Cowl Whale Insurance coverage Options, an insurtech firm specialising in industrial auto insurance coverage, has obtained an funding of $27.5m from funds managed by Morgan Stanley Enlargement Capital.
This funding, a mixture of debt and fairness, shall be utilized by the insurer to fund its progress plans.
The newest capital injection can be anticipated to strengthen the insurtech firm’s steadiness sheet, supporting its enterprise mannequin.
Morgan Stanley Enlargement Capital government director Nick Nocito mentioned: “We imagine Cowl Whale is a uncommon occasion the place the workforce has constructed a large-scale insurtech MGA [managing general agent] and achieved constant profitability whereas remaining capital environment friendly. We’re wanting ahead to partnering with the workforce as they proceed to develop the platform and pursue new avenues of progress.”
Established in 2019, Cowl Whale has a enterprise mannequin that blends immediate quoting, binding capabilities, superior telematics and real-time driver teaching to assist the industrial trucking insurance coverage market.
The corporate mentioned that this method has not solely helped to optimise street security but additionally the monetary efficiency of its purchasers.
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Cowl Whale additionally specialises in providing speedy coverage quotes and protection for brokers and trucking purchasers.
The corporate famous that it’s frequently investing in its know-how and working programs to additional enhance quote pace.
As an MGA, Cowl Whale has greater than 15,000 in-force policyholders and closed 2023 with a gross premium written of $225m, whereas sustaining industry-leading loss ratios.
Cowl Whale CEO Dan Abrahamsen mentioned: “Cowl Whale was constructed from the bottom as much as rework industrial auto insurance coverage with know-how at our core.
“We imagine this funding from Morgan Stanley Enlargement Capital will assist our persevering with mission to ship the {industry}’s main trucking insurance coverage expertise, constructing on the optimistic affect we now have already made for our brokers, drivers and the final motoring public.”
In August final 12 months, Cowl Whale solid a strategic partnership with Aon‘s CoverWallet that allowed it to supply its superior telematics and proprietary know-how to CoverWallet’s trucking clients.
