Dallas-based insurance exchange and MGA MarketScout announced it has launched MarketScout InsurTech (MIT), which will make investments in tech-enabled insurance distribution. The initial funding of $25 million will come exclusively from MarketScout Corp., parent of MIT, according to the firm.
In June, MarketScout sold its workers’ compensation managing general agency business to Specialty Program Group. At the time, CEO Richard Kerr said the sale was to fund expansion into insurance technology and other MGA ventures. The purchase price and terms were not disclosed.
In the company’s announcement, Kerr noted that MarketScout was founded in 2000 as a web-enabled insurance exchange. Since then, “we have learned a lot about how to successfully deploy technology in the insurance space. We will use that experience to help MIT evaluate startup insurtech companies seeking capital, guidance and support,” he said.
Kerr said MIT anticipates making 10 to 12 investments.
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