
Reserv Inc. (&#34;Reserv&#34;), the parent company of Reserv Claims Analysis, LLC - the Property and Casualty (P&amp;C) Insurance industry&#39;s largest AI-native third-party administrator (&#34;TPA&#34;) - and Reserv Technologies, LLC - a

<p xmlns="http://www.w3.org/1999/xhtml">
Reserv Inc. ("Reserv"), the parent company of Reserv Claims Analysis, LLC - the Property and Casualty (P&amp;C) Insurance industry's largest AI-native third-party administrator ("TPA") - and Reserv Technologies, LLC - a claims intelligence provider - today announced a $125 million Series C funding round led by KKR, with participation from existing investors including Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260504407536/en/" rel="nofollow">https://www.businesswire.com/news/home/20260504407536/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260504407536/en/2791331/4/COLOR12_copy.jpg" alt="Reserv co-founders CJ Przybyl and Martha Dreiling"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">Reserv co-founders CJ Przybyl and Martha Dreiling</p></div><p xmlns="http://www.w3.org/1999/xhtml">
Founded in 2022, Reserv provides TPA services and technology to nearly 200 insurers, corporate captives, MGAs, and brokers. The company has achieved strong commercial traction, with annual recurring revenue (ARR) reaching $100 million and rapid year-on-year growth as it scales its platform. With over 500 claims adjusters on staff, Reserv has more than doubled its claims processing capacity every year while continuing to improve claims outcomes, provide data transparency, and innovate new technology solutions for its client partners. The investment from funds and accounts managed by KKR is expected to help Reserv continue to more than double its claim capacity every year from 500,000 annual complex claims capacity today to 30 million in the next four years, which means creating enough capacity to service and automate a significant portion of the P&amp;C industry across non-field-based commercial claims.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We started this company to prove how seamless claims processing could be if technology wasn't the bottleneck - with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization," said CJ Przybyl, co-founder and CEO. "Reserv has now reached a scale - in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities - where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i' dotted and ‘t' crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market," said Patrick Devine, Partner at KKR. "We're excited to partner with this high-calibre management team, which has the rare combination of innovation, agility, and operational sophistication to rapidly scale to meet customer needs and deliver differentiated outcomes compared to legacy claims handling approaches," added Elliot Bell, Principal at KKR.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;After scaling York Risk Services into one of the nation&#39;s largest TPAs, I&#39;ve seen virtually every claims model the industry has produced," said Rick Taketa, Board Member and former CEO of York Risk Services. "What Reserv has built is genuinely different—AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike. KKR&#39;s investment reflects what I&#39;ve seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Reserv Glance&#x2122; claims platform enables customers to migrate any size of historical and open claims into a centralized database. It then uses fully explainable AI to analyze and act on critical claims, while scaling human and automated workflows quickly. This enables customers to phase out legacy claims systems and operations in a matter of weeks. Clients can choose how much automation they want to apply — from automated handling of simpler claims to more supported approaches for complex cases. Reserv operates in a "post-AI" environment, where the latest AI tools are immediately production-ready and integrated into the platform. The emphasis shifts from building standalone tools to supporting adjuster and insurer teams as they adapt their processes to this pace of innovation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The investment will be made primarily through KKR's Next Generation Technology Growth strategy, which builds on the firm's established track record in technology investing, and leverages KKR's institutional knowledge from investing extensively across the insurance value chain.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Reserv was advised by Paul Hastings as legal adviser. KKR was advised by Gibson Dunn as legal adviser.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Reserv</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Reserv is an AI-native third-party administrator (TPA) and software provider for property and casualty insurance. Purpose-built by claims and technology veterans, Reserv delivers tech-forward claims handling at scale, enabling insurers to drive down loss costs, streamline operations, and improve the customer experience. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.reserv.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.reserv.com&amp;index=1&amp;md5=aa207fee8883fd32478e5e3ecf1400a5" shape="rect">www.reserv.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About KKR</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KKR">KKR</a>), please visit KKR's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.kkr.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.kkr.com&amp;index=2&amp;md5=0be5aa29397464047243f52b07589e96" shape="rect">www.kkr.com</a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.globalatlantic.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.globalatlantic.com&amp;index=3&amp;md5=164e6430bda878b3a4db6c0704ea5b76" shape="rect">www.globalatlantic.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260504407536r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260504407536/en/" rel="nofollow">https://www.businesswire.com/news/home/20260504407536/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Reserv 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:marketing@reserv.com" shape="rect">marketing@reserv.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">KKR 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Julia Leeger
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@kkr.com" shape="rect">media@kkr.com</a>

</p>

Reserv Announces $125 Million Series C Financing Led by KKR to Accelerate AI-Driven Transformation of Insurance Claims

KKR invests $125 million in AI-driven claims administrator Reserv

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Reserv Inc. (&amp;#34;Reserv&amp;#34;), the parent company of Reserv Claims Analysis, LLC - the Property and Casualty (P&amp;amp;C) Insurance industry&amp;#39;s largest AI-native third-party administrator (&amp;#34;TPA&amp;#34;) - and Reserv Technologies, LLC - a</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>KKR has led a $125 million Series C funding round for Reserv, an AI-native claims provider. This investment aims to significantly expand Reserv&#039;s claims processing capacity, positioning it for market leadership in the property and casualty insurance sector.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>KKR leads $125 million Series C funding for Reserv.</li><li>Reserv&#039;s ARR has reached $100 million with rapid growth.</li><li>Investment aims to boost claims processing capacity to 30 million annually.</li><li>Reserv utilizes AI for operational efficiencies in claims handling.</li><li>KKR&#039;s strategy includes extensive investment in technology across the insurance sector.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Reserv (N/A)</strong>: An AI-native claims administrator receiving significant funding from KKR.</li><li><strong>Bain Capital Ventures (N/A)</strong>: Participated in Reserv&#039;s funding round, indicating broader interest in technology-driven insurance.</li><li><strong>Flourish Ventures (N/A)</strong>: Investor in Reserv, aligning with innovation in the claims processing sector.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news falls under &#039;Corporate Developments&#039; as it details a significant investment into a technology company poised to disrupt traditional claims processing in the insurance industry. The focus on AI aligns with current trends in digital transformation across sectors.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>KKR&#039;s investment enhances growth prospects in the AI and insurance markets.</li><li>Reserv&#039;s potential capacity increase may lead to greater market share.</li><li>The direct involvement of KKR signals confidence in Reserv&#039;s disruptive technology.</li><li>Improvements in operational efficiency could result in higher returns for KKR.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>KKR led a $125 million Series C round for Reserv.</li><li>Reserv&#039;s annual recurring revenue (ARR) reached $100 million.</li><li>Reserv aims to process 30 million claims annually within four years.</li><li>More than 200 insurers utilize Reserv&#039;s TPA services.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Invest in KKR for potential growth driven by technology sector investments over the next 12-24 months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Reserv Inc. ("Reserv"), the parent company of Reserv Claims Analysis, LLC - the Property and Casualty (P&amp;C) Insurance industry's largest AI-native third-party administrator ("TPA") - and Reserv Technologies, LLC - a claims intelligence provider - today announced a $125 million Series C funding round led by KKR, with participation from existing investors including Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.

