Insurtech CoverHound attracts $58m investment from Hiscox, Chubb, MS&AD
Specialist insurer Hiscox has led a $58 million Series D funding round of insurtech CoverHound, with additional investors including Chubb, Aflac Ventures and Japan-based MS&AD.
CoverHound is a property and casualty (P&C) insurance platform for digital distribution. Through its subsidiary CyberPolicy, the insurtech provides cyber insurance to small businesses.
CoverHound's latest funding brings the total capital raised since its launch in early 2010 to over $112 million.
The company said in addition to fueling the continued development of CyberPolicy, this funding round will allow CoverHound to expand its offices beyond San Francisco and Westlake Village, California to Charlotte, North Carolina and drive the company’s international expansion efforts into Japan and other global markets.
The investment will also support CoverHound’s partnership growth with banks, large insurers and technology providers that it says are already lined up for 2019. In November 2018, CyberPolicy began providing cyber insurance options through Progressive Insurance to provide more SMBs access to cyber insurance. Earlier in May, CoverHound partnered with Hiscox to offer cyber insurance via CyberPolicy.
“We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape," said Hiscox USA EVP of small business insurance Kevin Kerridge. "CoverHound, as reflected more recently through its CyberPolicy brand, is leading the charge in providing a best-in-class digital cyber solution for businesses, and we are excited to be part of that both as a carrier and the lead investor in this funding round.”
CoverHound CEO Keith Moore said: “The future of digital insurance distribution will continually shift to more non-traditional insurance brands. CoverHound has built the leading P&C platform to enable any brand’s customers to easily quote, compare and buy personal, business and cyber insurance. In an industry that's been heating up with a flurry of new entrants, we feel blessed that we know exactly who we are and what we excel at.
"We have no desire to be an insurance carrier or an online search engine purely for price comparisons. CoverHound and CyberPolicy are digital, trusted advisors for curated choice for anyone needing personal or business insurance.”
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