E-crime insurance (with Liberty Specialty Markets)
IT pecuniary loss liability
Technology platformAI-native underwriting
Continuous monitoring and scanning
Broker portal
Customer portal
Capacity providersZurich Insurance Europe AG
ERGO
Liberty Specialty Markets
Lloyd's syndicates (Tokio Marine Kiln, Talbot Underwriting, Argenta Syndicate Management)
SCOR Syndicate at Lloyd's
DistributionBroker-led
Geographic marketsGermany
Austria
Benelux
CompetitorsCoalition
At-Bay
Stoïk
Eye Security
Key financials
Total funding raised€20.1M
Last funding roundSeries A, €12M, June 2025
Lead investorsViola FinTech
eCAPITAL Entrepreneurial Partners

🌳 Baobab Insurance is a Berlin-domiciled insurtech managing general agent (Baobab Insurance GmbH) registered under German law as an insurance agent (§ 34d GewO) at IHK Berlin and appointed as a Lloyd's coverholder acting on behalf of Lloyd's Insurance Company S.A. The company was founded in 2021 by Vincenz Klemm (CEO) and Anton Foth (CTO), and operates from its Berlin headquarters with a branch in Rotterdam, Netherlands. Baobab specializes in cyber insurance, e-crime, and IT liability products distributed through brokers across Germany, Austria, and the Benelux.

🤖 AI-native underwriting. Baobab frames its underwriting as AI-native and data-first, combining automated underwriting, dynamic pricing, and continuous portfolio management with a machine-learning risk model co-financed by Investitionsbank Berlin and the European Regional Development Fund. The platform integrates continuous monitoring, weekly scanning, and vulnerability notification as core components of the customer experience. Investor communications and partner announcements consistently emphasize this technology-driven approach as a key differentiator.

🛡️ Product suite. The flagship CyberSafe product covers first-party exposures including business interruption (including cloud failure), data and system recovery, hardware damage, crisis communications, cyber fraud, and BYOD incidents, alongside third-party coverages spanning network security liability, privacy liability, media liability, PCI-DSS penalties, IP rights infringement, and contractual penalties. Embedded breach response services include forensic investigation, notification support, crisis management, and 24/7 emergency hotline access. Adjacent products include an e-crime insurance jointly launched with Liberty Specialty Markets (limits up to €5M) and an IT pecuniary loss liability cover with sums insured up to €15M.

🎯 Customer segments. Baobab's disclosed revenue thresholds indicate a product and authority trajectory progressing from SME-focused underwriting (companies up to €200M turnover) through mid-market (up to €500M via Lloyd's coverholder status) to upper industrial clients (up to €1B via the SCOR Syndicate at Lloyd's). This upmarket expansion is reinforced by capacity announcements emphasizing industrial clients and the upper industrial sector. Actual customer mix by band, policy count, and GWP contribution by segment are not publicly disclosed.

📊 Distribution and expansion. Broker distribution is structurally central, supported by a broker portal with digital application and quotation flows, customer scanning views, risk visualization, and cyber expert support for broker meetings. Baobab launched in Germany in September 2022, expanded to Austria in March 2023, and became active in the Benelux as of November 2025. Multiple EEA supervisory listings evidence cross-border intermediary status across Lithuania, Estonia, and the Netherlands.

🏦 Capacity providers. Baobab places risk across multiple carriers and Lloyd's syndicates, identifying Zurich Insurance Europe AG as the primary risk carrier for its cyber offering, with additional relationships including ERGO, Liberty Specialty Markets, Tokio Marine Kiln, Talbot Underwriting, and Argenta Syndicate Management. The January 2026 SCOR partnership via the SCOR Syndicate at Lloyd's extends CyberSafe underwriting capacity to companies with annual revenue up to €1B in Germany and Austria. Quota share, excess of loss details, binder terms, and per-risk aggregate capacity are not publicly disclosed.

💰 Funding. Baobab has raised €20.1M in total venture funding across pre-seed (€3.5M, January 2022, led by Project A Ventures), seed (January 2023, led by Augmentum Fintech), and Series A (€12M, June 2025, led by Viola FinTech and eCAPITAL Entrepreneurial Partners). Series A proceeds were positioned for building an active risk mitigation platform, team growth, and expansion to additional EU markets within 12 months. Around the Series A, headcount stood at approximately 30 employees.

