Investment company Mubadala led the Series D round of funding, although Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global also participated.
Along with the funding, wefox’s valuation has now jumped to $4.5 billion, up from $3 billion in the past year. The trend is in contrast to the struggles many other insurance companies are facing in the current market.
“This additional investment is a strong endorsement from the investor community of our indirect model that allows us to be cash efficient and is further proof of our continued performance even in turbulent times,” wefox CFO and founder Fabian Wezemann said in a prepared notes. “wefox has a proven model and sustainable track record for global replication, for which additional funding will be leveraged.”
Insurtech is a fully licensed digital insurance company that sells insurance through intermediaries rather than directly to customers. It continues to hire and now has more than 1,300 employees, up from 550 in 2021. Plans call for reaching the 2,000 mark by the end of 2022.
Coalition said it has raised another $250 million, intended to accelerate further growth and fuel international expansion. The money will also help expand the services it offers to help organizations manage digital risk.
Coalition is a San Francisco-based cyber insurance and security company.
Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors participated in the round, which closed in June.
The company’s Active Insurance program combines cybersecurity tools, access to 24/7 digital forensics and incident response, and broad insurance coverage to help organizations identify, mitigate and insure digital risk.
Coalition said it now serves more than 160,000 customers.
The new investment raised Coalition’s valuation from $3.5 billion to $5 billion, according to the company.
Noldor has raised $10 million in seed funding to support technology that helps carriers, reinsurers and reinsurance brokers connect with programmatic data to optimize performance.
DESCOvery Group led the round. It is a venture studio led by DE Shaw, a global investment and technology development firm based in New York. A number of strategic investors also participated.
“This funding was designed to ensure that Noldor continues to grow and adapt to new use cases alongside the enterprises we work with,” CEO John Horneff said in prepared remarks. “Technology is shifting what the efficient frontier of program administration looks like, so we’re actively investing to enable the next generation of carriers, MGA/MGUs and reinsurance brokers.”
Noldor’s data platform is being developed to increase efficiency and reduce the cost ratio of all delegated insurance stakeholders, including MGAs, carriers and reinsurance brokers responsible for billions of dollars in gross written premiums.
Zywave has launched a new technology offering designed to connect brokers with carrier content.
The product – Carrier Content Cloud Distribution – uses Zywave’s Content Cloud to distribute collateral and thought leadership materials from insurance carriers to a significant network of brokers and agencies serving the P/C and employee benefit markets.
This network includes more than 110,000 users in 3,500 brokers and agencies. In addition, the product includes comprehensive reporting capabilities, the company said, allowing operators to seamlessly track impressions, shares and downloads of their uploaded content.
Evans partnered with Relativity6 on a project designed to improve commercial lines offerings for agents and carriers.
Ivans uses technology to help insurance agencies, carriers and MGAs connect through technology and find innovative ways to drive their business. Relativity6 is an AI platform that pulls up-to-the-second information about a business to automatically confirm its existence and flag any must-know keywords.
Relativity6 is the first insurtech to emerge from Ivans Innovation Lab, an internal incubator focused on building proof-of-concept innovations.
Scott Stephenson, former chairman, president and CEO of Verisk Analytics, has joined insurtech Buckle as chairman of the board.
Buckle is a digital financial services company that provides insurance for the concert industry. The company is centered around a full-package insurance-as-a-service platform. It began life as an MGA with a carpool insurance policy and now offers other gig-related products. It also acquired and recapitalized three admitted insurance carriers.
Stevenson served as president and CEO of Verisk from 2013 to 2021 and is credited with building the data analytics and risk assessment firm into a major player in insurance and other industries.