Zurich acquires insurtech CoverWallet stake to fuel international growth
Zurich Insurance Group has acquired a minority stake in insurtech start-up CoverWallet. The investment follows a commercial partnership in Europe announced in February.
CoverWallet extended its US platform to Europe through the partnership, enabling Zurich to provide small businesses with a platform to learn about types of policies, get quotes, purchase insurance, and manage their coverage online within minutes. The platform is currently live in Spain, and bolstered by the new investment, CoverWallet intends to grow its international footprint, expand to other European countries with Zurich.
“Following our commercial agreement with Zurich, this investment is a testament to the value Zurich sees in CoverWallet and the work we are doing to make insurance easy and convenient for small businesses in Europe,” said Inaki Berenguer, co-founder and CEO at CoverWallet. “Zurich has been a terrific partner as CoverWallet launched internationally, and we are thrilled they decided to invest in our company.”
Based in New York and launched in 2016, CoverWallet has received more than $30 million in funding from investors including Union Square Ventures, Index Ventures, Two Sigma, Foundation Capital, and Starr Companies. The company claims to have surpassed 800 percent annual revenue growth in 2017.
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