Onda

Onda
Onda Holding S.A.
Corporate identity
Type	Private — cyber MGA platform
License type	MGA / Lloyd's coverholder (Europe) Surplus lines producer (United States)
NPN	21439548
Founded	2022 (2022)
Headquarters	40 Lime Street, London (CKRe Limited) 1110 Brickell Ave., Miami (Onda AI, Inc.)
Domicile	Luxembourg
Licensed jurisdictions	United Kingdom France United States
Regulator	Financial Conduct Authority (United Kingdom, via CKRe Limited) Autorité de Contrôle Prudentiel et de Résolution (France) US state departments of insurance (surplus lines)
Ultimate parent	Onda Holding S.A. (Luxembourg, B266272)
Major shareholders	8VC K5 Global Northstar.VC AAF Management Bhansali Equities
Key people	Ashley Hirst, President & Managing Director Ed McGough, Group CTO Alex Jomaa, Chief Underwriting Officer Patrick Cannon, Chief Claims Officer Gillian Harvey, Group Head of Compliance Stuart McMillan, Distribution Director
Number of employees	~15 (CKRe, December 2023); 35–50 estimated group
Business & markets
Customer segments	SME to mid-market businesses with annual revenue up to $/£/€ 1 billion
Lines of business	Cyber insurance
Main products & services	Onda+ (SME; up to £100M / €100M revenue; any-one-claim limits to £5M / €5M) Onda X (mid-market; £100M–£1B / $50M–$1B revenue; aggregate limits to £5M / $5M)
Technology platform	Navigator (proprietary cyber risk and insurability management) Panorays (external attack surface and supply chain risk; exclusive two-year partnership from October 2024) Five Sigma (AI-native claims management)
Capacity providers	Canopius (lead, Onda+) and Argenta (Onda+), via Lloyd's of London Everest Syndicate 2786 (Onda X), via Lloyd's of London Crum & Forster Specialty Insurance Company, NAIC 44520 (US)
Distribution	Broker-only
Geographic markets	United Kingdom (from ~October 2023) France (from early 2024) United States (from October 2025)
Key financials (December 2023 (CKRe Limited))
Revenue	£2M (CKRe, December 2023)
Equity	£1.3M net assets (CKRe, December 2023)
Total funding raised	~$10M
Last funding round	Seed
Lead investors	8VC (Joe Lonsdale)
Capacity partner ratings	Canopius / Argenta: A (AM Best), A+ (S&P) via Lloyd's Everest Syndicate 2786: A+ Superior (AM Best), AA- (S&P) Crum & Forster: A+ Superior (AM Best)
CKRe Limited (Companies House 03600683) is the sole UK entity with publicly filed accounts; group-consolidated financials are not available. Pomanda financial health score: 1/7; liabilities-to-assets ratio: 93.1% (CKRe entity level). Cash reserves of £5.1M held at CKRe as of December 2023.

🏢 Onda is a Lloyd's-backed cyber insurance managing general agent (MGA) founded in 2022 and headquartered across Luxembourg, London, Paris, and Miami. Co-founded by Palantir Technologies co-founder Joe Lonsdale and cybersecurity executive Paul Calatayud, the company underwrites cyber risk through its proprietary "Navigator" platform, which replaces traditional proposal forms with automated cyber risk assessments. Onda distributes exclusively through brokers, writing on Lloyd's paper via Canopius, Argenta, and Everest syndicates in the United Kingdom and France, and through Crum & Forster surplus lines paper in the United States.

💰 Capital and scale. The company has raised approximately $10 million from 8VC, K5 Global, Northstar.VC, AAF Management, and Bhansali Equities. CKRe Limited, its UK distribution vehicle, reported £2 million in turnover and £5.1 million in cash reserves as of December 2023. Total group headcount is estimated at 35–50 employees. Onda was a triple finalist at the 2024 Cyber Insurance Awards Europe but remains early-stage, with premium volume several orders of magnitude smaller than established peers such as Coalition ($775 million+ GWP run rate) and CFC (exceeding £1 billion annual premium).

⚠️ Key risks. Elevated talent retention risk — co-founder Calatayud departed after 15 months and the entire French operational leadership team left in 2025, with the France managing director joining direct competitor Coalition. At $10 million raised, Onda is thinly capitalised relative to competitors that have raised $100 million or more, and its corporate structure spanning multiple Luxembourg, UK, French, and US entities introduces due diligence complexity.

