Onda: Difference between revisions

| legal_name = Onda Holding S.A.

| license_type = MGA / Lloyd's coverholder (Europe)<br/>Licensed producer and surplusSurplus lines brokerproducer (United States)

| headquarter = 40 Lime Street, London (CKRe Limited)<br/>1110 Brickell Ave., Miami (Onda AI, Inc.)

| domicile = Luxembourg

| insurance_jurisdictions = United StatesKingdom<br/>United KingdomFrance<br/>FranceUnited States

| regulator = Financial Conduct Authority (United Kingdom, via CKRe Limited)<br/>Autorité de Contrôle Prudentiel et de Résolution (France)<br/>FinancialUS Conductstate Authoritydepartments (Unitedof Kingdom,insurance via(surplus CKRe Limitedlines)

| ultimate_parent = Onda Holding S.A. (Luxembourg, B266272)

| shareholders = 8VC<br/>K5 Global<br/>Northstar.VC<br/>AAF Management<br/>Bhansali Equities

| key_people = Ashley Hirst, President & Managing Director<br/>Ed McGough, Group CTO<br/>Alex Jomaa, Chief Underwriting Officer<br/>Patrick Cannon, Chief Claims Officer<br/>Gillian Harvey, Group Head of Compliance<br/>KateStuart SchulzeMcMillan, Head ofDistribution LegalDirector

| num_employees = 32~15 (CKRe, December 2023); 35–50 estimated group

| customer_segments = Upper SME to mid-market businesses with annual revenue up to $/£/€ 1 billion

| products = Onda + (SME; andup lowerto mid£100M / €100M revenue; any-marketone-claim limits to £5M / €5M)<br/>Onda X (mid-market,; powered£100M–£1B by/ $50M–$1B revenue; aggregate limits to £5M / Navigator$5M)

| technology_platform = Navigator (proprietary cyber risk and insurability management)<br/>Threat LabPanorays (threatexternal intelligenceattack consultingsurface and supply chain risk; exclusive two-year partnership from October 2024)<br/>Clive by Five Sigma (AI-native claims management)

| capacity_providers = EverestCanopius (lead, Onda+) and Argenta (Onda+), via Lloyd's of London)<br/>CanopiusEverest GroupSyndicate 2786 (Onda X), via Lloyd's of London<br/>Crum & Forster Specialty Insurance Company, (NAIC 44520 (US)

| distribution = Broker-facingonly

| geographic_markets = United StatesKingdom (from ~October 2023)<br/>UnitedFrance Kingdom(from early 2024)<br/>FranceUnited States (from October 2025)

| financial_year = December 2023 (CKRe Limited)

| revenue = £2M (CKRe, December 2023)

| equity = £1.3M net assets (CKRe, December 2023)

| total_funding = ~$10M

| last_round = Seed

| lead_investors = 8VC (Joe Lonsdale)

🏛️ '''HoldingLegal architectureentities.''' Onda operates through a multi-jurisdictional corporate group structure anchored by Onda Holding S.A., a Luxembourg parent entitycompany registered(registration B266272) domiciled at 33, rue du Puits Romain, L-8070 Bertrange (registration B266272). The technology and platform functions sit within Onda AI, Inc., a Florida corporation at 1110 Brickell Ave., Suite 515, Miami, FL 33131. US insurance productiondistribution is handled by Onda Insurance Services, Inc., a Maryland-licensed entity (NPN 21439548; Maryland License #30034368120), holdinglicensed as a surplus lines producer licenses in over 40 states.US UK distribution runs through CKRe Limited (Companies House 03600683), an FCA-authorized entity (FRN 308735) at 40 Lime Street, London, EC3M 7AW, trading as "Ondajurisdictions."<ref name="govukbhansalisfo">{{cite web |title=CKRe Limited — Companies House |url=https://find-and-update.company-information.service.gov.uk/company/03600683 |publisher=UK Companies House |access-date=2025-12-01}}</ref> French distribution operates through Onda SAS (RCS Paris 910621077), registered with ORIAS as intermediary #22005524 at 80 avenue d'Iéna, 75116 Paris.

|+ 📊 Onda — LegalGroup Entitylegal Structureentities

📜🇬🇧 '''LegacyCKRe shell acquisitionLimited.''' 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">{{cite web |title=CKRe Limited — Company Information |url=https://find-and-update.company-information.service.gov.uk/company/03600683 |publisher=Companies House (GOV.UK) |access-date=2025-12-01}}</ref> CKRe's persons of significant control shifted to Agora Group Holdings Limited in April 2025, (replacing Henri Junior Chalhoub), with Risk Capital S.A. listed as the 100% shareholder on record and Martin Andrew Wright namedlisted 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=UK Companies House |access-date=2025-12-01}}</ref> The precise corporate link between Risk Capital S.A. and Onda Holding S.A. is not publicly established, though functionally the entities functionally operate as a single group.

