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{{Infobox insurance company
| name = Onda
| legal_name = Onda Holding = S.A.
| logo = Logo of Onda.svg
| logo_size =
| logo_alt = Onda = logo
| logo_caption =
| type = PrivateManaging —general cyberagent (MGA platform)
| exchange founded = 2022
| headquarters = Bertrange, Luxembourg (holding); London, United Kingdom; Paris, France; Miami, Florida, United States
| ticker =
| isin domicile = Luxembourg
| leiregulator = FCA (UK), ACPR (France), US state = DOIs
| ultimate_parent = Onda Holding S.A.
| license_type = MGA / Lloyd's coverholder (Europe)<br/>Licensed producer and surplus lines broker (United States)
| shareholders = 8VC, K5 Global, Northstar.VC, AAF Management, Bhansali Equities
| npn = 21439548
| key_people = Joe Lonsdale (Co-Founder), Ashley Hirst (President & MD), Ed McGough (Group CTO), Alex Jomaa (CUO)
| coverholder_ref =
| incorporationnum_employees = 35–50 = (estimated)
| lines_of_business = Cyber insurance
| founded = {{Start date and age|2022}}
| headquarterproducts = Onda+ (SME), =Onda X (mid-market)
| domicile distribution = Broker-only
| competitors = Coalition, At-Bay, Cowbell, Stoïk, Eye Security, Elpha Secure, Cogitanda, Sync Underwriting
| insurance_jurisdictions = United States<br/>United Kingdom<br/>France
| financial_year = December 31
| regulator = Autorité de Contrôle Prudentiel et de Résolution (France)<br/>Financial Conduct Authority (United Kingdom, via CKRe Limited)
| insurance_revenue = £2 million (CKRe, FY2023)
| ultimate_parent =
| shareholdersequity = £1.3 million (CKRe net assets, FY2023)
| ratings = Capacity carriers rated A (AM Best) or better
| key_people = Alex Jomaa, Chief Underwriting Officer<br/>Patrick Cannon, Chief Claims Officer<br/>Gillian Harvey, Group Head of Compliance<br/>Kate Schulze, Head of Legal
| footnotes = Financial data reflects CKRe Limited (UK entity) only; consolidated group figures are not publicly available.
| num_employees = 32 (December 2023)
| customer_segments = Upper SME to mid-market businesses with annual revenue up to $/£/€ 1 billion
| lines_of_business = Cyber insurance
| segments =
| products = Onda + (SME and lower mid-market)<br/>Onda X (mid-market, powered by Navigator)
| technology_platform = Navigator (cyber risk and insurability management)<br/>Threat Lab (threat intelligence consulting)<br/>Clive by Five Sigma (claims management)
| capacity_providers = Everest (via Lloyd's of London)<br/>Canopius Group<br/>Crum & Forster Specialty Insurance Company (NAIC 44520)
| distribution = Broker-facing
| geographic_markets = United States<br/>United Kingdom<br/>France
| num_customers =
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}}
{{Summary:Onda{{PAGENAME}}|5}}
{{More details}}
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== Corporate identityprofile and group structure ==
 
🏢 '''Legal entities.''' Onda operates through five legal entities spanning four jurisdictions. The parent holding company, Onda Holding S.A., is domiciled in Luxembourg (registration B266272) at 33, rue du Puits Romain, L-8070 Bertrange.<ref name="bhansalisfo">{{cite web |title=Onda — Advanced Cyber Insurance |url=https://bhansalisfo.com/onda-advanced-cyber-insurance/ |publisher=Bhansali SFO |access-date=March 20, 2026}}</ref> Onda AI, Inc., registered in Florida at 1110 Brickell Ave., Suite 515, Miami, FL 33131, serves as the technology and platform entity.<ref name="ondaus">{{cite web |title=Onda — US |url=https://onda.ai/us |publisher=Onda |access-date=March 20, 2026}}</ref> Onda Insurance Services, Inc., incorporated in Maryland (NPN 21439548; MD License #30034368120), is the US licensed insurance producer with surplus lines authorizations in over 40 states.<ref name="ondauslicences">{{cite web |title=Onda — US Licences |url=https://onda.ai/us/licences-us |publisher=Onda |access-date=March 20, 2026}}</ref> CKRe Limited (Companies House 03600683), trading as "Onda," is the FCA-authorized UK distribution entity (FRN 308735) located at 2nd Floor, 40 Lime Street, London, EC3M 7AW.<ref name="govuk">{{cite web |title=CKRe Limited — Company Information |url=https://find-and-update.company-information.service.gov.uk/company/03600683 |publisher=Companies House (UK) |access-date=March 20, 2026}}</ref> Onda SAS (RCS Paris 910621077, ORIAS #22005524) operates as the French distribution entity at 80, avenue d'Iéna, 75116 Paris.<ref name="ondafr">{{cite web |title=Onda — À propos de nous |url=https://www.onda.ai/fr/a-propos-de-nous/ |publisher=Onda |access-date=March 20, 2026}}</ref>
🏢 '''Multi-jurisdictional platform.''' Onda operates as a multi-jurisdictional cyber MGA platform with distinct distribution entities by region and a separate U.S. technology entity. The company follows a broker-led distribution model with delegated authority frameworks in Europe and carrier paper in the United States. Onda explicitly avoids direct-to-insured retail solicitation.<ref name="onda_fr">{{cite web |title=Onda – Cyber Insurance (France) |url=https://onda.ai/fr |publisher=Onda |access-date=2026-03-09}}</ref>
 
📜 '''Shell acquisition.''' CKRe Limited was originally incorporated on July 20, 1998, as a longstanding Lloyd's broker. Onda appears to have acquired or repurposed this FCA-authorized shell to gain immediate regulatory authorization for UK insurance distribution.<ref name="govuk"/> CKRe's persons of significant control shifted to Agora Group Holdings Limited in April 2025 (replacing Henri Junior Chalhoub), with Risk Capital S.A. recorded as the 100% shareholder and Martin Andrew Wright listed as a shareholder and director.<ref name="govukfiling">{{cite web |title=CKRe Limited — Filing History |url=https://find-and-update.company-information.service.gov.uk/company/03600683/filing-history |publisher=Companies House (UK) |access-date=March 20, 2026}}</ref> The precise corporate link between Risk Capital S.A. and Onda Holding S.A. is not publicly established, though the entities operate functionally as a single group.
📋 '''Entity structure.''' Onda Insurance Services, Inc. is the U.S. distribution entity, domiciled in Maryland with a principal office in Columbia, MD and NPN 21439548; it functions as a licensed producer and surplus lines broker.<ref name="onda_uk_claims">{{cite web |title=Claims |url=https://onda.ai/uk/claims |publisher=Onda |access-date=2026-03-09}}</ref><ref name="onda_us">{{cite web |title=Onda – Next Generation Cyber Insurance |url=https://onda.ai/ |publisher=Onda |access-date=2026-03-09}}</ref> Onda AI, Inc. is a Delaware-registered technology entity (Registered File 6827922) responsible for developing internal telemetry monitoring systems supporting Threat Lab and platform analytics.<ref name="insurance_age_meet">{{cite web |title=Meet the MGA: Onda |url=https://www.insuranceage.co.uk/commercial/7954125/meet-the-mga-onda |publisher=Insurance Age |date=1 December 2023 |access-date=2026-03-09}}</ref><ref name="onda_threat_lab">{{cite web |title=Threat Lab |url=https://onda.ai/uk/threat-lab |publisher=Onda |access-date=2026-03-09}}</ref> Onda SAS is the France distribution entity, headquartered at 80 avenue d'Iéna, Paris, registered under RCS Paris 910621077, with ORIAS number 22005524 and supervision by the Autorité de Contrôle Prudentiel et de Résolution.<ref name="onda_fr"/> CKRe Limited distributes insurance products in the United Kingdom under the Onda trading name, registered at 40 Lime Street, London (Companies registration number 03600683), and is authorized and regulated by the Financial Conduct Authority (FRN 308735).<ref name="onda_uk_complaints">{{cite web |title=Complaints procedure |url=https://onda.ai/uk/procedure-de-reclamation |publisher=Onda |access-date=2026-03-09}}</ref><ref name="theinsurer_launch">{{cite web |title=Onda launches in London to provide cyber insurance to UK SMEs |url=https://www.theinsurer.com/cyber-risk/news/onda-launches-in-london-to-provide-cyber-insurance-to-uk-smes/ |publisher=The Insurer |date=20 February 2024 |access-date=2026-03-09}}</ref>
 
