Baobab Insurance
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| header1 = Corporate identity
| label2 = Type | data2 = Private — insurtech MGA | class2 = category
| label3 = Traded as | data3 =
| label4 = ISIN | data4 =
| label5 = LEI | data5 =
| label6 = Registration number | data6 =
| label7 = Regulated | data7 =
| label8 = License type | data8 = Insurance agent under § 34d (1) GewO
| label9 = NPN | data9 =
| label10 = Coverholder reference | data10 =
| label11 = License number | data11 =
| label12 = Incorporation | data12 =
| label13 = Founded | data13 = 2021{{#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Start date and age with unknown parameter "_VALUE_"|showblankpositional=1| 1 | 2 | 3 | br | df | end | p | paren }}
| label14 = Headquarters | data14 = Berlin, Germany | class14 = label
| label15 = Country | data15 =
| label16 = Domicile | data16 = Germany
| label17 = Licensed jurisdictions
| data17 = Germany
Austria
Benelux
EEA cross-border
| label18 = Regulator | data18 = IHK Berlin
| label19 = Ultimate parent | data19 =
| label20 = Major shareholders
| data20 = Viola FinTech
eCAPITAL Entrepreneurial Partners
Augmentum Fintech
Project A Ventures
La Famiglia
Discovery Ventures
| label21 = Group status | data21 =
| label22 = Key people
| data22 = Vincenz 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
| label23 = Number of employees | data23 = ~30 (June 2025)
| header24 = Business & markets
| label25 = Operating status | data25 =
| label26 = Customer segments
| data26 = SME
Mid-market
Upper mid-market / industrial
| label27 = Lines of business
| data27 = Cyber insurance
E-crime / fidelity
IT liability
| label28 = Business segments | data28 =
| label29 = Main products & services
| data29 = CyberSafe (cyber insurance)
E-crime insurance (with Liberty Specialty Markets)
IT pecuniary loss liability
| label30 = Technology platform
| data30 = AI-native underwriting
Continuous monitoring and scanning
Broker portal
Customer portal
| label31 = Capacity providers
| data31 = Zurich Insurance Europe AG
ERGO
Liberty Specialty Markets
Lloyd's syndicates (Tokio Marine Kiln, Talbot Underwriting, Argenta Syndicate Management)
SCOR Syndicate at Lloyd's
| label32 = Distribution | data32 = Broker-led
| label33 = Geographic markets
| data33 = Germany
Austria
Benelux
| label34 = Branches | data34 =
| label35 = Customers served | data35 =
| label36 = Competitors
| data36 = Coalition
At-Bay
Stoïk
Eye Security
| label37 = Market share rank | data37 =
| header38 = Key financials
| label39 = Currency | data39 =
| label40 = Market cap | data40 =
| label41 = Revenue | data41 =
| label42 = Insurance revenue | data42 =
| label43 = Operating income | data43 =
| label44 = EBITDA | data44 =
| label45 = Net income | data45 =
| label46 = Gross written premium | data46 =
| label47 = Net written premium | data47 =
| label48 = Loss ratio | data48 =
| label49 = Combined ratio | data49 =
| label50 = Commission / MGA fee | data50 =
| label51 = Total assets | data51 =
| label52 = Invested assets | data52 =
| label53 = Technical reserves | data53 =
| label54 = Contractual service margin | data54 =
| label55 = Net debt | data55 =
| label56 = Equity | data56 =
| label57 = Operating margin | data57 =
| label58 = Solvency ratio | data58 =
| label59 = Return on equity | data59 =
| label60 = Total funding raised | data60 = €20.1M
| label61 = Last funding round | data61 = Series A, €12M, June 2025
| label62 = Last known valuation | data62 =
| label63 = Lead investors
| data63 = Viola FinTech
eCAPITAL Entrepreneurial Partners
| label64 = Capital structure | data64 =
| label65 = Insurer financial strength | data65 =
| label66 = Capacity partner ratings | data66 =
| label67 = External ratings | data67 =
| data68 =
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Template:Summary:Baobab Insurance
The following sections provide further details.
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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]
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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]
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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]
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Funding and capitalization
| 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]
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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]
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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]
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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]
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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]
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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]
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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]
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Timeline
| 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]
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See also
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References
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