Home Insurance Law Small business-focused insurtech Coterie lands $27m funding   

Small business-focused insurtech Coterie lands $27m funding   

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Small business-focused insurtech Coterie lands $27m funding   

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Coterie, a US-based insurtech managing normal agent specialising in small enterprise insurance coverage, has acquired a contemporary infusion of $27m.  

The newest funding spherical attracted new capital from Hiscox and continued assist from present traders equivalent to Intact Ventures, Weatherford Capital and RPM Ventures. 

Since its launch in 2018, Coterie has amassed greater than $102m in complete funding. 

The brand new funding might be used to bolster the corporate’s choices together with the event of latest insurance coverage merchandise, superior underwriting processes and enhanced policyholder servicing automation.  

Coterie’s technology-driven platform is designed to streamline the insurance coverage course of, claiming a submission-to-bind expertise in underneath one minute.  

The insurtech firm stated it has maintained a developed final loss ratio beneath 60% for 2 years, with income development exceeding 200% in 2023.  

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Coterie has additionally expanded its reinsurance panel in 2023. 

Coterie CEO David McFarland stated: “We’re extremely grateful for the popularity and perception in how we’re reimagining the small business insurance coverage house by means of continued innovation and dedication to unbiased brokers and brokers.  

“That is an extremely thrilling time in Coterie’s development as we give attention to bringing enhanced worth for our companions by pushing boundaries to form the way forward for insurance coverage.” 

Weatherford Capital founding companion Drew Weatherford stated: “Coterie continues to impress us with their revolutionary use of know-how, information and automation to simplify the quoting and binding course of. We’re assured on this crew’s capacity to actually rework small enterprise insurance coverage.” 

In July 2023, Coterie shaped an alliance with ZestyAI to leverage know-how to supply shoppers with detailed insights on property danger and valuation. 

Coterie’s earlier funding milestones embody a $50m Collection B financing spherical in 2021, led by Weatherford Capital and supported by RPM Ventures, Intact Ventures, Group 1001 and Alpha Edison. 


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