Monday, July 22, 2024
HomeFunding OH-based Coterie Secures $27Million in Growth Funding

[Funding alert] OH-based Coterie Secures $27Million in Growth Funding

Coterie, the insurtech MGA simplifying small business insurance secures $27million in growth funding. The oversubscribed round includes new investment from Hiscox as well as existing investors Intact Ventures, Weatherford Capital, and RPM Ventures among others.

Coterie, the insurtech MGA simplifying small business insurance secures $27million in growth funding. The oversubscribed round includes new investment from Hiscox as well as existing investors Intact Ventures, Weatherford Capital, and RPM Ventures among others.

It has maintained investor confidence throughout a turbulent market with a focus on responsible growth, reporting a developed ultimate loss ratio of less than 60% for eight straight quarters.

The company continues to scale with revenue growing by over 200% in 2023. In addition, it expanded its reinsurance panel in 2023, adding two leading reinsurance markets rated A or better by S&P Global.

Read also – PA-based G2 Reverse Logistics secures $9.6Million in Seed Funding

David McFarland, CEO of Coterie said, “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, 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.”

The latest funding will enable Coterie to accelerate expanded insurance offerings including exploring product enhancements, bringing increased value to agents and brokers through innovative programs, and streamlining customer service. With a submission-to-bind experience of less than one minute, Coterie is committed to building upon its reputation for unparalleled ease and speed.

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

About Coterie

Coterie Insurance provides rapid small company insurance writing to independent agents and brokers in all 50 states as well as Washington, D.C. It provides precise pricing and a submission-to-bind experience in less than a minute, thanks to its data-backed underwriting. Best-in-class technology and a partnership-based strategy are combined by Coterie to simplify the purchase and sale of small company insurance.

Read also – FL-based Comvest Partners secure its sixth flagship private equity fund at $881M

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