⚖️ '''Regulatory status.''' Onda is not a carrier; it operates as an MGA writing on third-party carrier paper and describes itself as an approved Lloyd's Coverholder on its UK website, though a specific coverholder number was not located in public Lloyd's registers.<ref name="ondauk">{{cite web |title=Onda UK — Cyber Insurance |url=https://www.onda.ai/uk/cyber-insurance/ |publisher=Onda |access-date=March 20, 2026}}</ref> In France, Onda SAS is supervised by the ACPR and registered with ORIAS as an insurance intermediary. In the United States, Onda Insurance Services holds surplus lines producer licenses in over 40 jurisdictions.<ref name="ondauslicences"/> No BaFin, AFM (Netherlands), or other EU registrations were found — the company does not operate in Germany, the Netherlands, or any EU market beyond France. No sanctions or enforcement actions have been identified against any Onda entity.
{| class="wikitable sortable" width:100% style="font-size:0.85em"
 
|+ 🏛️ Onda operating entities, functions, domiciles, and regulatory identifiers
📊 '''Scale indicators.''' CKRe Limited reports approximately 15 employees as of December 2023; the R&D and technology team comprises approximately 20 staff based in Minneapolis and Washington, D.C., bringing estimated total group headcount to 35–50.<ref name="pomanda">{{cite web |title=CKRe Limited — Company Profile |url=https://pomanda.com/company/03600683/ckre-limited |publisher=Pomanda |access-date=March 20, 2026}}</ref><ref name="mgen">{{cite web |title=Onda en pôle sur la ligne de départ |url=https://tribune-assurance.optionfinance.fr/lessentiel/onda-en-pole-sur-la-ligne-de-depart.html |publisher=La Tribune de l'Assurance |access-date=March 20, 2026}}</ref> CKRe reported £2 million in turnover and £5.1 million in cash reserves as of December 2023. The company is a member of the MGAA (UK Managing General Agents' Association).
! scope="col" style="text-align:center" | Operating entity
 
! scope="col" style="text-align:center" | Function
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! scope="col" style="text-align:center" | Domicile and address
== Founders and leadership ==
! scope="col" style="text-align:center" | Regulatory status and identifiers
 
🔬 '''Joe Lonsdale — co-founder.''' An American entrepreneur, Lonsdale co-founded Palantir Technologies (the defense and intelligence data analytics company) and is the founder and Managing Partner of 8VC, a leading Silicon Valley venture firm.<ref name="bhansalisfo"/> His role at Onda is principally as founder and capital backer through 8VC. His Palantir background confers a defense- and intelligence-adjacent connection, though he is not personally a member of the intelligence community. He has extensive startup experience spanning Palantir, Addepar, Affinity, OpenGov, and the broader 8VC portfolio, but no direct insurance industry background.
 
🛡️ '''Paul Calatayud — co-founder (departed).''' Calatayud served as Chief Strategy Officer from October 2022 through January 2024, a tenure of approximately 15 months.<ref name="rsaconf">{{cite web |title=Paul Calatayud — Speaker Profile |url=https://www.rsaconference.com/speakers/paul-calatayud |publisher=RSA Conference |access-date=March 20, 2026}}</ref> His background includes service as a US Army information security cryptographer, followed by senior cybersecurity roles including Global CSO at Palo Alto Networks, CISO at Aqua Security, Deputy CISO at UnitedHealth Group (Fortune 5), CISO at Surescripts, Director of Risk & Compliance at Best Buy, and Instructor at SANS Institute (2008–2022). He holds CISSP, CISA, CISM, and GCIH certifications along with a PhD in leadership. His early departure is a notable due diligence signal.
 
👔 '''Current leadership team.''' Ashley Hirst serves as President and Managing Director, bringing a BSc in Mathematics and Computer Science (Manchester), MSc in Finance (London Business School), eight years at McKinsey (2004–2012), and senior roles at AIG (Head of Science/Distribution EMEA, CUO/COO AIG Europe, 2012–2017) and Swiss Re Corporate Solutions (Group Head of Underwriting Strategy, CUO and Chief Innovation/Transformation Officer, 2017–2022, where he led the underwriting behind Coalition at Swiss Re).<ref name="ondausabout">{{cite web |title=Onda — About Us (US) |url=https://onda.ai/us/about-us |publisher=Onda |access-date=March 20, 2026}}</ref> Ed McGough, Group CTO, holds a BSc in Computer Science (Nottingham, First Class) and an MBA (Edinburgh/Curtin), with prior experience as Head of Engineering and CIO of Commercial Underwriting at AIG (2013–2017), and as co-founder and CTO of both Blackboard Insurance (an AIG spinout) and Joyn Insurance; he is also listed as Group CTO at Pleiad Group, suggesting a holding or technology structure encompassing Onda.<ref name="ondaabout">{{cite web |title=Onda — About Us |url=https://onda.ai/about-us/ |publisher=Onda |access-date=March 20, 2026}}</ref>
 
🏆 '''Underwriting and claims leadership.''' Alex Jomaa, Chief Underwriting Officer, is a law graduate and former Senior Cyber Underwriter at Tokio Marine Kiln with over 10 years in the Lloyd's market; he was twice voted Underwriter of the Year (2016 and 2017) by Insurance Insider's Cyber Rankings and joined Onda in mid-2023.<ref name="insinsider">{{cite web |title=TMK cyber underwriter Jomaa lands at start-up Onda AI |url=https://www.insuranceinsider.com/article/2aza0vq95ngroa5clh9mo/insurtech-section/tmk-cyber-underwriter-jomaa-lands-at-start-up-onda-ai |publisher=Insurance Insider |access-date=March 20, 2026}}</ref> Patrick Cannon, Chief Claims Officer (FCII), previously served as Head of Cyber Claims at TMK and Head of Cyber Claims at Marsh, where he won the Claims Service Solution of the Year 2023 at the Insurance Times Awards, bringing over 20 years of London market experience. Gillian Harvey, Group Head of Compliance, has held compliance positions at Athora Holding, Chubb, CFC Underwriting, HDI Global Specialty, AmTrust Europe, and the Financial Ombudsman Service.
 
🌍 '''Distribution and regional leads.''' Stuart McMillan, Distribution Director, previously led Coalition's expansion in North England, Scotland, and Northern Ireland and brings over 13 years in international insurance markets. Christopher Reynolds and AJ Jones handle US business development, with Reynolds having spent four years at Coalition in broker distribution and Jones coming from Beazley Group (since 2015, in cyber/tech underwriting, claims, and distribution). The France leadership team has largely departed: Stanislas Chapron (President of Onda SAS, ex-President of Marsh France/Europe, École Polytechnique, Stanford MS) remains on record, but Frédéric Gatte (Managing Director, ex-Head of Cyber at Diot-Siaci, former naval officer), Gina Allomong-Cottet (Senior Underwriter, ex-AIG Paris), and Alexis de Maistre (Commercial Director) all left by mid-to-late 2025.<ref name="insjournal">{{cite web |title=Coalition Launches in France |url=https://www.insurancejournal.com/news/international/2025/08/20/836357.htm |publisher=Insurance Journal |date=August 20, 2025 |access-date=March 20, 2026}}</ref> Gatte joined Coalition France as Director of Underwriting in August 2025.
 
