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
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze