NEW YORK & LONDON--(BUSINESS WIRE)--May 4, 2026--
Reserv Inc. (“Reserv”), the parent company of Reserv Claims Analysis, LLC - the Property and Casualty (P&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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260504407536/en/
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&C industry across non-field-based commercial claims.
“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.”
“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.
"After scaling York Risk Services into one of the nation's largest TPAs, I'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's investment reflects what I've seen firsthand: this is a company positioned to lead the next phase of innovation in claims, with its most significant impact still ahead."
The Reserv Glance™ 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.
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.
Reserv was advised by Paul Hastings as legal adviser. KKR was advised by Gibson Dunn as legal adviser.
About Reserv
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 www.reserv.com.
About KKR
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 & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Reserv co-founders CJ Przybyl and Martha Dreiling
DUBAI, United Arab Emirates (AP) — The U.S. military is rejecting claims that Iran struck a U.S. Navy vessel.
The denial on Monday came as the U.S. remains active in the area near the Persian Gulf, offering to guide ships through the Strait of Hormuz and dislodge Iran’s blockade on vessels that don’t receive its authorization..
Iranian news agencies — including the semiofficial agency Fars and the Iranian Labour News Agency — claimed that Iran had struck a U.S. Navy vessel southeast of the strait of Hormuz, accusing it of “violating maritime security and navigation norms.”
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
DUBAI, United Arab Emirates (AP) — The United States said Monday it is ready to “guide” commercial ships through the Strait of Hormuz in a new effort to end the blockade wreaking havoc on the global economy.
The U.S.-led Joint Maritime Information Center advised ships to cross the strait in Oman’s waters, saying it had set up an “enhanced security area.” The American military has said the initiative might involve guided-missile destroyers, more than 100 aircraft and 15,000 service members but has not specified what kind of assistance or escorts it would provide ships.
That has left open the question of whether shipping companies, and their insurers, will feel comfortable taking the risk given that Iran has fired on ships in the waterway and vowed to keep doing so.
Iran’s control of traffic through the crucial artery for the world’s oil and gas supplies has proved a major strategic advantage in its war with the U.S. and Israel, allowing Iran to inflict tremendous pain on the global economy despite being outgunned on the battlefield.
The effort to revive traffic risks unraveling the fragile ceasefire that has held for more than three weeks.
U.S. President Trump in a social media post on Sunday promised that the U.S. would “guide” ships out of the strait, warning that Iranian efforts to block them "will, unfortunately, have to be dealt with forcefully.”
He described part of what he called “Project Freedom” in humanitarian terms, designed to aid stranded seafarers, many on oil tankers or cargo ships, have been stuck in the Persian Gulf since the war began. Crews have described to The Associated Press seeing intercepted drones and missiles explode over the waters as their vessels run low on drinking water, food and other supplies.
Iran’s state-run IRNA news agency later called Trump’s “Project Freedom” part of his “delirium." Iran’s military command said on Monday that ships passing must coordinate with them.
“We warn that any foreign military force — especially the aggressive U.S. military — that intends to approach or enter the Strait of Hormuz will be targeted,” Major General Pilot Ali Abdollahi told state broadcaster IRIB.
It was unclear as of Monday morning whether any vessels, many of which have become essentially stranded by the standoff, were attempting to cross or whether ships were staying put.
The Joint Maritime Information Center said the U.S. has set up an “enhanced security area” near the Oman side of the strait. It urged mariners to coordinate closely with Omani authorities “due to anticipated high traffic volume.”
It warned that passing close to usual routes, know as the traffic separation scheme, “should be considered extremely hazardous due the presence of mines that have not been fully surveyed and mitigated.”
The disruption of the waterway has become one of the most enduring consequences of the war that the U.S. and Israel launched Feb. 28, squeezing countries in Europe and Asia that depend on Persian Gulf oil and gas and raising gasoline, food and other prices far beyond the region.
Iran has put particular pressure on Trump, who promised to bring down gas prices and faces midterm elections this year, and has called U.S. moves to dislodge its grip over the strait ceasefire violations. They have vowed not to return the strait to prewar conditions and moved to impose charges on transiting ships.
The U.S. has warned shipping companies they could face sanctions for paying Iran and enacted a naval blockade on Iranian ports since April 13, telling 49 commercial ships to turn back, U.S. Central Command said Sunday.
The blockade has deprived Tehran of oil revenue it needs to shore up its ailing economy.
U.S. officials hope the blockade helps break the deadlock, forcing Iran back to the negotiation table under pressure. Yet thus far negotiations are still in the proposal and review phase, with no publicly announced talks between the U.S. and Iran underway.
“We think that they’ve gotten less than $1.3 million in tolls, which is a pittance on their previous daily oil revenues,” U.S. Treasury Secretary Scott Bessent told Fox News on Sunday, adding that Iran’s oil storage is rapidly filling up and “they’re going to have to start shutting in wells, which we think could be in the next week.”
Iran’s 14-point proposal made public over the weekend calls for the U.S. lifting sanctions on Iran, ending the U.S. naval blockade of Iranian ports, withdrawing forces from the region and ceasing all hostilities, including Israel’s operations in Lebanon, according to the semiofficial Nour News and Tasnim agencies, which have close ties to Iran’s security organizations.
Iranian officials said they received and were reviewing the U.S. response, though Foreign Ministry spokesperson Esmail Baghaei told reporters on Monday that changing demands, which he did not detail, made diplomacy difficult.
Iran has publicly claimed its proposal does not include issues related to its nuclear program and enriched uranium — long a driving force in tensions with the U.S.
Iran’s proposal wants other issues resolved within 30 days and aims to end the war rather than extend the ceasefire, according to Iran’s state-linked media. Trump on Saturday said he was reviewing the proposal but expressed doubt it would lead to a deal.
Pakistan said Monday it has facilitated the transfer of 22 crew members from an Iranian vessel seized by the U.S., describing the move as a confidence-building measure as Pakistant attempts to revive talks between the two sides.
Pakistan's Foreign Ministry said in a statement that the crew members, who had been aboard the Iranian container ship MV Touska, were evacuated and flown to Pakistan overnight. They are expected to be handed over to Iranian authorities.
The vessel will be brought into Pakistani territorial waters for necessary repairs before being returned to its original owners, the ministry said, adding that the process is being coordinated with the support of Iran and the U.S.
Metz reported from Ramallah, West Bank. Munir Ahmed contributed from Islamabad, Pakistan.
People view rugs at the Grand Bazaar in Tehran, Sunday, May 3, 2026. (AP Photo/Vahid Salemi)
A woman looks at jewelry in the window of a gold shop at Tehran's historic Grand Bazaar, Iran, Sunday, May 3, 2026. (AP Photo/Vahid Salemi)
A man stands in the water, appearing to fish, as bulk carriers, cargo ships, and service vessels line the horizon in the Strait of Hormuz off Bandar Abbas, Iran, Monday, April 27, 2026.(Razieh Poudat/ISNA via AP)
Vehicles drive past a billboard with graphic showing Strait of Hormuz and sewn lips of U.S. President Donald Trump in a square in downtown Tehran, Iran, Saturday, May 2, 2026. (AP Photo/Vahid Salemi)
Cargo ships are seen at sea near the Strait of Hormuz, as viewed from a rocky shoreline near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026. (AP Photo/Fatima Shbair)