📌 '''Corporate DNA.''' The dominant organizational lineage is AIG (Hirst, McGough, Fabiana) and Tokio Marine Kiln (Jomaa, Cannon). No identified AXA connection exists across any founder, executive, board member, investor, or capacity partner.
 
{{Section separator}}
== Funding and valuation ==
 
💰 '''Capital raised.''' Onda has raised approximately $10 million in total, according to PitchBook, from 8VC, K5 Global, Northstar.VC, AAF Management, and Bhansali Equities.<ref name="pitchbook">{{cite web |title=Onda — Company Profile |url=https://pitchbook.com/profiles/company/518260-51 |publisher=PitchBook |access-date=March 20, 2026}}</ref> CB Insights separately records a $500,000 convertible note from K5 Global Technology; the discrepancy likely reflects partial versus comprehensive tracking, with PitchBook's figure representing the more complete estimate across multiple tranches or instruments.<ref name="cbinsights">{{cite web |title=Onda — Company Profile |url=https://www.cbinsights.com/company/onda-3 |publisher=CB Insights |access-date=March 20, 2026}}</ref> No formal Series A announcement has been made, and no press releases or major tech-media coverage of any funding round has appeared, suggesting capital has been raised quietly. Post-money valuation has not been disclosed.
 
{| class="wikitable" style="width:100%"
|+ 📊 Onda — Funding rounds by source
! style="background:#eaecf0; text-align:left" | Source
! style="background:#eaecf0; text-align:right; width:9em" | Amount
! style="background:#eaecf0; text-align:left; width:9em" | Round type
! style="background:#eaecf0; text-align:left; width:18em" | Investors listed
|-
| CB Insights || style="text-align:right" | $500K || Convertible note || K5 Global Technology
| Onda Insurance Services, Inc.
| U.S. distribution entity; licensed producer and surplus lines broker
| Domiciled in Maryland; principal office in Columbia, MD
| NPN 21439548; multi-state producer licensing footprint
|-
| PitchBook || style="text-align:right" | $10M (total) || — || AAF Management, Bhansali Equities, K5 Global, Northstar.VC
| Onda AI, Inc.
| Technology developer for Threat Lab and platform analytics
| Registered in Delaware; Dover, DE registered office; Registered File 6827922
| Not presented as a regulated insurance entity
|-
| Crunchbase || style="text-align:right" | — || Seed || K5 Global, Northstar.VC
| Onda SAS
| France distribution entity
| Head office at 80 avenue d'Iéna, Paris
| RCS Paris 910621077; ORIAS 22005524; supervised by ACPR
|-
| Bhansali SFO || style="text-align:right" | — || — || 8VC, K5 Global, Northstar.VC
| CKRe Limited
| UK distribution partner; distributes under the Onda trading name
| Registered office at 40 Lime Street, London
| Authorized and regulated by FCA; Companies registration number 03600683; FRN 308735
|}
 
🔍 '''Investor profile.''' 8VC, Joe Lonsdale's firm, is a generalist venture capital fund with a Palantir and defense-tech pedigree rather than an insurance-specific focus. K5 Global, Northstar.VC, and AAF Management are generalist investment firms. Bhansali Equities / Bhansali SFO is a single-family office that has published a detailed Onda portfolio page.<ref name="bhansalisfo"/> No AXA-linked investors (AXA Venture Partners, AXA XL Innovation, Kamet Ventures) were identified among the backers, and no insurance-focused or cyber-specialist VCs are among the disclosed investors — an atypical composition for cyber MGA fundraising. The investor base leans toward generalist tech and venture capital anchored by Lonsdale's personal network.
🔑 '''Lloyd's coverholder.''' Onda's European marketing materials explicitly state Lloyd's coverholder status, though the specific coverholder number is not published in publicly accessible company pages or partner press releases.<ref name="onda_fr"/>
 
🏦 '''Runway signals.''' CKRe Limited held £5.1 million in cash against £2 million in turnover as of December 2023, suggesting either premium trust funds, parent capitalization, or reserve balances.<ref name="pomanda"/> The relatively modest disclosed funding for an MGA operating across three markets suggests either additional unreported capital, significant bootstrapping, or lean operational cost structures enabled by the Pleiad Group technology infrastructure shared with Joyn Insurance.
⚖️ '''Carrier licensing posture.''' Onda is positioned primarily as an MGA and distributor rather than a balance-sheet insurer. In the United States, the issuing insurer is Crum & Forster Specialty Insurance Company (NAIC 44520), a non-admitted surplus lines insurer domiciled in Delaware, with Onda acting as distributor via its licensed producer entity.<ref name="onda_us"/>
 
{{Section separator}}
== Customer segments ==
 
🏢 '''Segment definitions.''' Onda offers two named products segmented by insured revenue and limit structure. Onda+ targets SME companies with revenues up to £100 million or €100 million, providing limits up to £5 million or €5 million on an any-one-claim basis across the UK and France.<ref name="ondausinsurance">{{cite web |title=Onda — Insurance (US) |url=https://onda.ai/us/insurance |publisher=Onda |access-date=March 20, 2026}}</ref> Onda X targets mid-market companies with revenues of £100 million–£1 billion (UK/France) or $50 million–$1 billion (US), providing aggregate limits up to £5 million or $5 million on a primary or excess basis across the UK, France, and the US.<ref name="insuranceedge">{{cite web |title=Say Hello to Onda X — New Cover Options for Mid-Market Companies |url=https://insurance-edge.net/2025/03/12/say-hello-to-onda-x-new-cover-options-for-mid-market-companies/ |publisher=Insurance Edge |date=March 12, 2025 |access-date=March 20, 2026}}</ref>
 
{| class="wikitable" style="width:100%"
|+ 📊 Onda — Product segments by revenue threshold and limit structure
! style="background:#eaecf0; text-align:left" | Product
! style="background:#eaecf0; text-align:left; width:18em" | Revenue threshold
! style="background:#eaecf0; text-align:right; width:9em" | Maximum limit
! style="background:#eaecf0; text-align:left; width:9em" | Limit basis
! style="background:#eaecf0; text-align:left; width:9em" | Geography
|-
| Onda+ || Up to £100M / €100M || style="text-align:right" | £5M / €5M || Any one claim || UK, France
|-
| Onda X || £100M–£1B (UK/FR); $50M–$1B (US) || style="text-align:right" | £5M / $5M || Aggregate; primary or excess || UK, France, US
|}
 
🌐 '''Industry scope.''' Onda markets itself as industry-agnostic, with no publicly stated vertical exclusions. The company's educational content and threat intelligence output focuses broadly on ransomware, social engineering, and supply chain risks affecting all commercial sectors. No enterprise segment product (for companies with revenue exceeding $1 billion) exists.
📊 '''Operating scale.''' As of December 1, 2023, a trade profile reported a staff count of 32, with offices and operations spanning the UK (via a distribution partner), France, and the United States.<ref name="insurance_age_meet"/> LinkedIn indicates a small-company size band.<ref name="linkedin_onda">{{cite web |title=Onda AI – LinkedIn |url=https://www.linkedin.com/company/onda-ai |publisher=LinkedIn |access-date=2026-03-09}}</ref>
 
{{Section separator}}
== Cyber insurance coverage ==
== Leadership ==
 
📋 '''Policy form.''' Onda uses proprietary ("bespoke") policy wordings rather than standard carrier paper, with named products Onda+ (SME) and Onda X (mid-market).<ref name="ondauk"/> Full policy wording documents are not publicly available. The policy trigger is consistent with standard claims-made cyber forms based on claims guidance language.
👤 '''Underwriting leadership.''' Alex Jomaa serves as Chief Underwriting Officer, bringing prior senior cyber underwriting experience at Tokio Marine Kiln and recognition in Insurance Insider cyber rankings in 2016 and 2017.<ref name="onda_us_about">{{cite web |title=About Us |url=https://onda.ai/us/about-us |publisher=Onda |access-date=2026-03-09}}</ref><ref name="onda_us"/>
 