🔍📋 '''Regulatory status.''' Onda is not a carrier; it operates as an MGA writing on third-party carrier paper. It describes itself as an approved Lloyd's Coverholder, though a specific coverholder number was not located in public Lloyd's registers. In France, Onda SAS is supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution). Inand theregistered US,with OndaORIAS Insuranceas Servicesan holdsinsurance surplus lines producer licenses in over 40 jurisdictionsintermediary. No BaFin (Germany), AFM (Netherlands), 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.

🧑‍💼👤 '''Joe Lonsdale — Co-Founder.''' An American. entrepreneur,Co-founder Lonsdale co-foundedof Palantir Technologies (the defense and intelligence data analytics company)founder and founded and serves as Managing Partner of 8VC, a leading Silicon Valley venture firm.<ref name="bhansalisfo"/> HisLonsdale's role at Onda is principally as founder and capital backer through 8VC. TheHis Palantir background confers a defense- and defence/intelligence-adjacent connection, though Lonsdalehe is not personally a member of the ex-intelligence community. He has no direct insurance industry background but brings extensive startup experience across Palantir, Addepar, Affinity, OpenGov, and the broader 8VC portfolio.

⚔️🔐 '''Paul Calatayud — Co-Founder &and former Chief Strategy Officer (October 2022 – January 2024; departed).''' CalatayudAmerican. servedMilitary background as a US Army information security cryptographer. beforeSubsequently holdingheld 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 the SANS Institute (2008–2022).<ref name="rsaconf">{{cite web |title=Paul Calatayud — Speaker Profile |url=https://www.rsaconference.com/speakers/paul-calatayud |publisher=RSA Conference |access-date=2025-12-01}}</ref> He holds CISSP, CISA, CISM, and GCIH certifications along withand a PhD in leadership. Calatayud departed Onda after approximately 15 months; — his early exitdeparture is a notable due diligence signal.

|+ 📊 Onda — Current Leadershipleadership Teamteam

! style="background:#eaecf0; text-align:left" | Key Backgroundbackground

| 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, then→ CUO/COO AIG Europe, 2012–2017). Swiss Re Corporate Solutions (Group Head of Underwriting Strategy, then→ 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, then→ 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.<ref name="insinsiderinsuranceinsider">{{cite web |title=TMK Cybercyber Underwriterunderwriter Jomaa Landslands at Startstart-Upup 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=2025-12-01}}</ref> Joined Onda mid-2023.

| 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.

🇫🇷 '''French leadership departures.''' TheStanislas FranceChapron operationserved wasas initially led by Stanislas Chapron (President of Onda SAS; (ex-President of Marsh France/Europe, ex-DG at Siaci Saint Honoré; École Polytechnique and, Stanford MS; military/defensedefence background including the AWACS program).<ref name="latribune"/> Frédéric Gatte served aswas Managing Director of France operations (ex-Head of Cyber at Diot-Siaci; described as a former naval officer),. Gina Allomong-Cottet aswas Senior Underwriter in France (ex-AIG Paris, American attorney), and Alexis de Maistre as Commercial Director. All three operational leaders — Gatte, de Maistre, and Allomong-Cottet — departed Onda by mid-to-late 2025. — Gatte joined Coalition France as Director of Underwriting in August 2025, and Allomong-Cottet moved to Chubb.<ref name="insjournalinsurancejournal"/><ref name="morningstar">{{cite web |title=Global Active Cyber Insurance Leader Coalition Launches in France |url=https://www.insurancejournalmorningstar.com/news/internationalbusiness-wire/202520250820198458/08/20/836357.htmglobal-active-cyber-insurance-leader-coalition-launches-in-france |publisher=InsuranceMorningstar / Business JournalWire |date=August 20, 2025 |access-date=2025-12-01}}</ref>

🏷️🔗 '''Corporate DNA.''' The dominant corporateexecutive lineage across the leadership team 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.

