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Monday, April 15, 2024

Small business-focused insurtech Coterie lands $27m funding   

Coterie, a US-based insurtech managing basic agent specialising in small enterprise insurance coverage, has acquired a recent infusion of $27m.  

The most recent funding spherical attracted new capital from Hiscox and continued help from present traders reminiscent of Intact Ventures, Weatherford Capital and RPM Ventures. 

Since its launch in 2018, Coterie has amassed greater than $102m in complete funding. 

The brand new funding might be used to bolster the corporate’s choices together with the event of recent insurance coverage merchandise, superior underwriting processes and enhanced policyholder servicing automation.  

Coterie’s technology-driven platform is designed to streamline the insurance coverage course of, claiming a submission-to-bind expertise in underneath one minute.  

The insurtech firm mentioned it has maintained a developed final loss ratio under 60% for 2 years, with income progress exceeding 200% in 2023.  

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Coterie has additionally expanded its reinsurance panel in 2023. 

Coterie CEO David McFarland mentioned: “We’re extremely grateful for the popularity and perception in how we’re reimagining the small industrial insurance coverage house by way of continued innovation and dedication to unbiased brokers and brokers.  

“That is an extremely thrilling time in Coterie’s progress as we deal with bringing enhanced worth for our companions by pushing boundaries to form the way forward for insurance coverage.” 

Weatherford Capital founding accomplice Drew Weatherford mentioned: “Coterie continues to impress us with their progressive use of know-how, knowledge and automation to simplify the quoting and binding course of. We’re assured on this crew’s capability to actually rework small enterprise insurance coverage.” 

In July 2023, Coterie fashioned an alliance with ZestyAI to leverage know-how to offer shoppers with detailed insights on property danger and valuation. 

Coterie’s earlier funding milestones embody a $50m Sequence B financing spherical in 2021, led by Weatherford Capital and supported by RPM Ventures, Intact Ventures, Group 1001 and Alpha Edison. 

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