🔒 '''First-party coverages.''' Business interruption and system failure coverage addresses increased costs of working and loss of profits from cyber incidents, explicitly extending to third-party IT provider and cloud outages so that identical coverage applies whether an attack hits the client's own network or a contracted provider's systems.<ref name="ondausinsurance"/> Data and system restoration covers costs of restoring, repairing, or recreating damaged data and software. Ransomware and cyber extortion coverage includes expert negotiators and extortion demand payments, described as "last resort" coverage subject to policy limitations. Bricking coverage pays for system replacement where repair is impractical, including updating vulnerable hardware and software. Reputational harm coverage addresses future revenue loss resulting from a cyberattack, and social engineering / funds transfer fraud coverage encompasses stolen funds via system hacking, redirected payments, and confidence-trick-induced transfers.
🛡️ '''Claims leadership.''' Patrick Cannon serves as Chief Claims Officer, with prior Head of Cyber Claims experience at Tokio Marine Kiln and subsequent cyber claims leadership at Marsh; his biography cites claims-service recognition at the Insurance Times Claims Excellence Awards in 2023.<ref name="onda_us_about"/><ref name="onda_uk_claims"/>
 
🤝 '''Third-party coverages.''' Network security and privacy liability is implied in coverage of third-party claims arising from data breaches and network security failures. Data breach notification costs are explicitly covered for GDPR and regulatory notification compliance, and regulatory fines and penalties coverage extends to fines or corrective actions imposed by authorities post-breach. Media liability, PCI-DSS, and Tech E&O were not found as explicitly listed coverages.
📑 '''Compliance and legal.''' Gillian Harvey serves as Group Head of Compliance, with prior deputy group compliance leadership at Athora Holding Ltd and experience across insurers and MGAs including Chubb, CFC Underwriting, HDI Global Specialty, AmTrust Europe, and the Financial Ombudsman Service.<ref name="onda_us_about"/> Kate Schulze serves as Head of Legal, with prior government legal experience at the United States Department of Justice and as Senior Counsel at the United States Securities and Exchange Commission.<ref name="onda_us_about"/>
 
🤝🚨 '''BusinessBreach developmentresponse services.''' U.S.Onda businessprovides developmentzero-deductible leadershipaccess includesto Chrisa Reynoldspanel (priorof roleincident atresponse Coalition)providers, andincluding 24/7 Josephincident AJresponse Joneshotlines (careerUS: history+1 referencing800 Beazley385 Group0622; USAUK: distribution020 roles8158 9113), IT security and forensic experts, legal counsel, and crisis communications specialists.<ref name="onda_us_aboutondausbrokers">{{cite web |title=Onda — Brokers (US) |url=https://onda.ai/us/brokers |publisher=Onda |access-date=March 20, 2026}}</ref> StuartClaims McMillanare joinedmanaged through the UKFive salesSigma teamAI-native asclaims Distributionmanagement Directorplatform, selected in earlyNovember 20252024, andwith Franceeach distributioncase leadershipassigned isa alsonamed attributedunderwriter towith direct McMillancontact.<ref name="reinsurance_newsfivesigma">{{cite web |title=MGA Onda welcomesSelects StuartFive McMillanSigma to UKElevate salesCyber teamClaims Handling |url=https://wwwfivesigmalabs.reinsurancene.wscom/blog/mga-onda-welcomesselects-stuartfive-mcmillansigma-to-ukelevate-cyber-salesclaims-teamhandling/ |publisher=ReinsuranceFive NewsSigma |date=5November February 20252024 |access-date=March 20, 2026-03-09}}</ref><ref name="onda_fr_aboutcoverager">{{cite web |title=ÀOnda proposSelects Five Sigma to Elevate Cyber Claims Handling |url=https://ondacoverager.aicom/fr/aboutonda-usselects-five-sigma-to-elevate-cyber-claims-handling/ |publisher=OndaCoverager |date=November 2024 |access-date=March 20, 2026-03-09}}</ref> The panel approach (rather than policyholder choice of provider) is the default.
 
📑 '''Coverage differentiation.''' Onda+ provides any-one-claim limits, meaning each claim receives the full limit unreduced by other claims. Onda X provides aggregate limits on a primary or excess basis. Both products cap at £5 million or $5 million. No coverage feature differentiation beyond the limit structure has been publicly disclosed.
 
{{Section separator}}
== Cybersecurity services ==
== Business model and distribution ==
 
🔍 '''Pre-bind capabilities.''' Onda generates a free, no-obligation risk report in seconds with actionable remediation steps and delivers a complimentary 360° risk scan with every quotation, powered by a Panorays integration and in-house scanning.<ref name="panoraysblog">{{cite web |title=Onda Partnership Announcement |url=https://panorays.com/blog/onda-partnership/ |publisher=Panorays |date=October 2024 |access-date=March 20, 2026}}</ref><ref name="ibapanorays">{{cite web |title=Onda Teams Up With Panorays to Streamline Cyber Insurance |url=https://www.insurancebusinessmag.com/uk/news/cyber/onda-teams-up-with-panorays-to-streamline-cyber-insurance-507796.aspx |publisher=Insurance Business Magazine |access-date=March 20, 2026}}</ref> A Cyber Insurability Assessment is delivered at the quotation stage via the Navigator platform, accompanied by external attack surface analysis and third-party/supply chain risk mapping through Panorays.
🚀 '''Value proposition.''' Onda positions itself as a cyber MGA providing next-generation cyber insurance supported by an in-house platform and partner integrations, designed to streamline underwriting workflows and deliver continuous cyber-risk insights to brokers and policyholders.<ref name="onda_us_about"/>
 
📡 '''Continuous monitoring.''' Navigator by Onda provides ongoing vulnerability monitoring with actionable insights, live threat intelligence feeds, and supply chain oversight throughout the policy period.<ref name="insuranceedge"/> Integrations with AWS, Microsoft Azure & Defender, SentinelOne, and CrowdStrike provide internal telemetry data. The risk engine combines three data layers: Navigator internal telemetry, external attack surface analysis, and real-time threat intelligence. Onda does not offer MDR, SOC-as-a-service, or managed security operations; its monitoring is risk-assessment and alerting focused rather than active threat detection and response.
🏦 '''Customer segments.''' In the UK, Onda + targets SMEs and corporates with annual revenue up to £100 million and any one claim limits up to £5 million, while Onda X targets mid-market and larger businesses with annual revenue from £100 million to £1 billion and aggregate limits up to £5 million for primary or excess placements.<ref name="onda_uk_insurance">{{cite web |title=Insurance |url=https://onda.ai/uk/insurance |publisher=Onda |access-date=2026-03-09}}</ref> In France, Onda covers businesses with annual revenue up to €1 billion and limits up to €5 million for primary and excess placements.<ref name="onda_fr"/> In the United States, Onda covers businesses with annual revenues between $50 million and $1 billion, with limits up to $5 million for primary policies through Onda X.<ref name="onda_us"/>
 
🛠️ '''Technology stack.''' Navigator is a proprietary platform. The exclusive two-year Panorays partnership, announced in October 2024, provides external attack surface management and third-party risk rating; Panorays was recognized as a leader in the Forrester Wave 2024 for cybersecurity risk ratings.<ref name="panoraysblog"/><ref name="panorayscase">{{cite web |title=Onda Case Study |url=https://panorays.com/resources/case-studies/onda/ |publisher=Panorays |access-date=March 20, 2026}}</ref> Five Sigma provides AI-native claims management.<ref name="fivesigma"/> The R&D team of approximately 20 engineers operates from Minneapolis and Washington, D.C. Ed McGough's dual title at Pleiad Group suggests shared technology infrastructure with Joyn Insurance, another AIG-alumni-founded insurtech.
🔗 '''Broker-facing distribution.''' Onda presents itself as exclusively broker-facing, with a low-touch platform enabling onboarding, quoting, and documentation.<ref name="reinsurance_news"/> In the U.S., Onda works directly with brokers, agents, and insurance carriers and explicitly does not solicit insurance directly from commercial customers or the public.<ref name="onda_us"/> In the UK, insurance products are distributed by CKRe Limited under the Onda trading name.<ref name="onda_uk_complaints"/>
 
