Cover Whale Insurance Solutions, Inc., a managing general agency (MGA) focused on commercial auto isurance, announced $40 million in new equity financing from Morgan Stanley Expansion Capital.
Founded in 2020, Cover Whale’s proprietary driver safety program combines continuous underwriting, real-time risk monitoring, telematics, and AI-powered driver coaching to reduce losses, reward safe driving, and improve road safety. The MGA says its platform delivers industry-leading loss ratios in the traditionally challenging commercial trucking market segment.
Cover Whale said the new funding will allow it to accelerate investments in its technology platform and analytics, as well as expand its product offerings.
Operating as a MGA, New York-based Cover Whale has partnered with nearly 5,000 agents to write more than $1.3 billion in gross premium since its inception in 2020. Year to date, Cover Whale says it has booked $133 million of gross written premiums during the first half of 2025, and is on track for a full-year target of $277 million.
Commenting on the financing, Dan Abrahamsen, founder and CEO of Cover Whale, said 2024 marked a pivotal year for Cover Whale as it invested in its technology platform, service organization, and pricing, underwriting and loss control programs. “Morgan Stanley Expansion Capital’s transition from lender to equity partner is a gratifying affirmation of the tremendous progress made over the past few years, and their renewed backing gives us the resources to fully capitalize on the significant growth opportunities ahead,” said Abrahamsen.
Morgan Stanley Expansion Capital first invested in Cover Whale in May 2024 with a structured debt instrument. “Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years,” said Nick Nocito, executive director of Morgan Stanley Expansion Capital.
Topics Auto Commercial Lines Business Insurance Insurance Wholesale
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