🔍 Competitive positioning. Within the cyber MGA ecosystem, Baobab most closely resembles an integrated European model combining broker-led distribution and embedded cyber services, comparable to Coalition and At-Bay in the US and Stoïk and Eye Security in Europe. The company's distinct signal is its progression to higher revenue bands via Lloyd's-related authority and the SCOR partnership. Investor communications describe loss ratios significantly below market average, though quantitative GWP, policy count, and financial metrics are not publicly disclosed.

⚠️ Risk factors. Key risks include capacity dependency (premium concentration on undisclosed carrier splits), systemic cyber aggregation as eligibility bands expand to €1B revenue, regulatory and conduct risk in cross-border operations, competitive pressure from well-capitalized peers and incumbent carriers, and execution risk as post-Series A expansion plans require scaling underwriting, claims, security services, and multi-jurisdiction regulatory compliance simultaneously.

The following sections provide further details.

~*~

Corporate identity and regulatory footprint

🏛️ Legal entity. Baobab Insurance GmbH is domiciled in Berlin, Germany, and registered at the Charlottenburg District Court under register number HRB 230973 B with VAT ID DE 344 813 395.[1] The company is registered as an insurance agent under § 34d (1) GewO with registration number D-F7C4-4U8EW-99 at IHK Berlin, and characterizes its operating role as an insurance agent in the form of a managing general agent performing brokerage, administration, claims processing, recourse processing, and collection services.[2] Baobab discloses that it is remunerated via commission included in premiums and may receive separate remuneration from insurers, and that neither Baobab nor any insurer holds more than 10% of the other.[2]

📌 Netherlands branch. Baobab maintains a branch in Rotterdam, Netherlands, with Dutch Chamber of Commerce (KvK) number 98565028.[1] Multiple EEA supervisory listings evidence cross-border intermediary status: the Bank of Lithuania lists Baobab as an EEA insurance intermediary, the Estonian Finantsinspektsioon lists it as a provider of cross-border insurance mediation services with rights effective 14 January 2025, and the AFM register page for Lloyd's Insurance Company S.A. includes Baobab with a date of entrance of 23 December 2025.[3][4][5]

🏷️ Lloyd's coverholder status. Baobab positions itself as a coverholder acting on behalf of Lloyd's Europe (Lloyd's Insurance Company S.A.), authorized by the National Bank of Belgium.[6] German-language trade press independently reports the appointment as an official Lloyd's coverholder for a mid-market proposition.[7] No evidence in reviewed sources indicates that Baobab holds a direct insurer or carrier authorization; the company describes itself as an MGA/insurance agent, with risk carried by partner insurers.[8]

~*~

Business model

🔧 Operating model. Baobab operates as a technology-enabled managing general agent (referred to in the German market as an "Assekuradeur") focused on digital risks, combining delegated underwriting and distribution with risk mitigation services and continuous monitoring.[2] The core proposition pairs cyber insurance with bundled security measures, including ongoing monitoring, vulnerability notification, and preventive services delivered through broker and customer portals.[9]

🤖 AI-native underwriting. Baobab frames its underwriting as AI-native and tied to continuous monitoring; investor communications characterize the approach as data-first, with automated underwriting, dynamic pricing, and continuous portfolio management.[10] The company also discloses a machine-learning risk model R&D effort co-financed by Investitionsbank Berlin and the European Regional Development Fund.[11]

📊 Distribution architecture. Brokers serve as the primary go-to-market channel, supported by a broker portal, enablement materials, cyber risk visualization, and broker-facing webinars with IDD continuing education points.[12] The CEO has stated that seven of the ten largest German brokers were already cooperating with Baobab.[13] The company places partner insurers behind its products as risk carriers, with third-party sources naming multiple carrier partners over time — including Zurich, ERGO, and others — consistent with an MGA model rather than balance-sheet underwriting.[14]

~*~

Leadership and governance

👤 Founders. Vincenz Klemm (Co-Founder, CEO / Managing Director) previously co-founded Gabi in San Francisco and built it into a leading online insurance broker in the United States.[6] Anton Foth (Co-Founder, CTO / Managing Director) previously served as CTO at Coya AG and leads technical product development at Baobab.[6]

👥 Senior leadership. The disclosed leadership team includes John Braun (Head of Broker Sales, previously at WTW and CyberDirekt), Manuela Solescu (Head of Digital Product, previously at Revolut and wefox), Andrew Saula (Head of Cyber Security, previously at EY and Deputy CISO at TUI), Benedikt Klingenheben (Head of Cyber Underwriting, previously head of mid-market cyber practice at Chubb), and Simon Bramsche (Head of Strategy and Finance, previously at HPE Growth and GP Bullhound).[6]

