Priya PatelTLDR:
- Coterie, an InsurTech MGA, secures $27m in funding to simplify small business insurance.
- Funding round includes investments from Hiscox, Intact Ventures, Weatherford Capital, and RPM Ventures.
Coterie, an InsurTech MGA specializing in simplifying small business insurance, has raised $27 million in funding. The oversubscribed round includes investments from industry giants such as Hiscox, as well as continued support from existing investors Intact Ventures, Weatherford Capital, and RPM Ventures. With this fresh infusion of capital, Coterie plans to enhance its offerings by introducing new insurance products, improving underwriting processes, and increasing automation in policyholder servicing. The company prides itself on its quick submission-to-bind experience of less than one minute, setting new efficiency standards in the industry.
Despite market fluctuations, Coterie has maintained investor confidence by focusing on responsible growth, boasting a developed ultimate loss ratio of less than 60% for eight consecutive quarters. In 2023, the company’s revenue grew by over 200%, showcasing its impressive growth trajectory and stability. Furthermore, Coterie expanded its reinsurance panel in 2023 by incorporating two leading reinsurance markets rated A or better by S&P Global.
David McFarland, CEO of Coterie, expressed gratitude for the support and recognition the company has received, emphasizing their commitment to independent agents and brokers. Drew Weatherford, Founding Partner of Weatherford Capital, commended Coterie’s innovative use of technology, data, and automation to simplify the insurance process, predicting a transformative impact on small business insurance.