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Corporate profile and group structure

🏛️ Legal entities. Onda operates through a multi-jurisdictional group structure anchored by Onda Holding S.A., a Luxembourg parent company (registration B266272) domiciled at 33, rue du Puits Romain, L-8070 Bertrange. The technology and platform functions sit within Onda AI, Inc., a Florida corporation at 1110 Brickell Ave., Suite 515, Miami, FL 33131. US insurance distribution is handled by Onda Insurance Services, Inc. (NPN 21439548; Maryland License #30034368120), licensed as a surplus lines producer in over 40 US jurisdictions.

📊 Onda — Group legal entities

Entity	Jurisdiction	Role	Registration
Onda Holding S.A.	Luxembourg (B266272)	Parent holding company	33, rue du Puits Romain, L-8070 Bertrange
Onda AI, Inc.	Florida, USA	Technology / platform entity	1110 Brickell Ave., Suite 515, Miami, FL 33131
Onda Insurance Services, Inc.	Maryland, USA	US licensed insurance producer	NPN 21439548; MD License #30034368120; licensed in 40+ states
CKRe Limited (trading as "Onda")	England & Wales (03600683)	UK distribution / FCA-authorized entity	FCA FRN 308735; 2nd Floor, 40 Lime Street, London, EC3M 7AW
Onda SAS	France (RCS Paris 910621077)	French distribution entity	ORIAS #22005524; 80, avenue d'Iéna, 75116 Paris

🇬🇧 CKRe Limited. CKRe Limited was 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. CKRe's persons of significant control shifted to Agora Group Holdings Limited in April 2025 (replacing Henri Junior Chalhoub), with Risk Capital S.A. as the 100% shareholder on record and Martin Andrew Wright listed as a shareholder and director. The precise corporate link between Risk Capital S.A. and Onda Holding S.A. is not publicly established, though functionally the entities operate as a single group.

📋 Regulatory status. Onda is not a carrier; it operates as an MGA writing on third-party carrier paper. In France, Onda SAS is supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and registered with ORIAS as an insurance intermediary. No BaFin, AFM, or other EU registrations exist — Onda does not operate in Germany, the Netherlands, or any EU market beyond France. No sanctions or enforcement actions have been recorded against any Onda entity.

📊 Scale indicators. CKRe Limited reports approximately 15 employees (December 2023); the R&D and technology team comprises approximately 20 staff based in Minneapolis and Washington, D.C. CKRe reported £2 million in turnover and £5.1 million in cash reserves as of December 2023. The company is a member of the UK Managing General Agents' Association (MGAA).

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Founders and leadership

👤 Joe Lonsdale — Co-Founder. American. Co-founder of Palantir Technologies and founder and Managing Partner of 8VC, a leading Silicon Valley venture firm. Lonsdale's role at Onda is principally as founder and capital backer through 8VC. His Palantir background confers a defence/intelligence-adjacent connection, though he is not personally ex-intelligence community. He has no direct insurance industry background but brings extensive startup experience across Palantir, Addepar, Affinity, OpenGov, and the 8VC portfolio.

🔐 Paul Calatayud — Co-Founder and former Chief Strategy Officer (October 2022 – January 2024; departed). American. Military background as a US Army information security cryptographer. Subsequently held senior cybersecurity roles including Global CSO at Palo Alto Networks, CISO at Aqua Security, Deputy CISO at UnitedHealth Group, 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 and a PhD in leadership. Calatayud departed Onda after approximately 15 months — his early departure is a notable due diligence signal.

