Cover Whale Insurance Solutions, an insurtech company specialising in commercial auto insurance, has received an investment of $27.5m from funds managed by Morgan Stanley Expansion Capital.  

This investment, a mix of debt and equity, will be used by the insurer to fund its growth plans. 

The latest capital injection is also expected to strengthen the insurtech company’s balance sheet, supporting its business model.  

Morgan Stanley Expansion Capital executive director Nick Nocito said: “We believe Cover Whale is a rare instance where the team has built a large-scale insurtech MGA [managing general agent] and achieved consistent profitability while remaining capital efficient. We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.” 

Established in 2019, Cover Whale has a business model that blends instant quoting, binding capabilities, advanced telematics and real-time driver coaching to support the commercial trucking insurance market.  

The company said that this approach has not only helped to optimise road safety but also the financial performance of its clients.  

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Cover Whale also specialises in offering rapid policy quotes and coverage for agents and trucking clients.  

The company noted that it is continually investing in its technology and operating systems to further increase quote speed. 

As an MGA, Cover Whale has more than 15,000 in-force policyholders and closed 2023 with a gross premium written of $225m, while maintaining industry-leading loss ratios.  

Cover Whale CEO Dan Abrahamsen said: “Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core. 

“We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we have already made for our agents, drivers and the general motoring public.” 

In August last year, Cover Whale forged a strategic partnership with Aon‘s CoverWallet that allowed it to offer its advanced telematics and proprietary technology to CoverWallet’s trucking customers.