</p><p xmlns="http://www.w3.org/1999/xhtml" id="news-body-cta">This press release features multimedia. View the full release here: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260504407536/en/" rel="nofollow">https://www.businesswire.com/news/home/20260504407536/en/</a></p><div xmlns="http://www.w3.org/1999/xhtml" id="bwbodyimg" style="width: 480px; float:left; padding-left:0px; padding-right:20px; padding-top:0px; padding-bottom:0px;"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mms.businesswire.com/media/20260504407536/en/2791331/4/COLOR12_copy.jpg" alt="Reserv co-founders CJ Przybyl and Martha Dreiling"></img><p xmlns="http://www.w3.org/1999/xhtml" style="font-size:85%;">Reserv co-founders CJ Przybyl and Martha Dreiling</p></div><p xmlns="http://www.w3.org/1999/xhtml">
Founded in 2022, Reserv provides TPA services and technology to nearly 200 insurers, corporate captives, MGAs, and brokers. The company has achieved strong commercial traction, with annual recurring revenue (ARR) reaching $100 million and rapid year-on-year growth as it scales its platform. With over 500 claims adjusters on staff, Reserv has more than doubled its claims processing capacity every year while continuing to improve claims outcomes, provide data transparency, and innovate new technology solutions for its client partners. The investment from funds and accounts managed by KKR is expected to help Reserv continue to more than double its claim capacity every year from 500,000 annual complex claims capacity today to 30 million in the next four years, which means creating enough capacity to service and automate a significant portion of the P&amp;C industry across non-field-based commercial claims.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We started this company to prove how seamless claims processing could be if technology wasn't the bottleneck - with ongoing feature evolution instead of constant system overhauls. And our focus is not just on claims processing tools, but automation of the entire organization," said CJ Przybyl, co-founder and CEO. "Reserv has now reached a scale - in claims processing capacity, technology velocity, data accumulation, and people transformation capabilities - where we can automate even the most complex claims. This enables an adjuster-led, empathetic experience, with every ‘i' dotted and ‘t' crossed with the support of AI and built on an infinitely scalable, purpose-built platform and flexible tech stack."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"What Reserv has done from an AI and operational perspective to deliver faster and better quality outcomes for its customers is truly differentiated in the market," said Patrick Devine, Partner at KKR. "We're excited to partner with this high-calibre management team, which has the rare combination of innovation, agility, and operational sophistication to rapidly scale to meet customer needs and deliver differentiated outcomes compared to legacy claims handling approaches," added Elliot Bell, Principal at KKR.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;After scaling York Risk Services into one of the nation&#39;s largest TPAs, I&#39;ve seen virtually every claims model the industry has produced," said Rick Taketa, Board Member and former CEO of York Risk Services. "What Reserv has built is genuinely different—AI-driven capabilities that go beyond automation to meaningfully improve outcomes for claimants and customers alike. KKR&#39;s investment reflects what I&#39;ve seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
The Reserv Glance&#x2122; claims platform enables customers to migrate any size of historical and open claims into a centralized database. It then uses fully explainable AI to analyze and act on critical claims, while scaling human and automated workflows quickly. This enables customers to phase out legacy claims systems and operations in a matter of weeks. Clients can choose how much automation they want to apply — from automated handling of simpler claims to more supported approaches for complex cases. Reserv operates in a "post-AI" environment, where the latest AI tools are immediately production-ready and integrated into the platform. The emphasis shifts from building standalone tools to supporting adjuster and insurer teams as they adapt their processes to this pace of innovation.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The investment will be made primarily through KKR's Next Generation Technology Growth strategy, which builds on the firm's established track record in technology investing, and leverages KKR's institutional knowledge from investing extensively across the insurance value chain.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Reserv was advised by Paul Hastings as legal adviser. KKR was advised by Gibson Dunn as legal adviser.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Reserv</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Reserv is an AI-native third-party administrator (TPA) and software provider for property and casualty insurance. Purpose-built by claims and technology veterans, Reserv delivers tech-forward claims handling at scale, enabling insurers to drive down loss costs, streamline operations, and improve the customer experience. Learn more at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.reserv.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.reserv.com&amp;index=1&amp;md5=aa207fee8883fd32478e5e3ecf1400a5" shape="rect">www.reserv.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About KKR</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KKR">KKR</a>), please visit KKR's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.kkr.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.kkr.com&amp;index=2&amp;md5=0be5aa29397464047243f52b07589e96" shape="rect">www.kkr.com</a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.globalatlantic.com&amp;esheet=54526440&amp;newsitemid=20260504407536&amp;lan=en-US&amp;anchor=www.globalatlantic.com&amp;index=3&amp;md5=164e6430bda878b3a4db6c0704ea5b76" shape="rect">www.globalatlantic.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260504407536r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260504407536/en/" rel="nofollow">https://www.businesswire.com/news/home/20260504407536/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Reserv 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:marketing@reserv.com" shape="rect">marketing@reserv.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">KKR 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Julia Leeger
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@kkr.com" shape="rect">media@kkr.com</a>

</p>

KKR has led a $125 million Series C funding round for Reserv, an AI-native claims provider. This investment aims to significantly expand Reserv's claims processing capacity, positioning it for market leadership in the property and casualty insurance sector.

Reserv Announces $125 Million Series C Financing Led by KKR to Accelerate AI-Driven Transformation of Insurance Claims

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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