🧭 Advisory board. The company discloses an advisory board comprising Thies Sander (Founding Partner at Project A Ventures), Martyn Holman (Partner at Augmentum Fintech), and Christof Mascher (former board member of Allianz SE).[6][10] Public narrative, partner announcements, and capital-raise communications are heavily centered on the CEO as primary spokesperson and strategic driver, indicating key-person concentration risk.[10]

~*~

Funding and capitalization

💰 Baobab Insurance funding rounds, amounts, lead investors, and cumulative capital raised (EUR)
Round Date Amount raised Lead investor(s) Notable co-investors Cumulative funding
Pre-seed January 2022 €3.5M Project A Ventures La Famiglia; Discovery Ventures; angels —
Seed 30 January 2023 — Augmentum Fintech (€3M disclosed investment) Existing investors —
Follow-on July 2024 — — Augmentum Fintech (£0.6M disclosed investment) —
Series A June 2025 €12M Viola FinTech; eCAPITAL Entrepreneurial Partners Augmentum Fintech; Project A Ventures; advisory board participation €20.1M

💶 Total capital raised. Baobab has raised a total of €20.1M across pre-seed, seed, and Series A rounds.[15] The €12M Series A, disclosed in June 2025, was led by Viola FinTech and eCAPITAL Entrepreneurial Partners, with participation from existing investors and a named advisory board member; proceeds were positioned for building out an active risk mitigation platform, team growth, and expansion to additional EU markets within 12 months.[10]

📄 Seed round nuance. Augmentum Fintech's primary-source market announcement states it led a new investment round with a €3M investment, without explicitly disclosing the total round size.[16] A Baobab-hosted interview post references a €5M financing round led by Augmentum, but that post contains internal time inconsistencies, making the €5M figure unreliable without independent corroboration.[13]

📈 Operating scale signals. Around the Series A announcement, Baobab was reported as approximately 30 employees and planning multi-country EU expansion and product range expansion.[15]

~*~

Product suite and underwriting appetite

🎯 Customer segments. Baobab markets cyber insurance primarily as a broker-sold product for companies with turnover up to €200M under its CyberSafe terms and conditions.[17] German specialist press reports a mid-market cyber offering for companies with revenue up to €500M and cyber limits up to €15M, associated with Lloyd's coverholder status and cooperation with multiple Lloyd's syndicates and ERGO.[7] A reinsurer announcement confirms that a partnership via the SCOR Syndicate at Lloyd's extends underwriting capacity for CyberSafe to companies with annual revenue up to €1B in Germany and Austria.[18]

🛡️ First-party coverages. Baobab publicly describes first-party cyber coverages including business interruption and revenue losses (including cloud failure), data and system recovery, hardware damage from cyber attack, crisis communication and PR support, cyber fraud coverage (e.g., fake president fraud), security improvements, and BYOD-related incidents.[17]

⚖️ Third-party coverages. Disclosed third-party coverages encompass network security liability (defense and indemnification for third-party damage), privacy liability and legal data protection advice, media liability, PCI-DSS and credit card industry penalties, intellectual property rights violations, and contractual penalties relating to unlawful disclosure, delayed services, and breach of notification obligations.[17]

🆘 Breach response services. Embedded breach response services include forensic investigation, notification support, crisis management, crisis communication and PR support, and 24/7 emergency hotline access.[17]

📋 E-crime product. Baobab and Liberty Specialty Markets jointly launched an e-crime (fidelity) product focused on CEO fraud and deepfakes, featuring five risk questions and limits up to €5M, positioned for mid-sized businesses and available as a standalone product with planned integration into cyber application flows.[19]

💻 IT liability insurance. Baobab markets an IT pecuniary loss liability cover with sums insured up to €15M in Germany and Austria, featuring a three-question application for companies up to €200M turnover, coverage modules spanning liability and own damage with multiple named extensions (including delay damage and IP infringement), and insured activities such as software development, IT consulting, hosting, data centers, and related services.[20]

~*~

Distribution and geographic expansion

🌐 Broker-led distribution. Broker distribution is structurally central to Baobab's model, featuring a broker portal, broker-facing risk reports, cyber expert support for broker meetings, and accelerated onboarding via outside-in scanning and a DIN SPEC 27076 cyber risk check option. The portal provides digital application and quotation flows (including email-based options), customer scanning views for brokers, a resource center, and customer security status visibility.[12]

🇩🇪 Core markets. Germany and Austria are repeatedly stated as active markets in investor and partner communications.[18] Baobab launched in Germany in September 2022 and subsequently expanded to Austria.[21]