💡 '''Business model.''' Navigator and the 360° risk scan are included with every policy at no additional cost to policyholders or brokers, with no disclosed freemium or separate subscription model.<ref name="ondauk"/> This is positioned as a core differentiator versus competitors that charge separately for cybersecurity tools.
🌍 '''Geographic authorization.''' Onda maintains operational presence across three jurisdictions: France (via Onda SAS with ORIAS registration and ACPR supervision), the United Kingdom (via CKRe Limited as the FCA-regulated distribution partner), and the United States (via Onda Insurance Services, Inc. as licensed producer and surplus lines broker).<ref name="onda_fr"/><ref name="onda_uk_complaints"/><ref name="onda_us"/><ref name="insurance_age_meet"/>
 
{{Section separator}}
== Product expansion ==
== Cyber insurance and services ==
 
🎯 '''Pure-play positioning.''' Onda is a pure-play cyber insurance MGA with no adjacent lines — Tech E&O, D&O, EPL, crime, professional liability, general liability, or property — launched or publicly announced. No product roadmap or multi-line ambitions have been disclosed, and the company does not appear to harbor full-stack carrier ambitions. This pure-play positioning contrasts with peers such as Coalition (which bundles Tech E&O) and At-Bay (which offers Tech E&O alongside cyber).
💼 '''Product architecture.''' Onda publicly markets two primary cyber products: Onda + (SME and lower mid-market positioning in Europe) and Onda X (mid-market positioning, described as powered by Navigator).<ref name="onda_uk_insurance"/> For Europe, distribution operates through Lloyd's coverholder status and insurer partnerships, while for the United States, insurance is issued by Crum & Forster Specialty Insurance Company (NAIC 44520), a non-admitted surplus lines insurer domiciled in Delaware.<ref name="onda_fr"/><ref name="onda_us"/> Onda also markets "any one claim" structuring alongside aggregate approaches across product lines and geographies.<ref name="onda_uk_insurance"/>
 
{{Section separator}}
{| class="wikitable sortable" width:100% style="font-size:0.85em"
== Distribution and geographic expansion ==
|+ 🛡️ Onda cyber coverage elements, evidence level, and public-material notes
 
! scope="col" style="text-align:center" | Coverage element
🖥️ '''Broker-only model.''' Onda operates a broker-only distribution model across all three markets and does not solicit insurance directly from commercial customers.<ref name="ondausbrokers"/> No evidence of embedded, affinity, bancassurance, white-label, or open API distribution channels was found. Key platform capabilities include a broker portal (portal.onda.ai) for quoting, binding, and policy management; a policyholder dashboard (dashboard.onda.ai) for Navigator access and risk monitoring; a streamlined application process replacing traditional proposal forms with technology-driven assessments; and a quote-to-bind workflow described as achievable "in clicks, not days" with direct access to named decision-making underwriters.
! scope="col" style="text-align:center" | Evidence level
 
! scope="col" style="text-align:center" | Notes
🌍 '''Geographic presence.''' Onda launched in the UK around October 2023 through CKRe Limited, followed by France in early 2024 through Onda SAS, and entered the US in October 2025 through Onda Insurance Services with Crum & Forster surplus lines capacity.<ref name="bhansalisfo"/><ref name="ondauslicences"/>
 
{| class="wikitable" style="width:100%"
|+ 📊 Onda — Geographic presence by market, entity, and capacity provider
! style="background:#eaecf0; text-align:left" | Market
! style="background:#eaecf0; text-align:left; width:9em" | Launch date
! style="background:#eaecf0; text-align:left; width:18em" | Entity
! style="background:#eaecf0; text-align:left; width:18em" | Licensing approach
! style="background:#eaecf0; text-align:left; width:18em" | Capacity provider
|-
| UK || ~October 2023 || CKRe Limited (FCA FRN 308735) || Lloyd's Coverholder via FCA-authorized broker || Canopius, Argenta (Onda+); Everest Syndicate 2786 (Onda X)
| Ransomware / cyber extortion (including negotiation and payment facilitation)
| Evidenced
| Explicitly listed; claims workflow references ransom payment and threat actor negotiation facilitation
|-
| France || ~Early 2024 || Onda SAS (ORIAS 22005524) || Lloyd's Europe via ACPR-supervised intermediary || Canopius, Argenta (Onda+); Everest (Onda X)
| Social engineering
| Evidenced
| Listed as a covered attack type
|-
| US || October 2025 || Onda Insurance Services, Inc. (NPN 21439548) || Surplus lines producer, 40+ state licenses || Crum & Forster Specialty (NAIC 44520)
| System business interruption
|}
| Evidenced
 
| Listed as a covered attack type; claims workflow references BI loss review and payment
📈 '''Talent recruitment.''' Onda recruited distribution talent directly from competitors: Stuart McMillan and Christopher Reynolds both joined from Coalition.
 
{{Section separator}}
== Carrier, reinsurance, and strategic partnerships ==
 
🏛️ '''Capacity providers.''' In the UK and France, Onda+ is written on Lloyd's paper through Canopius (lead) and Argenta, both carrying Lloyd's ratings of A (AM Best) and A+ (S&P).<ref name="mgen"/> Onda X is written through Everest via Lloyd's Syndicate 2786, established in 2015, 100% Everest-backed and managed by Asta, with ratings of A+ Superior (AM Best) and AA- Very Strong (S&P).<ref name="insuranceage">{{cite web |title=MGA Launches Mid-Market Cyber Product |url=https://www.insuranceage.co.uk/insurer/7956335/mga-launches-mid-market-cyber-product |publisher=Insurance Age |date=March 2025 |access-date=March 20, 2026}}</ref><ref name="everestsyn">{{cite web |title=Everest Receives Approval for New Lloyd's Syndicate 2786 |url=https://www.everestglobal.com/us-en/news-media/press-releases/2015/everest-receives-approval-for-new-lloyds-syndicate-2786 |publisher=Everest Group |date=2015 |access-date=March 20, 2026}}</ref> In the US, Onda writes on Crum & Forster Specialty Insurance Company (NAIC 44520), a surplus lines non-admitted carrier rated A+ Superior by AM Best, part of Fairfax Financial Holdings.<ref name="ondauslicences"/>
 
{| class="wikitable" style="width:100%"
|+ 📊 Onda — Capacity providers by market, carrier, and financial strength rating
! style="background:#eaecf0; text-align:left" | Market
! style="background:#eaecf0; text-align:left; width:18em" | Carrier / syndicate
! style="background:#eaecf0; text-align:left; width:9em" | Structure
! style="background:#eaecf0; text-align:left; width:18em" | Rating
|-
| UK/France (Onda+) || Canopius (lead) + Argenta via Lloyd's || Lloyd's binder || A (AM Best), A+ (S&P) — Lloyd's ratings
| Data breaches
| Evidenced
| Listed as a covered attack type; claims workflow references legal assessment for notifications and defense costs
|-
| UK/France (Onda X) || Everest via Lloyd's Syndicate 2786 || Lloyd's binder || A+ Superior (AM Best), AA- Very Strong (S&P)
| Reputational harm / PR-related revenue loss
| Evidenced
| Reputational Harm Cover is explicitly listed
|-
| US || Crum & Forster Specialty Insurance Company || Surplus lines, non-admitted || A+ Superior (AM Best)
| Network security liability
| Implied
| Claims workflow references defense costs and compensation claims from data subjects
|-
| Privacy liability and regulatory defense
| Implied
| Claims workflow references legal assessment for regulator notification
|}
 
