PriyaPatel
TLDR:
InsurTech MGA Coterie secures $27m in funding to simplify small business insurance with investments from Hiscox and others. The company plans to enhance offerings, introduce new insurance products, improve underwriting processes, and automate policyholder servicing. Coterie has demonstrated responsible growth and impressive revenue growth, with a submission-to-bind experience of less than one minute.
Key Points:
- Coterie secures $27m in funding to simplify small business insurance
- Investors include Hiscox, Intact Ventures, Weatherford Capital, and RPM Ventures
Coterie, an InsurTech MGA simplifying small business insurance, has secured a significant boost in funding, announcing a raise of $27m. The oversubscribed round includes investments from renowned players such as Hiscox, along with continued support from existing investors Intact Ventures, Weatherford Capital, and RPM Ventures, among others. With the infusion of fresh capital, Coterie aims to further elevate its offerings, delivering increased value to agents and brokers through the introduction of new insurance products, more sophisticated underwriting processes, and further automation of policyholder servicing. Leveraging its commitment to technological innovation, Coterie boasts an impressive submission-to-bind experience of less than one minute, setting new standards for efficiency and speed in the industry. Maintaining steady investor confidence amidst market fluctuations, Coterie has demonstrated a commitment to responsible growth, with a developed ultimate loss ratio of less than 60% for eight consecutive quarters. The company’s revenue soared by over 200% in 2023, highlighting its trajectory of remarkable growth and stability. Furthermore, in 2023, Coterie expanded its reinsurance panel by incorporating two leading reinsurance markets, both rated A or better by S&P Global.
David McFarland, CEO of Coterie, stated, “We’re incredibly grateful for the recognition and belief in how we’re reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers. This is an incredibly exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.” Drew Weatherford, Founding Partner of Weatherford Capital, added, “Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process. We’re confident in this team’s ability to truly transform small business insurance.”