💰💵 '''CapitalFunding raisedrounds.''' Total funding is estimated at approximately $10 million according to PitchBook, though the precise breakdown across rounds and instruments varies by source.<ref name="pitchbook"/> CB Insights records anrecorded initiala $500,000 convertible note from K5 Global Technology, while PitchBook aggregatestracked the$10 fullmillion amountin total funding across AAF Management, Bhansali Equities, K5 Global, and Northstar.VC.<ref name="cbinsights">{{cite web |title=Onda Company Profile |url=https://www.cbinsights.com/company/onda-3 |publisher=CB Insights |access-date=2025-12-01}}</ref><ref name="pitchbook"/> 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 prominentmajor techtechnology media coverage of any funding round was found, suggesting capital has been raised quietly.

|+ 📊 Onda — Funding Roundsrounds summary

! style="background:#eaecf0; text-align:right; width:6em9em" | Amount

! style="background:#eaecf0; text-align:left; width:9em" | Round Typetype

! style="background:#eaecf0; text-align:left" | Investors Listed

| CB Insights || style="text-align:right" | $500K || Convertible Notenote || K5 Global Technology

🏦 '''Investor profile.''' The8VC investor(Joe baseLonsdale's leansfirm) towardis a generalist venture capital fund with a Palantir/defence-tech andpedigree venturerather capitalthan anchoredinsurance-sector byspecialisation. Lonsdale'sThe personalremaining networkinvestors — K5 Global, Northstar.VC, 8VCAAF (Lonsdale'sManagement, firm)and carriesBhansali Equities (a Palantir/defensesingle-techfamily pedigreeoffice) but— issimilarly notlean insurance-specifictoward generalist tech and venture capital.<ref name="bhansalisfo"/> No AXA-linked investors (AXA Venture Partners, AXA XL Innovation, Kamet Ventures) andwere noidentified. The absence of insurance-focused or cyber-specialist ventureVCs funds are among the disclosed backers — anis atypical profile for cyber MGA fundraising.; Thethe absenceinvestor ofbase strategicis insurance capital distinguishes Onda from peers backedanchored by Zurich,Lonsdale's Allianz,personal or Munich Re venture armsnetwork.

📈📉 '''Runway signals.''' CKRe Limited held £5.1 million in cash against £2 million turnoverin as ofturnover (December 2023), suggesting either premium trust funds, parent capitalizationcapitalisation, or reserve balances.<ref name="pomanda"/> The relatively modest disclosed funding for an MGA operating across three markets suggests either additionalundisclosed unreportedadditional capital, significant bootstrapping, or lean operational cost structures enabled by the Pleiad Group technology infrastructure shared with Joyn Insurance.

🎯 '''Product segmentationdefinitions.''' Onda markets two primarynamed products differentiatedsegmented by insured revenue threshold and limit structure. Onda+ targets SME companies with revenuesrevenue up to £100 million / €100 million, offeringproviding limits up to £5 million / €5 million on an any-one-claim basis acrossin the UK and France. Onda X targets the mid-market companies with revenuesrevenue between £100 million and £1 billion (UK/France) or $50 million and $1 billion (US), providing aggregateoffering limits up to £5 million / $5 million on aan aggregate basis, available as primary or excess basiscover across the UK, France, and the USUnited States.<ref name="insedgeinsuranceedge">{{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=2025-12-01}}</ref>

|+ 📊 Onda — Product Segmentssegments

! style="background:#eaecf0; text-align:left; width:6em" | Product

! style="background:#eaecf0; text-align:left" | Revenue Thresholdthreshold

! style="background:#eaecf0; text-align:rightleft; width:9em" | MaxMaximum Limitslimits

! style="background:#eaecf0; text-align:left; width:9em" | Limit Basisbasis

| Onda+ || Up to £100M / €100M || style="text-align:right"Up |to £5M / €5M || Any one claim || UK, France

| Onda X || £100M–£1B (UK/FR); $50M–$1B (US) || style="text-align:right"Up |to £5M / $5M || Aggregate; primary or excess || UK, France, US

🏭🌐 '''Industry focusAppetite.''' 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. EducationalIts educational content and threat intelligence output focusesfocus broadly on ransomware, social engineering, and supply chain risks acrossaffecting all commercial sectors. No enterprise segment (revenue aboveexceeding $1 billion) product exists, and maximum single-risk capacity is capped at £5 million / $5 million.