🤝 '''Strategic partnerships.''' The Panorays partnership (October 2024) is an exclusive two-year agreement for external attack surface and third-party/supply chain cyber risk assessment; Panorays holds the distinction of being a Forrester Wave 2024 leader in cybersecurity risk ratings.<ref name="panoraysblog"/><ref name="ibapanorays"/> The Five Sigma partnership (November 2024) provides an AI-native claims management platform powering Onda's global cyber claims operations.<ref name="fivesigma"/>
📞 '''Breach response and claims.''' Onda markets 24/7 incident response with a structured claims flow covering cyber incident triage, vendor engagement, forensics, legal assessment, ransomware negotiation and payment facilitation, and business interruption review and payment where applicable.<ref name="onda_uk_insurance"/><ref name="onda_uk_claims"/> Claims administration and management are supported by a platform and technology, including Clive by Five Sigma, and incident management response services are provided with third-party providers as detailed in the policy document.<ref name="onda_uk_claims"/> Five Sigma announced in November 2024 that Onda selected its claims management system, referencing multi-currency and configurable workflows supporting international scaling goals.<ref name="fivesigma">{{cite web |title=Onda selects Five Sigma to elevate cyber claims handling |url=https://fivesigmalabs.com/blog/onda-selects-five-sigma-to-elevate-cyber-claims-handling/ |publisher=Five Sigma |date=18 November 2024 |access-date=2026-03-09}}</ref>
 
🚫 '''AXA relationship.''' No AXA connection has been identified. There is no AXA XL capacity or reinsurance relationship, no AXA Venture Partners or Kamet Ventures investment, no distribution agreement with any AXA entity, and no former AXA employees in the leadership team.<ref name="bhansalisfo"/>
🖥️ '''Navigator platform.''' Navigator is positioned as a proprietary cyber risk and insurability management platform offering multi-dimensional cyber risk assessments, continuous monitoring, live threat intelligence, and supply-chain oversight.<ref name="onda_us"/> The claims page indicates Navigator includes detection and auto-alert functionality built into every policy.<ref name="onda_uk_claims"/>
 
🔍 '''Threat Lab.''' Threat Lab is a business threat intelligence consulting service offered only to European clients, built using proprietary threat analytics and internal telemetry monitoring systems developed by Onda AI, Inc., supplemented by monthly email reports and analyst briefings.<ref name="onda_threat_lab"/>
 
{{Section separator}}
== CapacityCompetitive and partnershipspositioning ==
 
🏗️📐 '''EuropeanMarket capacityshare.''' OndaWith positionsCKRe itselfreporting £2 million in turnover as aof Lloyd'sDecember coverholder2023 and disclosesthe insurercompany partnershaving onlaunched its Francefirst product only in late 2023, Onda is in the earliest stages of marketingpremium pagegrowth.<ref name="onda_frpomanda"/> TheFor Ondacontext, XCoalition productreports isa underwrittenGWP byrun Everestrate throughexceeding Lloyd's$775 of Londonmillion, providingCFC up toexceeds £51 millionbillion limitsin forannual companiespremium, withand annualmid-tier revenuespeers abovesuch £100as millionCowbell uphave toraised £1over billion$100 million.<ref name="insurance_age_midmarketinsurtechins">{{cite web |title=MGACoalition launchesCloses mid-market$250 cyberMillion productin Series F Funding |url=https://www.insuranceageinsurtechinsights.co.uk/insurer/7956335com/mgacoalition-launchescloses-mid250-marketmillion-in-series-f-funding-valuing-the-cyber-productinsurance-provider-at-5-billion/ |publisher=InsuranceInsurtech AgeInsights |access-date=March 202520, |access-date=2026-03-09}}</ref> Onda has also announced a long-term renewal of SME underwriting capacity with Canopius Group in the UK and France.<ref name="linkedin_canopiuscrunchbnews">{{cite web |title=OndaVCs –Pour CanopiusInto capacityCyber renewal announcementInsurance |url=https://wwwnews.linkedincrunchbase.com/postsnews/ondavcs-ai_cyberinsurancecyber-mgainsurance-lloydscoverholdercoalitions-activityvaluation-7353396531409920002-qNV7doubles/ |publisher=LinkedInCrunchbase News |access-date=March 20, 2026-03-09}}</ref> Onda's scale is several orders of magnitude smaller than market leaders.
 
🛡️ '''Competitive moat.''' Onda's claimed differentiators center on four pillars. Technology-driven underwriting via Navigator replaces proposal forms with automated risk assessment, promising faster time-to-quote, though this mirrors approaches by Coalition, At-Bay, and Cowbell; Onda's specific integration depth (connecting directly into AWS, Azure, and endpoint security tools) may provide richer telemetry.<ref name="ondauk"/> The exclusive Panorays partnership provides a genuine differentiator in external attack surface and supply chain risk assessment, assuming exclusivity is enforceable and material.<ref name="panoraysblog"/> Lloyd's-backed capacity at A-rated or better from established carriers is a credibility signal, though Lloyd's capacity access is not unique among peer MGAs.<ref name="ibamidmarket">{{cite web |title=Onda Introduces New Product for Mid-Market Companies |url=https://www.insurancebusinessmag.com/uk/news/cyber/onda-introduces-new-product-for-midmarket-companies-528195.aspx |publisher=Insurance Business Magazine |access-date=March 20, 2026}}</ref> The talent pedigree — particularly the AIG Advanced Data Science lineage of Hirst and McGough combined with Jomaa's market reputation — is a genuine credibility advantage, though talent retention risk is elevated given co-founder and French team departures.
🇺🇸 '''U.S. capacity.''' In the United States, insurance is issued by Crum & Forster Specialty Insurance Company (NAIC 44520), which operates as a non-admitted surplus lines insurer domiciled in Delaware; Onda explicitly notes the lack of guaranty-fund protection.<ref name="onda_us"/>
 
🔎 '''Peer benchmarking.''' Onda clusters most closely with European-origin, broker-distributed, Lloyd's-backed SME and mid-market cyber MGAs — specifically Stoïk (France-founded, similar SME focus, Lloyd's-backed), Cogitanda (Germany-founded, European focus), and Sync Underwriting (UK, Lloyd's coverholder). It is meaningfully smaller and earlier-stage than Coalition, At-Bay, Cowbell, or Resilience, all of which have raised over $100 million and achieved significant GWP scale. Within Europe, Eye Security (MDR plus insurance bundle) and Elpha Secure (France-based, similar market) are the closest operational competitors. Onda's pure-play cyber focus differs from Coalition and At-Bay, which bundle complementary coverages; its lack of MDR/SOC capabilities distinguishes it from Eye Security; and its broker-only distribution model precludes the direct/digital channels used by Cowbell and some European peers.
🤖 '''Panorays partnership.''' On October 1, 2024, Onda announced a two-year partnership with Panorays to integrate cyber risk assessment, enabling real-time risk data and reducing dependency on lengthy application forms. Partner materials describe a cyber risk engine integrating internal network data, external attack surface data, and threat intelligence.<ref name="panorays">{{cite web |title=Onda Partnership |url=https://panorays.com/blog/onda-partnership/ |publisher=Panorays |date=1 October 2024 |access-date=2026-03-09}}</ref><ref name="ibm_panorays">{{cite web |title=Onda teams up with Panorays to streamline cyber insurance |url=https://www.insurancebusinessmag.com/uk/news/cyber/onda-teams-up-with-panorays-to-streamline-cyber-insurance-507796.aspx |publisher=Insurance Business Magazine |date=October 2024 |access-date=2026-03-09}}</ref>
 
📦 '''Five Sigma partnership.''' On November 18, 2024, Five Sigma announced that Onda selected its claims management platform to support cyber claims workflows and multi-market operations.<ref name="fivesigma"/>
 
