Glasgow-headquartered SEP has completed a $50m growth equity investment in mea Platform, an AI-native insurance technology company founded in 2021.
mea, which has been intentionally bootstrapped to date, is now in its fourth consecutive year of profitable growth. The investment will support accelerated product development and deeper customer engagement as the business expands across global (re)insurance operations.
The company deploys proprietary, insurance-specific AI products to automate end-to-end operations for carriers, brokers and Managing General Agents. Its pre-trained models are designed specifically for insurance requirements, enabling rapid deployment and non-invasive integration.
London-based mea has live deployments across 21 countries, with more than $400bn of gross written premium processed through its platform. Customers and partners include AXIS, CNA, The Hartford, Markel, SCOR, Ardonagh, Lloyd’s of London, PPL, Accenture, DXC, ServiceNow, Velonetic and Verisk.
Operating costs account for up to 14 points of the combined ratio for carriers and nearly half of total expenses for brokers, representing approximately $2 trillion in annual industry costs. mea says its AI products can deliver up to 60 per cent reductions in operating costs.
Martin Henley, founder and CEO of mea, said: “SEP brings deep experience in scaling enterprise technology businesses, and we are excited to partner with them as we grow mea with the same discipline and focus that has brought us to this point. We saw significant inbound interest from potential investors and chose SEP for their long-term perspective, collaborative style and the strategic support they will provide as we enter our next phase of growth.
“Our opportunity to improve client combined ratios and margin is built on years of developing and deploying insurance-specific AI at global scale. As the industry moves from AI experimentation to production, customers increasingly recognise the value of domain-specific technology that delivers results immediately.”
The investment was led by Angus Conroy, Tim Ankers and Jack Senior at SEP.
Angus Conroy, managing partner of SEP, said: “mea is an excellent fit with our strategy of backing IP-rich technology companies that solve complex problems for the world’s largest organisations. mea has built a highly differentiated, production-grade platform with clear return on investment for global insurance groups. Strong customer adoption, growth, and capital efficiency reflect both the quality of the technology and the team’s deep insurance expertise. In a dynamic market, mea stands out for what is live, proven, and scaled today. We are excited to partner with Martin and the mea team as they continue to scale the business.”