📋📜 '''Policy form.''' Onda uses proprietary ("bespoke") policy wordings rather than standard carrier paper,. with namedNamed 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 published claims guidance language.

🔐🛡️ '''First-party coverages.''' The marketed first-party coveragesprogramme includeincludes 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 payments (describedcovering asexpert "lastnegotiators resort"and coverageextortion subjectdemand topayments policyas limitationsa last resort),; bricking cover (paying for system replacement where repair is impractical, including updating vulnerable hardware and software updates),; reputational harm cover (future revenue loss resulting from a cyberattack),; and social engineering and/ funds transfer fraud cover (covering stolen funds via system hacking, redirected payments, and confidence-trick-induced transfers).

🛡️⚖️ '''Third-party coverages.''' NetworkThird-party coverage includes network security and privacy liability is (implied in coverage of third-party claims arising from data breaches and network security failures.); Datadata breach notification costs are(explicit explicitly coveredcoverage for GDPR and regulatory notification compliance. Regulatorycosts); and regulatory fines and penalties (coverage applies tofor fines or corrective actions imposed by authorities post-breach). Media liability, PCI-DSS, and Tech E&O are not found as explicitly listed among the available 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.<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=November 2024 |access-date=2025-12-01}}</ref><ref name="coverager">{{cite web |title=Onda Selects Five Sigma to Elevate Cyber Claims Handling |url=https://coverager.com/onda-selects-five-sigma-to-elevate-cyber-claims-handling/ |publisher=Coverager |date=November 2024 |access-date=2025-12-01}}</ref> Each case is assigned a named underwriter with direct contact.

⚖️🔍 '''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 / $5 million, with. noNo coverage feature differentiation beyond limit structure is publicly disclosed.

🔬 '''Pre-bind services.''' Onda generatesprovides a free, no-obligation risk report generated in seconds with actionable remediation steps forat prospective policyholders. Everythe quotation includesstage. aA complimentary 360° risk scan accompanies every quotation, powered by a Panorays integration and in-house scanning,. delivering aThe Cyber Insurability Assessment is delivered via the Navigator platform, including external attack surface analysis and third-party/supply chain risk mapping through Panorays.<ref name="panoraysblogpanorays">{{cite web |title=Onda Partnership Announcement |url=https://panorays.com/blog/onda-partnership/ |publisher=Panorays |date=October 2024 |access-date=2025-12-01}}</ref><ref Additionalname="insurancebizmag">{{cite capabilitiesweb include|title=Onda externalteams attackup surfacewith analysisPanorays andto third-party/supplystreamline chaincyber riskinsurance mapping|url=https://www.insurancebusinessmag.com/uk/news/cyber/onda-teams-up-with-panorays-to-streamline-cyber-insurance-507796.aspx through|publisher=Insurance Panorays.Business UK |access-date=2025-12-01}}</ref>

📡 '''Continuous monitoring.''' Navigator, by Onda's proprietary platform, provides ongoing vulnerability monitoring with actionable insights, live threat intelligence feeds, and supply chain oversight throughout the policy period.<ref name="insedge"/>The Integrationsplatform spanintegrates with AWS, Microsoft Azure & Defender, SentinelOne, and CrowdStrike for internal telemetry.<ref Thename="insuranceedge"/> 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 and /response.

🔧🏗️ '''Technology stack.''' Navigator is proprietary software. The exclusive two-year Panorays partnership, (announced in October 2024,) provides external attack surface management and third-party risk rating —; Panorays was recognizedrecognised as a leader in the Forrester Wave 2024 for cybersecurity risk ratings.<ref name="ibapanorayspanorays"/><ref name="panorayscase">{{cite web |title=Onda TeamsCase Up with Panorays to Streamline Cyber InsuranceStudy |url=https://www.insurancebusinessmagpanorays.com/ukresources/newscase-studies/cyberonda/onda-teams-up-with-panorays-to-streamline-cyber-insurance-507796.aspx |publisher=Insurance BusinessPanorays |access-date=2025-12-01}}</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., and Ed McGough's parallel(Group CTO) also holds a title at Pleiad Group, suggestssuggesting 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 separatedisclosed subscriptionfreemium or freemiumseparate subscription model. This is positioned as a core differentiator versus competitors that charge separately for cybersecurity tools.

