Broomfield, Colo.–based managing general agent reThought Insurance announced the completion of a $15.5 million Series A investment round that will help fund its growth in the flood insurance market.
Led by Telstra Ventures, the fundraising also includes participation from Hudson Structured Capital Management, doing reinsurance business as HSCM Bermuda, and ArcTern Ventures. HSCM’s Andrew Sagon and Telstra Ventures’ Marcus Bartram have joined the reThought board. Existing venture funds invested in the insurtech include Menlo Ventures, ManchesterStory and Streamlined Ventures.
reThought currently focuses on writing flood coverage for complex mid-tier commercial risks and high net worth properties but is also developing offerings for other perils. The raise will provide funding for the continued development of software and data sources, including the firm’s proprietary model convergence engine and its high-definition risk data engine, as well as expansion of the sales team and technical resources. There will also be investment in operational capabilities to be able to handle increased volumes of business and support faster growth.
reThought launched in 2017 by co-founders CEO Cory Isaacson, Chief Innovation Officer Nicholas Lamparelli, and President of reThought Specialty James Rice, as a response to protecting against flood risk amid climate change.
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