📊 Onda — Current leadership team

Role	Name	Key background
President & Managing Director	Ashley Hirst	BSc Mathematics & Computer Science (Manchester), MSc Finance (London Business School). McKinsey (8 years, 2004–2012). AIG (Head of Science/Distribution EMEA → CUO/COO AIG Europe, 2012–2017). Swiss Re Corporate Solutions (Group Head of Underwriting Strategy → CUO & Chief Innovation/Transformation Officer, 2017–2022; led underwriting behind Coalition at Swiss Re). At Onda since November 2022.
Group CTO	Ed McGough	BSc Computer Science (Nottingham, 1st Class), MBA (Edinburgh/Curtin). AIG (Head of Engineering → CIO Commercial Underwriting, 2013–2017). Co-founder/CTO of Blackboard Insurance (AIG spinout). Co-founder/CTO of Joyn Insurance. Also listed as Group CTO at Pleiad Group.
Chief Underwriting Officer	Alex Jomaa	Law graduate. Senior Cyber Underwriter at Tokio Marine Kiln (Lloyd's market, 10+ years). Twice voted Underwriter of the Year (2016, 2017) by Insurance Insider's Cyber Rankings. Joined Onda mid-2023.
Chief Claims Officer	Patrick Cannon	FCII. Head of Cyber Claims at TMK; Head of Cyber Claims at Marsh (won Claims Service Solution of the Year 2023, Insurance Times Awards). 20+ years London market experience.
Group Head of Compliance	Gillian Harvey	Deputy Group Head of Compliance at Athora Holding. Previous roles at Chubb, CFC Underwriting, HDI Global Specialty, AmTrust Europe, Financial Ombudsman Service.
Distribution Director	Stuart McMillan	Former Coalition (led expansion in North England, Scotland, Northern Ireland). 13+ years in international insurance markets.
Head of Product	Fabiana (surname undisclosed)	10+ years at AIG, Blackboard Insurance, Joyn Insurance. BS Production Engineering, MS Management Science & Engineering.
Attorney, Legal	Kate (surname undisclosed)	20+ years; former US DOJ litigation attorney and SEC Senior Counsel.
US Business Development	Christopher Reynolds	Former Coalition (4 years, broker distribution); former broker.
US Business Development	AJ Jones	Former Beazley Group (since 2015; cyber/tech underwriting, claims, distribution).

🇫🇷 French leadership departures. Stanislas Chapron served as President of Onda SAS (ex-President of Marsh France/Europe, ex-DG at Siaci Saint Honoré; École Polytechnique, Stanford MS; military/defence background including the AWACS program). Frédéric Gatte was Managing Director of France operations (ex-Head of Cyber at Diot-Siaci; described as a former naval officer). Gina Allomong-Cottet was Senior Underwriter in France (ex-AIG Paris, American attorney). All three operational leaders departed Onda by mid-to-late 2025 — Gatte joined Coalition France as Director of Underwriting in August 2025, and Allomong-Cottet moved to Chubb.

🔗 Corporate DNA. The dominant executive 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.

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Funding and valuation

💵 Funding rounds. CB Insights recorded a $500,000 convertible note from K5 Global Technology, while PitchBook tracked $10 million in total funding across AAF Management, Bhansali Equities, K5 Global, and Northstar.VC. The discrepancy likely reflects partial versus comprehensive tracking; PitchBook's $10 million figure is the more complete estimate, potentially across multiple tranches or instruments. No formal Series A announcement has been made, and no press releases or major technology media coverage of any funding round was found, suggesting capital has been raised quietly.

📊 Onda — Funding rounds summary

Source	Amount	Round type	Investors
CB Insights	$500K	Convertible note	K5 Global Technology
PitchBook	$10M (total)	—	AAF Management, Bhansali Equities, K5 Global, Northstar.VC
Crunchbase	—	Seed	K5 Global, Northstar.VC
Bhansali SFO	—	—	8VC, K5 Global, Northstar.VC

🏦 Investor profile. 8VC (Joe Lonsdale's firm) is a generalist venture capital fund with a Palantir/defence-tech pedigree rather than insurance-sector specialisation. The remaining investors — K5 Global, Northstar.VC, AAF Management, and Bhansali Equities (a single-family office) — similarly lean toward generalist tech and venture capital. No AXA-linked investors (AXA Venture Partners, AXA XL Innovation, Kamet Ventures) were identified. The absence of insurance-focused or cyber-specialist VCs is atypical for cyber MGA fundraising; the investor base is anchored by Lonsdale's personal network.

📉 Runway signals. CKRe Limited held £5.1 million in cash against £2 million in turnover (December 2023), suggesting either premium trust funds, parent capitalisation, or reserve balances. The relatively modest disclosed funding for an MGA operating across three markets suggests either undisclosed additional capital, significant bootstrapping, or lean operational cost structures enabled by the Pleiad Group technology infrastructure shared with Joyn Insurance.

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Customer segments

🎯 Product definitions. Onda markets two named products segmented by insured revenue. Onda+ targets SME companies with revenue up to £100 million / €100 million, providing limits up to £5 million / €5 million on an any-one-claim basis in the UK and France. Onda X targets mid-market companies with revenue between £100 million and £1 billion (UK/France) or $50 million and $1 billion (US), offering limits up to £5 million / $5 million on an aggregate basis, available as primary or excess cover across the UK, France, and the United States.