== Product expansion beyond cyber ==

🎯 '''Pure-play focuspositioning.''' 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 harborharbour full-stack carrier ambitions. This pure-play positioning contrasts directly with peers such as Coalition (which bundles Tech E&O) and At-Bay (which offers Tech E&O alongside cyber).

🤝 '''Broker-exclusiveDistribution 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 existswas 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. TheOnda quote-to-bindrecruited workflow is described as achievable "in clicks, not days." Distributiondistribution talent has been recruited directly from competitors: — Stuart McMillan and Christopher Reynolds both joined from Coalition.

|+ 📊 Onda — Geographic Presencepresence and licensing

! style="background:#eaecf0; text-align:left; width:9em" | Launch Datedate

! style="background:#eaecf0; text-align:left" | Licensing Approachapproach

! style="background:#eaecf0; text-align:left" | Capacity Providerprovider

🌍 '''ExpansionGeographic trajectoryscope.''' No operations exist in Germany, the Netherlands, Spain, or other markets,. andThe noUS launch in October 2025 was the latest expansion. No German, Dutch, or Spanish language press coverage of Onda has been identified. The US launch in October 2025 was the latest expansionexists.

|+ 📊 Onda — Capacity Providerproviders Summaryby market and product

! style="background:#eaecf0; text-align:left; width:9em6em" | Market

| 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<ref name="everest">{{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=2025-12-01}}</ref>

| US || Crum & Forster Specialty Insurance Company || Surplus lines, non-admitted || A+ Superior (AM Best) || NAIC 44520; part of Fairfax Financial Holdings

🤝 '''Strategic partnerships.''' Onda'sIn mostOctober significant2024, externalOnda partnershipannounced is itsan exclusive two-year agreementpartnership with Panorays, announced in October 2024, for external attack surface and third-party/supply chain cyber risk assessment.<ref name="panoraysblogpanorays"/><ref name="ibapanoraysinsurancebizmag"/> FiveIn SigmaNovember 2024, Onda selected inFive NovemberSigma 2024,as provides theits AI-native claims management platform poweringto Onda'spower global cyber claims operations.<ref name="fivesigma"/><ref name="coverager"/> Onda is a member of the MGAA (UK Managing General Agents' Association). NoThe AXAmulti-carrier XLapproach capacityacross or reinsurance relationship, no AXA Venture Partners or Kamet Ventures investment,products and nogeographies distributionreduces agreementsingle-capacity withdependency anybut AXAincreases entityrelationship have beenmanagement identifiedcomplexity.

📉📊 '''Market share.''' With CKRe reporting £2 million in turnover as of (December 2023) and the first productcompany having launched its first product only in late 2023, Onda is in the earliest stages of premium growth.<ref name="pomanda"/> For context, Coalition reports a $775 million+ GWP run rate, exceedingCFC exceeds £1 billion in annual premium, and even mid-tier peers like Cowbell have raised $775100 million,+.<ref name="crunchcoalinsurtechinsights">{{cite web |title=VCsCoalition PourCloses Into$250 Million in Series F Funding |url=https://www.insurtechinsights.com/coalition-closes-250-million-in-series-f-funding-valuing-the-cyber-insurance-provider-at-5-billion/ |publisher=Insurtech Insights |access-date=2025-12-01}}</ref><ref name="crunchbasenews">{{cite web |title=VCs and Cyber Insurance as: Coalition's Valuation Doubles |url=https://news.crunchbase.com/news/vcs-cyber-insurance-coalitions-valuation-doubles/ |publisher=Crunchbase News |access-date=2025-12-01}}</ref> CFC exceeds £1 billion in annual premium, and mid-tier peers like Cowbell have raised over $100 million. Onda's scale is several orders of magnitude smaller than market leaders.

