Admiral Group founder backs US insurtech Compare.com as it raises $35m

US-based insurtech Compare.com, an online car insurance comparison platform, has raised $35 million to help fuel its expansion and brand development.

The investment was led by former Admiral Group CEO, Henry Engelhardt and his wife. They have invested $25 million and Engelhardt will also take a seat at the company's board of directors.

Separately, Admiral Group, a founding investor, has provided Compare.com with a $10 million convertible loan instrument.

Founded in 2013, the company has raised a total of $185 million to date.

Andrew Rose, CEO of Compare.com, said: “We are delighted to secure this investment and we look forward to working closely with Henry, who has deep knowledge of Compare.com and the U.S. market.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Fairfax Financial ensures Q3 cats to produce solid results

S&P puts RenRe’s ratings on outlook negative post TMR deal

TransRe sees steady growth but posts underwriting loss in Q3

Alleghany enjoys strong growth but outside insurance sector

Arch buys US risk management firm McNeil

Davies acquires regulatory and compliance platform Veriphy

MGA Pukka Insure launches private car offering backed by QIC Europe

Don't miss our insurtech email newsletter - sign up today