📊 Onda — Product segments

Product	Revenue threshold	Maximum limits	Limit basis	Geography
Onda+	Up to £100M / €100M	Up to £5M / €5M	Any one claim	UK, France
Onda X	£100M–£1B (UK/FR); $50M–$1B (US)	Up to £5M / $5M	Aggregate; primary or excess	UK, France, US

🌐 Appetite. The company describes its appetite as broad across industries and geographies within the above revenue bands. Onda markets itself as industry-agnostic, with no publicly stated vertical exclusions. Its educational content and threat intelligence output focus broadly on ransomware, social engineering, and supply chain risks affecting all commercial sectors. No enterprise segment (revenue exceeding $1 billion) product exists.

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Cyber insurance coverage

📜 Policy form. Onda uses proprietary ("bespoke") policy wordings rather than standard carrier paper. Named products are Onda+ (SME) and Onda X (mid-market). Full policy wording documents are not publicly available. The policy trigger is consistent with standard claims-made cyber forms based on claims guidance language.

🛡️ First-party coverages. The first-party programme includes business interruption and system failure cover (including increased costs of working and loss of profits, explicitly extending to third-party IT provider and cloud outages); data and system restoration costs; ransomware and cyber extortion (covering expert negotiators and extortion demand payments as a last resort); bricking cover (paying for system replacement where repair is impractical, including updating vulnerable hardware and software); reputational harm cover (future revenue loss resulting from a cyberattack); and social engineering / funds transfer fraud cover (stolen funds via system hacking, redirected payments, and confidence-trick-induced transfers).

⚖️ Third-party coverages. Third-party coverage includes network security and privacy liability (implied in coverage of third-party claims arising from data breaches and network security failures); data breach notification costs (explicit coverage for GDPR and regulatory notification compliance costs); and regulatory fines and penalties (coverage for fines or corrective actions imposed by authorities post-breach). Media liability, PCI-DSS, and Tech E&O are not found as explicitly listed coverages.

🚨 Breach response services. Onda provides zero-deductible access to a panel of incident response providers, including 24/7 incident response hotlines (US: +1 800 385 0622; UK: 020 8158 9113), IT security and forensic experts, legal counsel, and crisis communications specialists. Claims are managed through the Five Sigma AI-native claims management platform, selected in November 2024. Each case is assigned a named underwriter with direct contact.

🔍 Coverage differentiation. Onda+ provides any-one-claim limits (each claim receives the full limit, unreduced by other claims). Onda X provides aggregate limits on a primary or excess basis. Both cap at £5 million / $5 million. No coverage feature differentiation beyond limit structure is publicly disclosed.

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Cybersecurity services

🔬 Pre-bind. Onda provides a free, no-obligation risk report generated in seconds with actionable remediation steps at the quotation stage. A complimentary 360° risk scan accompanies every quotation, powered by Panorays integration and in-house scanning. The Cyber Insurability Assessment is delivered via the Navigator platform, including external attack surface analysis and third-party/supply chain risk mapping through Panorays.

📡 Continuous monitoring. Navigator by Onda provides ongoing vulnerability monitoring with actionable insights, live threat intelligence feeds, and supply chain oversight throughout the policy period. The platform integrates with AWS, Microsoft Azure & Defender, SentinelOne, and CrowdStrike for internal telemetry. Onda's 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/response.

🏗️ Technology stack. Navigator is proprietary. The exclusive two-year Panorays partnership (announced October 2024) provides external attack surface management and third-party risk rating; Panorays was recognised as a leader in the Forrester Wave 2024 for cybersecurity risk ratings. Five Sigma provides AI-native claims management. The R&D team of approximately 20 engineers operates from Minneapolis and Washington, D.C. Ed McGough (Group CTO) also holds a title at Pleiad Group, suggesting shared technology infrastructure with Joyn Insurance (another AIG-alumni-founded insurtech).

💡 Business model. Navigator and the 360° risk scan are included with every policy at no additional cost to policyholders or brokers. There is no disclosed freemium or separate subscription model. This is positioned as a core differentiator versus competitors that charge separately for cybersecurity tools.

