Whale lands $27.5m investment from Morgan Stanley Expansion Capital.

June 1, 2024
1 min read


  • Cover Whale, an InsurTech specializing in connected insurance for commercial auto, secures a $27.5m investment from Morgan Stanley Expansion Capital.
  • The investment will support Cover Whale’s growth trajectory, enhance road safety in America, and drive innovations in commercial trucking insurance.
  • Cover Whale, a pioneering InsurTech specialising in connected insurance for commercial auto, has secured $27.5m in debt and equity from investment funds managed by Morgan Stanley Expansion Capital. The substantial investment will bolster Cover Whale’s growth trajectory and expedite its mission to revolutionise trucking insurance while enhancing road safety across America. The tranche also underscores the confidence of investors in the company’s vision and capabilities.

    Founded in 2019, Cover Whale has rapidly emerged as a disruptor in the insurance landscape. The company is renowned for its innovative approach, leveraging technology to provide lightning-fast policy quotes and bound coverage to agents and their trucking clients. Its unique business model integrates advanced telematics and real-time driver coaching, setting new standards for efficiency and safety in commercial trucking insurance.

    Dan Abrahamsen, CEO of Cover Whale, expressed his enthusiasm about the investment, stating, “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core. We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”

    Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, shared his perspective on the investment, saying, “We believe Cover Whale is a rare instance where the team has built a large-scale InsurTech MGA and achieved consistent profitability while remaining capital efficient. We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”

    With a strong focus on technological innovation and operational excellence, Cover Whale is poised to drive further advancements in commercial trucking insurance. The infusion of capital will enable the company to enhance its technology and operating platform, ultimately delivering superior service quality and fostering road safety.

Latest from Blog

Your Daily InsurTech Briefing – 2024-06-24

Let’s see what’s in the news today. Labor Insurance Supplies Market Latest Trends, Technological Advancement, Driving Factors and Forecast to 2030 The Labor Insurance Supplies Market has witnessed continuous growth in the

CRC Group boosts leadership team

TLDR: CRC Group, a leading wholesale specialty insurance distributor in North America, has appointed three new executives to its leadership team. Jessica Marshall is now the chief marketing officer, Mike Baeurle is

Your Daily InsurTech Briefing – 2024-06-23

Let’s see what’s in the news today. Why actuarial expertise is now key for insurers As the insurance sector undergoes a rapid evolution in regard to its pricing challenges, José María Castelo

Technology claims: industry adapts.

Claims Technology Adaptation in the Insurance Industry TLDR: Key Points: Rapid advancements in Insurtech and technology have disrupted the insurance industry, particularly in claims processing. The adoption of technology in claims processes,