Coterie secures $27 million in oversubscribed funding round

Coterie secures $27 million in oversubscribed funding round | Insurance Business Asia

Reinsurance

Coterie secures $27 million in oversubscribed funding round

It has received support from Hiscox, among other investors

Reinsurance

By
Mika Pangilinan

Insurtech MGA Coterie has secured $27 million in its latest round of growth capital funding.

The funding round, which was oversubscribed, included new investment from Hiscox, alongside existing investors Intact Ventures, Weatherford Capital, and RPM Ventures.

“We’re incredibly grateful for the recognition and belief in how we’re reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers,” said CEO David McFarland. “This is an incredibly exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.”

Coterie has reported a developed ultimate loss ratio below 60% for eight consecutive quarters. In 2023, the company achieved a revenue increase of over 200% and expanded its reinsurance panel by adding two top-tier reinsurance markets, both rated A or better by S&P Global.

The funds from this latest investment round will be channeled towards developing new insurance products, enhancing underwriting processes, and further automating services for policyholders, according to a company release.

“Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process,” said Drew Weatherford, founding partner of Weatherford Capital. “We’re confident in this team’s ability to truly transform small business insurance.”

What are your thoughts on this story? Feel free to share your comments below.