Digital property/casualty insurance platform CoverHound announced it has raised a $58 million Series D funding round. Global specialist insurer Hiscox led the round, along with additional investors including Chubb, Aflac Ventures and Japan-based MS&AD.
The latest round brings the total capital raised since its launch in early 2010 to more than $112 million for the agency that offers online comparison shopping and purchasing for personal and business insurance.
In addition to funding the continued development of CyberPolicy, its small business cyber insurance subsidiary, the round will be used by CoverHound to expand its offices beyond San Francisco and Westlake Village, California to Charlotte, North Carolina.
The funding will also support international expansion efforts into Japan and other global markets, according to the announcement.
“The future of digital insurance distribution will continually shift to more non-traditional insurance brands,” said CoverHound CEO Keith Moore.
“In an industry that’s been heating up with a flurry of new entrants, we feel blessed that we know exactly who we are and what we excel at. We have no desire to be an insurance carrier or an online search engine purely for price comparisons. CoverHound and CyberPolicy are digital, trusted advisors for curated choice for anyone needing personal or business insurance.”
CoverHound’s has been pursuing growth through partnerships with banks, large insurers and technology providers. This past November, CyberPolicy began providing cyber insurance options through Progressive Insurance to provide more SMBs access to cyber insurance. In May of 2018, CoverHound partnered with Hiscox to offer cyber insurance via CyberPolicy.
CoverHound offers policies from Chubb, Hiscox, Progressive, Liberty Mutual, biBERK, Safeco, Nationwide, Mercury, Hartford Steam Boiler and others in 50 states. Launched in 2016, CyberPolicy helps small businesses with up to $250 million in revenue compare and buy cyber insurance online.
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