📬 '''Complaints handling.''' Onda's UK complaints procedure routes complaints to the Head of Complaints Management at Lloyd's Insurance Company S.A. in Brussels, indicating Lloyd's Europe is structurally relevant to the European program governance and complaint operations.<ref name="onda_uk_complaints"/>
 
{{Section separator}}
== CompetitiveFinancial positioningperformance ==
 
{| class="wikitable" style="width:100%"
|+ 📊 CKRe Limited (Onda UK entity) — Key financial metrics, FY2023
! style="background:#eaecf0; text-align:left" | Metric
! style="background:#eaecf0; text-align:right; width:9em" | Value
! style="background:#eaecf0; text-align:left; width:9em" | Source
|-
| Revenue || style="text-align:right" | £2M || Companies House
|-
| Net assets || style="text-align:right" | £1.3M || Companies House
|-
| Cash reserves || style="text-align:right" | £5.1M || Companies House
|-
| Employees || style="text-align:right" | ~15 || Companies House
|-
| Total group employees (est.) || style="text-align:right" | 35–50 || Aggregated sources
|-
| Total funding raised || style="text-align:right" | ~$10M || PitchBook
|}
 
📉 '''Financial trajectory.''' Onda is pre-profitability and in early growth phase, having launched its first UK product in late 2023, France in early 2024, and the US in October 2025.<ref name="govukfiling"/><ref name="insuranceedge"/> The Onda X mid-market expansion in March 2025 represents its most significant product evolution. The £2 million CKRe turnover figure (which may include legacy Lloyd's broking activity, not solely Onda MGA commissions) suggests a very modest premium base as of year-end 2023.
🎯 '''Market positioning.''' Onda's observable competitive positioning is defined by four characteristics: a broker-facing distribution posture with explicit avoidance of direct public solicitation; a mid-market orientation defined by revenue bands up to $/£/€ 1 billion and maximum limits typically communicated as $/£/€ 5 million; continuous-risk monitoring and insurability management via Navigator, including supply-chain oversight and threat intelligence features; and a claims and incident response narrative emphasizing speed and operational tooling, including third-party partnerships for claims platforming.<ref name="onda_us"/><ref name="onda_uk_claims"/>
 
💵 '''Capitalization.''' CKRe's £5.1 million cash position, combined with the estimated $10 million in external funding, provides a finite but meaningful runway, though burn rate has not been disclosed.<ref name="pomanda"/> CKRe's full accounts to December 31, 2024, were filed in August 2025 (31 pages) and would contain more current financial data. The Pomanda financial health score of 1 out of 7 for CKRe, with a liabilities-to-assets ratio of 93.1%, suggests financial pressure at the UK entity level, though this may not reflect the consolidated group position if capitalization flows through Onda Holding S.A. or Onda AI, Inc.
📐 '''Peer alignment.''' Within the broader cyber insurtech landscape, Onda most consistently aligns with the tech-enabled cyber MGA and coverholder cluster rather than a full-stack carrier, based on its disclosed reliance on delegated authority and carrier paper and its emphasis on an underwriting and insurability platform.<ref name="onda_us"/>
 
{{Section separator}}
== Risk factors ==
 
⚠️ '''Capacity dependency.''' Onda relies entirely on third-party capacity from Canopius, Argenta, Everest, and Crum & Forster. Loss of any carrier relationship — particularly if early loss experience is unfavorable — would directly impair its ability to write business. The multi-carrier, multi-market structure mitigates single-point failure but increases contractual complexity.
⚠️ '''Capacity dependency.''' Capacity dependency risk is structurally relevant given Onda's explicit reliance on insurer partners (Everest and Canopius in Europe, Crum & Forster in the United States). A capacity shift, tighter underwriting controls, or adverse performance could constrain growth or product continuity.<ref name="onda_fr"/>
 
🚪 '''Talent retention — elevated risk.''' Co-founder Paul Calatayud departed after just 15 months in January 2024. The entire French operational leadership (Gatte, de Maistre, Allomong-Cottet) departed in 2025, with Gatte joining direct competitor Coalition France.<ref name="insjournal"/> This pattern of early senior departures is a significant due diligence concern and may signal strategic disagreements, compensation issues, or operational challenges. Retention of Alex Jomaa (CUO) and Ashley Hirst (President) is critical to continuity.
📜 '''Regulatory complexity.''' Regulatory risk is present due to multi-jurisdiction distribution structures spanning ORIAS and ACPR oversight in France, an FCA-regulated distribution partner arrangement in the UK, and a surplus lines posture in the U.S. Compliance execution, conduct risk, and complaints handling coordination are non-trivial.<ref name="onda_fr_privacy">{{cite web |title=Privacy policy |url=https://onda.ai/fr/privacy-policy |publisher=Onda |access-date=2026-03-09}}</ref>
 
💸 '''Funding risk.''' At an estimated $10 million raised — with no disclosed Series A from institutional insurance-specialist investors — Onda is thinly capitalized relative to competitors such as Coalition ($755 million raised), Cowbell ($122 million), and At-Bay ($292 million).<ref name="crunchbnews"/><ref name="insurtechins"/> The ability to fund three-market operations, technology development, and marketing simultaneously is constrained. The absence of insurance-focused VCs (unlike peers backed by Zurich, Allianz, or Munich Re arms) may limit strategic capital access.
🌐 '''Aggregation risk.''' Aggregation and correlation risk is intrinsic to cyber insurance portfolios, particularly for mid-market insureds with interconnected third-party ecosystems. Onda's emphasis on supply-chain oversight indicates awareness, though policy language governing systemic triggers and exclusions is not publicly available.<ref name="onda_us"/>
 
🏟️ '''Competitive risk.''' The cyber MGA market is crowded and consolidating. Coalition's August 2025 entry into France — hiring Onda's own France Managing Director — directly threatens Onda's position in that market.<ref name="insjournal"/><ref name="morningstar">{{cite web |title=Coalition Launches in France |url=https://www.morningstar.com/news/business-wire/20250820198458/global-active-cyber-insurance-leader-coalition-launches-in-france |publisher=Morningstar / Business Wire |date=August 20, 2025 |access-date=March 20, 2026}}</ref> Established peers have deeper pockets, more data, and broader distribution.
🔧 '''Operational dependency.''' Operational dependency risk exists around third-party technology integrations and platform reliance, including the Panorays integration and Five Sigma claims platform, encompassing vendor resilience, data governance, and service continuity.<ref name="panorays"/>
 
🔄 '''Regulatory and aggregation risk.''' Operating across three jurisdictions with different regulatory regimes (FCA, ACPR, US state DOIs) creates compliance complexity. Cyber insurance inherently carries correlation and aggregation risk from systemic events such as cloud provider outages and widespread ransomware campaigns, which is managed at the carrier level but affects Onda's loss experience and capacity renewal.
👥 '''Key-person concentration.''' Key-person risk is elevated in early-stage MGAs where underwriting and claims leadership are central to broker confidence and portfolio performance; public materials heavily feature underwriting and claims leaders but do not disclose broader governance depth.<ref name="onda_us_about"/>
 
🏗️ '''Corporate structure opacity.''' The relationship between Onda Holding S.A. (Luxembourg), Risk Capital S.A. (CKRe shareholder), Agora Group Holdings Limited (new CKRe PSC as of April 2025), and the Pleiad Group (where Ed McGough holds a CTO title) is not fully transparent. This layered, multi-jurisdictional structure creates due diligence complexity, even though it may be standard for a startup with multiple operating entities.
 
