Split Risk

Split Risk is a Brazilian auto insurance MGA operating under the Insurance-as-a-Service (IaaS) model, providing white-label platform solutions to business partners seeking to offer auto insurance products to customers typically excluded by traditional carriers. Based in Uberlandia, Minas Gerais, the company operates as a Representante de Seguros under SUSEP regulation and received its definitive S3 license from SUSEP in May 2025, enabling expansion beyond the regulatory sandbox into new lines including life and residential insurance.

The company underwrites personal auto insurance through a flexible platform that allows corporate and broker partners to configure insurance products under their own brands. Split Risk handles the regulatory compliance, underwriting rules, and policy administration while partners manage customer-facing distribution. The franchise model extends this approach to individual entrepreneurs seeking to enter the insurance market with brand and technology support.

By end of 2024, Split Risk reported R$ 43.8 million in issued premiums and over 80,000 active recurring policyholders, representing approximately 4x year-over-year growth. The company received a R$ 50 million investment from HSR Solucoes e Participacoes in early 2025 to fund platform expansion and technology investment. In 2023, Split Risk was the largest insurtech operating in SUSEP's Regulatory Sandbox, accounting for approximately half of all premiums issued by the sandbox's 30 participants.