Hiscox backs insurtech MGA looking to transform small business insurance
An insurtech MGA looking to reimagine and simplify small business commercial insurance has nabbed $27 million in growth funding from investors including global specialty player Hiscox.
Coterie has raised the new capital investment in an oversubscribed round from Hiscox as well as existing investors Intact Ventures, Weatherford Capital, and RPM Ventures among others. The MGA has now raised over $102 million in funding to date.
Coterie claims the funding comes on the back of 200% revenue growth in 2023 and a loss ratio of less than 60% for eight straight quarters. Additionally, the insurtech MGA expanded its reinsurance panel in 2023, adding two leading reinsurance markets rated A or better by S&P Global.
"We're incredibly grateful for the recognition and belief in how we're reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers," said David McFarland, CEO of Coterie. "This is an incredibly exciting time in Coterie's growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance."
Coterie believes the new funding will enable it to deliver increased value to agents and brokers through new insurance products, more sophisticated underwriting and further automation of policyholder servicing.
Drew Weatherford, founding partner of Weatherford Capital, commented: "Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process. We're confident in this team's ability to truly transform small business insurance."
Recently named Best Insurtech by the Fintech Breakthrough Awards, Coterie's 2024 focus remains the same - to increase value for partners, especially America's independent insurance agents and brokers, through innovative solutions.
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