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Product expansion beyond cyber

🎯 Pure-play positioning. Onda is a pure-play cyber insurance MGA. No adjacent lines — Tech E&O, D&O, EPL, crime, professional liability, general liability, or property — have been launched or publicly announced. No product roadmap or multi-line ambitions have been disclosed, and the company does not appear to harbour 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).

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Distribution and geographic expansion

🤝 Distribution model. Onda operates a broker-only distribution model across all three markets and does not solicit insurance directly from commercial customers. 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 direct access to named decision-making underwriters. Onda recruited distribution talent directly from competitors — Stuart McMillan and Christopher Reynolds both joined from Coalition.

📊 Onda — Geographic presence and licensing

Market	Launch date	Entity	Licensing approach	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)
France	~Early 2024	Onda SAS (ORIAS 22005524)	Lloyd's Europe via ACPR-supervised intermediary	Canopius, Argenta (Onda+); Everest (Onda X)
US	October 2025	Onda Insurance Services, Inc. (NPN 21439548)	Surplus lines producer, 40+ state licenses	Crum & Forster Specialty (NAIC 44520)

🌍 Geographic scope. No operations exist in Germany, the Netherlands, Spain, or other markets. The US launch in October 2025 was the latest expansion. No German, Dutch, or Spanish language press coverage of Onda exists.

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Carrier, reinsurance, and strategic partnerships

📋 Capacity providers. Onda writes across three carrier relationships, each providing A-rated or better financial strength.

📊 Onda — Capacity providers by market and product

Market	Carrier / Syndicate	Structure	Rating	Notes
UK/France (Onda+)	Canopius (lead) + Argenta via Lloyd's	Lloyd's binder (coverholder arrangement)	A (AM Best), A+ (S&P) — Lloyd's ratings	Canopius has internalized cyber IR platform
UK/France (Onda X)	Everest via Lloyd's Syndicate 2786	Lloyd's binder	A+ Superior (AM Best), AA- Very Strong (S&P)	Syndicate 2786 est. 2015, 100% Everest-backed, managed by Asta
US	Crum & Forster Specialty Insurance Company	Surplus lines, non-admitted	A+ Superior (AM Best)	NAIC 44520; part of Fairfax Financial Holdings

🤝 Strategic partnerships. In October 2024, Onda announced an exclusive two-year partnership with Panorays for external attack surface and third-party/supply chain cyber risk assessment. In November 2024, Onda selected Five Sigma as its AI-native claims management platform to power global cyber claims operations. Onda is a member of the UK Managing General Agents' Association. The multi-carrier approach across products and geographies reduces single-capacity dependency but increases relationship management complexity.

🚫 AXA relationship. No AXA connection was identified. 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 leadership. The corporate DNA is overwhelmingly AIG and Tokio Marine Kiln.

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Competitive positioning

📊 Market share. With CKRe reporting £2 million in turnover (December 2023) and the company having launched its first product only in late 2023, Onda is in the earliest stages of premium growth. For context, Coalition reports a $775 million+ GWP run rate, CFC exceeds £1 billion in annual premium, and even mid-tier peers like Cowbell have raised $100 million+.

🏰 Competitive moat. Onda's claimed differentiators centre on four pillars: technology-driven underwriting via the Navigator platform, which replaces proposal forms with automated risk assessment and integrates directly into AWS, Azure, and endpoint security tools; an exclusive Panorays partnership for external attack surface and supply chain risk assessment; Lloyd's-backed A-rated or better capacity across all markets (though this is not unique — multiple peer MGAs such as Stoïk, Cogitanda, and Sync Underwriting also operate on Lloyd's paper); and talent pedigree, combining the AIG Advanced Data Science lineage (Hirst and McGough) with Alex Jomaa's market reputation as two-time Underwriter of the Year.

🔄 Peer benchmarking. Onda clusters most closely with European-origin, broker-distributed, Lloyd's-backed SME/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 $100 million+ and achieved significant GWP scale. Within Europe, Eye Security (MDR + 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.

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Financial performance

📊 Onda — Key financial and operational metrics (as of December 2023)

Metric	Value	Source
Revenue (CKRe UK entity)	£2M	Companies House
Net assets (CKRe)	£1.3M	Companies House
Cash reserves (CKRe)	£5.1M	Companies House
Employees (CKRe)	~15	Companies House
Total group employees (est.)	35–50	Aggregated sources
Total funding raised	~$10M	PitchBook

📈 Financial trajectory. Onda is pre-profitability and in early growth phase. The company launched its first UK product in late 2023, France in early 2024, and the US in October 2025. The Onda X mid-market expansion (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.

