Allianz X, the investment unit of Allianz Group, has picked an equity stake in Coterie Insurance, a managing general agent. 

The investment is part of Coterie’s Series C funding round, which was led by Allianz X. 

Coterie also aims to establish a long-term reinsurance relationship with Allianz Group’s reinsurance division, Allianz Reinsurance. 

Coterie leverages technology to offer commercial property and casualty (P&C) insurance for small to mid-size business owners in the US.  

Notably, 65% of its policies are issued within the first 24 hours after the initial enquiry, the company said in a press release. 

Allianz X North America CIO and MD Alexander De Kegel said: “Coterie has an exceptional platform for the SMB insurance market, a segment that is both attractive and challenging.  

“This deal demonstrates Allianz X’s ongoing commitment to the segment and the opportunities within it, as well as marking the beginning of the next phase of Coterie’s growth, which we will achieve together by leveraging our respective strengths.” 

Coterie CEO and founder David McFarland stated: “Coterie enables agents and brokers to profitably write and service small and micro commercial accounts, and we are doing it with strong operating leverage to ensure long-term viability in this segment.  

“By investing in AI-driven underwriting and servicing, we are uncovering new and bigger opportunities every day. Our relationship with Allianz X will help us continue to build and advance in the micro-commercial space.” 

In October 2021, Coterie secured $50m in a Series B round led by Weatherford Capital, followed by an additional $27m in March 2024.