🇳🇱 Benelux entry. A reinsurer announcement states Baobab became active in the Benelux as of November 2025.[18] The company is registered as a German insurance agent/MGA and separately discloses a Netherlands branch while appearing in EEA cross-border intermediary listings, consistent with EU insurance distribution rules for intermediaries.[2]

~*~

Capacity and partnerships

🏦 Named risk carriers. Baobab identifies Zurich Insurance Europe AG as the risk carrier for its cyber offering on its website.[14] Investor and insurer communications attribute additional carrier relationships over time, including ERGO and Liberty Specialty Markets, along with multiple named Lloyd's syndicate participants in mid-market offerings: Tokio Marine Kiln, Talbot Underwriting, and Argenta Syndicate Management.[10][7]

🤝 SCOR partnership. A reinsurer announcement confirms a partnership facilitated by the SCOR Syndicate at Lloyd's, extending Baobab's underwriting capacity for CyberSafe to companies with annual revenue up to €1B.[18] This partnership is positioned as a milestone enabling entry into upper industrial client segments.

🔐 Technology and services partners. Baobab's cyber security page references a partner network including 1Password, Darktrace, and Device42, alongside partner discounts for policyholders.[9] Bundled security measures include weekly scanning, awareness training components, templates, and a DIN SPEC 27076 cyber risk check valued at €2,000.[9] Managed Detection and Response is presented as an additional service rather than universally bundled.[9]

~*~

Competitive positioning

📐 Scale signals. Headcount stood at approximately 30 employees around the Series A announcement period.[15] Quantitative GWP, policy count, and loss ratio figures are not publicly disclosed; the most specific performance statement is qualitative, with investor communications describing loss ratios significantly below market average.[22]

🧬 Differentiation. Baobab's competitive moat rests on several pillars: a data and telemetry advantage through weekly scanning, continuous monitoring, and an AI/ML risk model R&D program; product-plus-services integration bundling prevention tools such as phishing simulation, awareness training, and vulnerability notification; broker portal tooling and risk visualization enabling distribution partnerships; and a broadening capacity access across multiple carriers and Lloyd's syndicates, reducing single-carrier dependency.[9][12][14]

🔍 Peer landscape. Within the cyber MGA ecosystem, Baobab most closely resembles an integrated European cyber MGA combining broker-led distribution and embedded cyber services. Comparable models include Coalition and At-Bay as US full-stack cyber platform comparators and Stoïk and Eye Security as European challengers blending cyber services and insurance placement.[15][17] Baobab's distinct signal is its progression to higher revenue bands via Lloyd's-related authority and the SCOR partnership, representing a deliberate upmarket strategy.[18]

~*~

Risk factors

⚠️ Capacity dependency. While Baobab cites multiple carrier relationships over time, the share of premium placed on each paper and the stability of each binder are undisclosed, leaving residual dependency risk if book economics concentrate on one carrier program.[10]

🌊 Systemic cyber aggregation. The firm's move into larger revenue bands (up to €1B eligibility) may increase tail risk and aggregation exposure if portfolio controls, sublimits, and event management are not tightly governed.[18]

📜 Regulatory and conduct risk. As a registered insurance agent/MGA with claims-handling responsibilities, operational execution and complaint handling are material, especially in cross-border contexts.[2]

⚔️ Competition. The cyber MGA segment remains crowded, with well-capitalized competitors and incumbent carriers upgrading in-house cyber capabilities; Baobab's differentiation depends on sustained broker adoption and demonstrable loss performance.

🚀 Funding and execution. Post-Series A expansion plans depend on the effective scaling of underwriting, claims, security services, and cross-border regulatory operations.[10]

~*~

Strategy and outlook

🗺️ Near-term priorities. Public announcements tie recent funding to expansion into additional EU markets, strengthening positions in Germany and Austria, and broadening the product range for commercial customers.[10]

🏗️ Upmarket trajectory. The SCOR partnership is positioned as a milestone enabling entry into upper industrial client segments, implying a deliberate upmarket strategy likely requiring heavier underwriting governance, claims sophistication, and potentially more bespoke placements.[18] Disclosed revenue thresholds indicate a product and authority trajectory progressing from SME-focused underwriting toward upper mid-market and industrial clients, with eligibility bands expanding from €200M to €500M and ultimately to €1B.[18][7][17]

