Branch Financial (Branch) has formed a partnership with Everspan Group’s Everspan Insurance Company (Everspan) to further its geographic expansion plans.
Under the agreement, Everspan will underwrite the Branch’s policies in 11 new states of the US.
Branch leverages technology, data, and automation to offer auto and home insurance products.
Everspan Group president Wyatt Blackburn said: “We are proud to partner with Branch on our first personal lines programme. Not only are we attracted to the innovative consumer experience Branch’s technology delivers, but Branch’s goal of having insurance be a force for good aligns with our corporate values.”
Everspan Group is a speciality property and casualty insurer operating across the US on an admitted and non-admitted basis.
Branch co-founder and CEO Steve Lekas said: “Everspan has the insurance expertise and financial backing that will enable Branch to continue our record growth, providing industry-leading service to new customers. Our goal is to use our insurance products to do good across the country, and Everspan will help us meet that goal.”
Lekas along with tech entrepreneur Joe Emison founded Branch in 2019, which aims to make insurance more accessible and affordable.
In July 2020, Branch raised $24m in the Series A funding round, which was led by Greycroft and HSCM Bermuda.
It also counts SCOR Global P&C, American Family Ventures, SignalFire and Elefund, Foundation Capital as its backers.