⚡ Financial health signals. CKRe's £5.1 million cash position, combined with the estimated $10 million in external funding, provides a finite but meaningful runway. 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 capitalisation flows through Onda Holding S.A. or Onda AI, Inc.

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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 unfavourable — would directly impair its ability to write business. The multi-carrier, multi-market structure mitigates single-point failure but increases contractual complexity.

👥 Key-person and talent retention risk — elevated. Co-founder Paul Calatayud departed after just 15 months (January 2024). The entire French operational leadership (Gatte, de Maistre, Allomong-Cottet) departed in 2025, with Gatte joining direct competitor Coalition France. This pattern of early senior departures is a significant due diligence concern and may signal strategic disagreements, compensation issues, or operational challenges. Alex Jomaa (CUO) and Ashley Hirst (President) remain, but their retention is critical.

💸 Funding risk. At an estimated $10 million raised — with no disclosed Series A from institutional insurance-specialist investors — Onda is thinly capitalised relative to competitors. Coalition raised $755 million, Cowbell $122 million, and At-Bay $292 million. The absence of insurance-focused VCs (unlike peers backed by Zurich, Allianz, and Munich Re arms) may limit strategic capital access.

⚔️ Competitive risk. The cyber MGA market is crowded and consolidating. Coalition's August 2025 entry into France — hiring Onda's own France MD — directly threatens Onda's position. Established peers have deeper pockets, more data, and broader distribution.

🏛️ 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/aggregation risk from systemic events (e.g., cloud provider outages, widespread ransomware campaigns), which is managed at the carrier level but affects Onda's loss experience and capacity renewal.

🔗 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 may be standard for a startup with multiple operating entities but creates due diligence complexity.

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Strategy and outlook

🧭 Strategic pillars. Onda's visible strategy comprises five elements: technology-first underwriting using Navigator to replace traditional proposal forms; broker-exclusive distribution with a frictionless digital platform; progressive geographic expansion (UK → France → US); upmarket migration from SME to mid-market via Onda X; and continuous monitoring as a retention and risk-selection tool.

🇺🇸 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. The mid-market pivot via Onda X (targeting companies up to $1 billion revenue with $5 million limits) increases average premium size but requires more sophisticated underwriting.

❓ Open questions. Several material questions remain for continued diligence:

What is the current status of French operations? The entire operational leadership team has departed, and it is unclear whether Onda has recruited replacements or scaled back French ambitions.

What is the relationship between Onda, Pleiad Group, and the CKRe ownership chain? The corporate link between Onda Holding S.A., Risk Capital S.A., Agora Group Holdings Limited, and the Pleiad Group is opaque.

What are Onda's loss experience metrics? After 2+ years of writing business, loss ratios and claims frequency data remain undisclosed.

Is additional fundraising planned? At $10 million raised, the company appears undercapitalised for a three-market MGA competing against well-funded peers.

What is the Panorays exclusivity scope? It is unclear whether the exclusivity precludes Panorays from working with all cyber insurers or only within a specific segment or geography.

What triggered the French team departures? The pattern of departure may reflect broader organisational issues that extend beyond France.

Does CKRe's December 2024 filing reveal meaningful growth? Full accounts to December 31, 2024, were filed in August 2025 (31 pages) at Companies House and would contain more current financial data.

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Company timeline

📊 Onda — Key milestones (2022–2025)

Date	Event
2022	Onda founded by Joe Lonsdale and Paul Calatayud.
October 2022	Ashley Hirst joins as President & Managing Director.
2022–2023	Convertible note ($500K) from K5 Global Technology; additional capital from 8VC, Northstar.VC, AAF Management, Bhansali Equities (total ~$10M per PitchBook).
Mid-2023	Alex Jomaa (ex-TMK) hired as CUO and Head of UK.
~October 2023	UK launch — Onda goes live in London as Lloyd's-backed cyber MGA.
January 2024	Co-founder Paul Calatayud departs.
Early 2024	France launch — Onda SAS operational under Stanislas Chapron (President) and Frédéric Gatte (DG), with Canopius and Argenta as Lloyd's capacity.
June 2024	Gina Allomong-Cottet and Alexis de Maistre join French operations.
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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