~*~

Timeline

📅 Baobab Insurance key corporate events and milestones, 2021–2026
Date Event
2021 Company founded by Vincenz Klemm and Anton Foth
January 2022 Pre-seed financing (€3.5M) led by Project A Ventures
September 2022 Launch in Germany
30 January 2023 Augmentum Fintech announces €3M investment in a new round
March 2023 Expansion to Austria
August 2024 IT liability insurance launch
October 2024 Lloyd's coverholder appointment for mid-market cyber; cooperation with Lloyd's syndicates and ERGO
14 January 2025 Cross-border rights effective per Estonian regulator listing
March 2025 E-crime product launch with Liberty Specialty Markets
4 June 2025 €12M Series A; total raised €20.1M; EU expansion plans announced
November 2025 Benelux market entry
23 December 2025 AFM register lists Baobab on Lloyd's Insurance Company S.A. page
30 January 2026 SCOR partnership extends CyberSafe underwriting capacity to companies up to €1B revenue

[6][23][21][16][22][7][4][19][15][18][5]

~*~

See also

~*~

References

  1. ↑ 1.0 1.1 "Imprint". Baobab Insurance. Retrieved 2026-03-09.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 "Impressum". Baobab Insurance. Retrieved 2026-03-09.
  3. ↑ "Baobab Insurance GmbH — Financial market participant". Bank of Lithuania. Retrieved 2026-03-09.
  4. ↑ 4.0 4.1 "Baobab Insurance GmbH — Cross-border insurance mediation". Finantsinspektsioon. Retrieved 2026-03-09.
  5. ↑ 5.0 5.1 "Lloyd's Insurance Company S.A. — Register details". AFM. Retrieved 2026-03-09.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 "About us". Baobab Insurance. Retrieved 2026-03-09.
  7. ↑ 7.0 7.1 7.2 7.3 7.4 "Baobab Insurance bietet Mid-Market Cyberschutz". Handelszeitung. Retrieved 2026-03-09.
  8. ↑ "Baobab Funding Series A". Finance Forward. Retrieved 2026-03-09.
  9. ↑ 9.0 9.1 9.2 9.3 9.4 "Cyber Security". Baobab Insurance. Retrieved 2026-03-09.
  10. ↑ 10.0 10.1 10.2 10.3 10.4 10.5 10.6 10.7 "Baobab Insurance raises €12 million to protect businesses from cyberattacks, fraud and software product failures". eCAPITAL. June 2025. Retrieved 2026-03-09.
  11. ↑ "EU co-financed". Baobab Insurance. Retrieved 2026-03-09.
  12. ↑ 12.0 12.1 12.2 "Broker". Baobab Insurance. Retrieved 2026-03-09.
  13. ↑ 13.0 13.1 "Vincenz Klemm — Finance round". Baobab Insurance. Retrieved 2026-03-09.
  14. ↑ 14.0 14.1 14.2 "Baobab Insurance". Baobab Insurance. Retrieved 2026-03-09.
  15. ↑ 15.0 15.1 15.2 15.3 15.4 "Baobab Insurance raises EUR12 million to protect businesses from AI attacks". Tech.eu. 4 June 2025. Retrieved 2026-03-09.
  16. ↑ 16.0 16.1 "Portfolio update and new investment in insurtech". Investegate (Augmentum Fintech). 30 January 2023. Retrieved 2026-03-09.
  17. ↑ 17.0 17.1 17.2 17.3 17.4 17.5 "Cyber Insurance". Baobab Insurance. Retrieved 2026-03-09.
  18. ↑ 18.0 18.1 18.2 18.3 18.4 18.5 18.6 18.7 18.8 "SCOR strengthens cyber capabilities partnering with Baobab Insurance". SCOR. January 2026. Retrieved 2026-03-09.
  19. ↑ 19.0 19.1 "Baobab und LSM bringen E-Crime-Versicherung auf den Markt". AssCompact. March 2025. Retrieved 2026-03-09.
  20. ↑ "IT Liability Insurance". Baobab Insurance. Retrieved 2026-03-09.
  21. ↑ 21.0 21.1 "Insurtech Baobab expandiert nach Österreich". Versicherungswirtschaft Heute. 30 March 2023. Retrieved 2026-03-09.
  22. ↑ 22.0 22.1 "Augmentum Fintech plc Annual Results 31 March 2025" (PDF). Augmentum Fintech. July 2025. Retrieved 2026-03-09.
  23. ↑ "Berlin-based Baobab secures €3.5 million to protect SMEs against cyberattack threat". EU-Startups. January 2022. Retrieved 2026-03-09.
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