{{Section separator}}
== Strategy and outlook ==
 
🧭 '''Strategic pillars.''' Onda's declared strategy emphasizesrests simplifyingon cyberfive placementvisible viapillars: technology,-first replacingunderwriting lengthyusing Navigator to replace traditional proposal forms; broker-exclusive distribution with reala frictionless digital platform; progressive geographic expansion (UK to France to US); upmarket migration from SME to mid-timemarket riskvia data,Onda andX; providingand continuous riskmonitoring insightsas alongsidea insuranceretention protectionand risk-selection tool.<ref name="panoraysondaabout"/><ref name="insuranceedge"/>
 
🇺🇸 '''US expansion.''' The October 2025 US launch with Crum & Forster capacity represents Onda's most ambitious expansion, entering the world's largest cyber insurance market. The hiring of Christopher Reynolds and AJ Jones (both with competitor experience) signals intent to build US distribution rapidly.<ref name="ondausabout"/> The mid-market pivot via Onda X (targeting companies up to $1 billion in revenue with $5 million limits) increases average premium size but requires more sophisticated underwriting.
🎯 '''Execution priorities.''' The disclosed trajectory suggests three execution priorities: broadening mid-market relevance with the Onda X proposition and limits up to $/£/€ 5 million; strengthening risk signal quality via telemetry and third-party cyber risk tooling integrations; and industrializing claims operations and multi-market scalability through claims platforming and workflow automation.<ref name="onda_us"/><ref name="panorays"/><ref name="fivesigma"/>
 
❓ '''Open diligence questions.''' '''French operations status:''' The entire French operational leadership departed in 2025, raising questions about whether replacements have been recruited and operations continue at full capacity. '''Pleiad Group relationship:''' The actual corporate relationship between Onda, the Pleiad Group, and the CKRe ownership chain (Risk Capital S.A., Agora Group Holdings Limited) remains unclear. '''Loss experience:''' After two-plus years of writing business, no loss experience metrics are publicly available. '''Capitalization adequacy:''' At $10 million raised, the company appears undercapitalized for a three-market MGA competing against well-funded peers, and whether additional fundraising is planned is unknown. '''Panorays exclusivity scope:''' Whether the exclusivity precludes Panorays from working with all cyber insurers or only within a specific segment or geography has not been clarified. '''CKRe December 2024 accounts:''' The full accounts filed in August 2025 at Companies House would reveal whether meaningful GWP or revenue growth occurred during 2024.
 
{{Section separator}}
== TimelineCompany timeline ==
 
{| class="wikitable" sortablestyle=" width:100% style="font-size:0.85em"
|+ 📅📊 Onda key— Key corporate milestonesevents, 2022–2025
! scope="col" style="background:#eaecf0; text-align:centerleft; width:9em" | Date
! scopestyle="col"background:#eaecf0; style="text-align:centerleft" | Event
|-
| 2022 || Onda founded by Joe Lonsdale and Paul Calatayud
| 2022
| Onda founded.<ref name="onda_us_about"/>
|-
| October 2022 || Ashley Hirst joins as President and Managing Director
| October 2023
| Onda launched into the UK market.<ref name="insurance_age_meet"/>
|-
| 2022–2023 || Convertible note ($500K) from K5 Global Technology; additional capital from 8VC, Northstar.VC, AAF Management, Bhansali Equities (total ~$10M per PitchBook)
| 20 February 2024
| Reuters-affiliated trade publication reported London launch, describing Onda as a Lloyd's-backed cyber MGA led by Alex Jomaa as CUO.<ref name="theinsurer_launch"/>
|-
| Mid-2023 || Alex Jomaa (ex-TMK) hired as CUO and Head of UK
| 1 October 2024
| Onda announced a two-year partnership with Panorays to integrate cyber risk assessment into its underwriting platform.<ref name="panorays"/>
|-
| ~October 2023 || UK launch — Onda goes live in London as Lloyd's-backed cyber MGA
| 18 November 2024
| Five Sigma announced Onda selected its claims management platform for cyber claims handling and multi-market scaling.<ref name="fivesigma"/>
|-
| January 2024 || Co-founder Paul Calatayud departs
| 5 February 2025
| Stuart McMillan joined the UK sales team as Distribution Director; reaffirmed low-touch platform positioning.<ref name="reinsurance_news"/>
|-
| Early 2024 || France launch — Onda SAS operational under Stanislas Chapron (President) and Frédéric Gatte (DG), with Canopius and Argenta as Lloyd's capacity
| 11 March 2025
| Onda launched Onda X for mid-market companies in the UK and France with primary and excess limits up to £5 million, underwritten by Everest through Lloyd's.<ref name="insurance_age_midmarket"/>
|-
| June 2024 || Gina Allomong-Cottet and Alexis de Maistre join French operations
| 22 October 2025
|-
| U.S. launch with Crum & Forster backing and new business development hires.<ref name="theinsurer_us">{{cite web |title=Cyber MGA Onda launches in US with C&F backing and two hires |url=https://www.theinsurer.com/cyber-risk/news/cyber-mga-onda-launches-in-us-with-cf-backing-and-two-hires-2025-10-22/ |publisher=The Insurer |date=22 October 2025 |access-date=2026-03-09}}</ref>
| October 1, 2024 || Exclusive two-year partnership with Panorays announced
|-
| November 2024 || Five Sigma selected as AI-native claims management platform
|-
| March 12, 2025 || Onda X mid-market product launched (UK and France) — Everest as carrier through Lloyd's Syndicate 2786
|-
| April 2025 || Agora Group Holdings Limited becomes person of significant control of CKRe Limited
|-
| Mid-2025 || Alexis de Maistre departs Onda France
|-
| August 2025 || Frédéric Gatte departs to Coalition France; Gina Allomong-Cottet departs to Chubb
|-
| October 2025 || US launch — Onda Insurance Services operational with Crum & Forster capacity; Christopher Reynolds and AJ Jones hired
|}
 
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== See also ==
* [[Cyber insurtech MGAs and underwriting agencies]]
 
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== References ==
{{reflist}}
 
{{Section separator}}
== Sources ==
 
This article draws on the following sources as catalogued in the original due-diligence document:
 
'''Regulatory filings and registries'''
* '''Companies House (UK)''' — CKRe Limited (03600683) annual accounts, filing history, and persons of significant control.
* '''ORIAS (France)''' — Registration #22005524 for Onda SAS as insurance intermediary.
* '''NIPR (US)''' — NPN 21439548 for Onda Insurance Services, Inc., with surplus lines licenses in 40+ states.
 
'''Company materials'''
* '''Onda (onda.ai)''' — Regional websites (/uk, /fr, /us) including product pages, broker information, licensing disclosures, and about pages.
* '''Bhansali SFO''' — Detailed portfolio page on Onda as an investment holding.
 
'''Investor and financial data providers'''
* '''PitchBook''' — Company profile and funding data (~$10M total raised).
* '''CB Insights''' — $500K convertible note from K5 Global Technology.
* '''Crunchbase''' — Seed round details.
* '''Pomanda''' — CKRe Limited financial health data and metrics.
 
'''Industry and trade press'''
* '''Insurance Insider''' — Alex Jomaa hiring from TMK.
* '''Insurance Edge''' — Onda X mid-market product launch (March 2025).
* '''Insurance Age''' — MGA mid-market cyber product launch.
* '''Insurance Business Magazine''' — Panorays partnership and Onda X coverage.
* '''Insurance Journal''' — Coalition France launch and Onda France departures.
* '''Intelligent Insurer''' — Cyber Insurance Awards Europe 2024 (triple finalist).
* '''La Tribune de l'Assurance''' — Onda French operations and staffing.
* '''Insurtech Insights, Crunchbase News''' — Competitor funding benchmarks (Coalition, Cowbell).
 
'''Partnership announcements'''
* '''Panorays''' — Exclusive two-year partnership blog post and Onda case study (October 2024).
* '''Five Sigma''' — AI-native claims management platform selection (November 2024).
* '''Coverager''' — Five Sigma partnership coverage.
 
'''Carrier and rating agency sources'''
* '''Everest Group''' — Lloyd's Syndicate 2786 establishment and ratings.
* '''AM Best, S&P Global''' — Financial strength ratings for Lloyd's, Everest, and Crum & Forster (referenced indirectly through carrier disclosures).
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