Coterie Secures $27M in Oversubscribed Growth Capital Funding
The following is a copy of an article published on Coverager on March 19, 2024. The full article can be found here.
CINCINATTI – March 19, 2024 – Coterie, the insurtech MGA simplifying small business insurance, today announced a raise of $27M in new capital investment. The oversubscribed round includes new investment from Hiscox as well as existing investors Intact Ventures, Weatherford Capital, and RPM Ventures among others. Coterie has now raised over $102M in funding to date.
Coterie 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, Coterie expanded its reinsurance panel in 2023, adding two leading reinsurance markets rated A or better by S&P Global.
“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 David McFarland, CEO of Coterie. “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 deliver increased value to agents and brokers through new insurance products, more sophisticated underwriting and further automation of policyholder servicing. With a submission-to-bind experience of less than one minute, Coterie is committed to building upon its reputation for unparalleled ease and speed.
“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.”
Recently named Best Insurtech by the Fintech Breakthrough Awards, Coterie’s 2024 focus remains the same – to increase value for partners, especially America’s independent insurance agents and brokers, through innovative solutions.