🏰 '''Competitive moat.''' Onda's claimed differentiators centercentre on four pillars: technology-driven underwriting throughvia the Navigator (replacingplatform, which replaces proposal forms with automated risk assessment) and integrates directly into AWS, theAzure, and endpoint security tools; an exclusive Panorays partnership for external attack surface and supply chain risk, assessment; Lloyd's-backed capacity of A-rated or better qualitycapacity across all markets (though this is not unique — multiple peer MGAs such as Stoïk, Cogitanda, and aSync 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 market reputation.<ref name="insinsiderinsuranceedge"/><ref However,name="insurancebizmag2">{{cite Lloyd'sweb capacity|title=Onda accessintroduces alonenew isproduct notfor uniquemid-market —companies multiple|url=https://www.insurancebusinessmag.com/uk/news/cyber/onda-introduces-new-product-for-midmarket-companies-528195.aspx peer|publisher=Insurance MGAsBusiness (Stoïk,UK Cogitanda,|date=2025 Sync Underwriting) also write on Lloyd's paper — and talent retention risk is elevated given co|access-founder and French team departures.date=2025-12-01}}</ref>

🔄 '''Peer benchmarking.''' AmongOnda clusters most closely with European-origin, broker-distributed, Lloyd's-backed SME/mid-market cyber MGAs, Onda— clusters most closely withspecifically 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) representare the closest operational competitors. TheOnda's pure-play cyber focus (nodiffers Techfrom E&OCoalition orand D&O adjacencies)At-Bay, absencewhich bundle complementary coverages. Its lack of MDR/SOC capabilities distinguishes it from Eye Security, and its broker-only distribution model furtherprecludes distinguishthe Ondadirect/digital fromchannels theused broaderby competitiveCowbell and some European fieldpeers.

|+ 📊 Onda — Key Financialfinancial and Operatingoperational Metricsmetrics (as of December 2023)

📊📈 '''Financial trajectory.''' Onda is pre-profitability and in early growth phase,. The havingcompany launched its first UK product in late 2023, France in early 2024, and the US in October 2025. The Onda X mid-market expansion in (March 2025) represents theits most significant product evolution to date.<ref name="insedgeinsuranceedge"/><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=2025-12-01}}</ref> The £2 million CKRe turnover figure (which may include legacy Lloyd's broking activity, rather thannot solely Onda MGA commissions,) suggestingsuggests a very modest premium base as of year-end 2023.

⚠️⚡ '''Financial health indicatorssignals.''' CKRe's £5.1 million cash position, combined with the estimated $10 million in external funding, provides a finite but meaningful runway.<ref name="pomanda"/> CKRe's full accounts to December 31, 2024, were filed in August 2025 but were not accessed in this research. 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 capitalizationcapitalisation flows through Onda Holding S.A. or Onda AI, Inc.<ref name="pomanda"/>

⚡⛓️ '''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 provesis unfavorableunfavourable — would directly impair the company'sits 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 in (January 2024). The entire French operational leadership team — (Gatte, de Maistre, and Allomong-Cottet —) departed in 2025, with Gatte joining direct competitor Coalition France.<ref name="insjournalinsurancejournal"/> This pattern of early senior departures is a significant due diligence concern and may signal strategic disagreements, compensation issues, or operational challenges. CUO Alex Jomaa (CUO) and President Ashley Hirst (President) remain, but their retention is critical to operational continuity.

💵💸 '''Funding risk.''' At an estimated $10 million raised — with no disclosed Series A from institutional insurance-specialist investors, — Onda is thinly capitalizedcapitalised relative to competitors.<ref name="pitchbook"/> Coalition has raised $755 million, Cowbell $122 million, and At-Bay $292 million.<ref name="crunchcoalcrunchbasenews"/><ref Thename="crunchbasenews2">{{cite abilityweb to|title=Corvus fundInsurance three-marketRaises operations,$100M technologyas development,Cyber andAttacks marketingIncrease simultaneously|url=https://news.crunchbase.com/news/corvus-insurance-raises-100m-as-cyber-attacks-increase/ is|publisher=Crunchbase constrained,News and|access-date=2025-12-01}}</ref> theThe absence of insurance-focused ventureVCs (unlike peers backed by Zurich, Allianz, and Munich Re capitalarms) 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 Managing DirectorMD — directly threatens Onda's position in that market.<ref name="insjournalinsurancejournal"/><ref name="morningstar">{{cite web |title=Global Active Cyber Insurance Leader 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=2025-12-01}}</ref> Established peers have deeper capital reservespockets, largermore datasetsdata, and broader distribution networks.

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

|+ 📊 Onda — Key Eventsmilestones (2022–2025)

| Early 2024 || France launch — Onda SAS operational under Stanislas Chapron (President) and Frédéric Gatte (DG), with Canopius and Argenta as Lloyd's capacity.

| March 12, 2025 || Onda X mid-market product launched (UK and France) with— Everest as carrier through Lloyd's Syndicate 2786.