The chief executive says the liquidation is a matter of reorganisation
Property data insurtech startup Insurdata’s UK division has entered voluntary liquidation.
A statement of affairs posted on Companies House, dated 15 April 2021, confirms that the insurtech’s London-based UK limited company has had liquidators appointed, but it continues to operate in the US.
Jeremy Sterns, the firm’s chief executive and chief technology officer, told Insurance Times: ”The liquidation is localised to Insurdata’s UK business entity. This is a matter of a reorganisation we’ve decided to do, to remain as well aligned as possible to what we think our customers and partners need.”
A previous ”extraordinary resolution to windup statement” gives the names of the joint liquidators – David Elliot and Bai Cham at independent business recovery specialist Begbies Traynor, Innovation Centre Medway - for the purpose of the voluntary windup and “any act required or authorised under any enactment”.
The statement of affairs is effective from “19 March 2021, being a date not more than 14 days before the date of resolution for winding up”.
In April 2019, the insurtech secured $3m in seed funding from a group of investors led by Anthemis and Menlo Ventures.
Close relations
The insurtech originally launched in 2017, to address the lack of property data in the insurance and reinsurance market and to help underwriters with risk.
Sterns added: ”Insurdata’s primary legal entity is in the US and as part of this reorganisation, a few people have left the team including those based in the UK.
”However, our remaining US-based team continues close relationships with our UK and other globally distributed customers, all of whom are quite happy and growing their business with us and continuing to achieve some very nice, positive business impact from better exposure knowledge management strategies and tools.”
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