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February 7, 2019

Insurtech CoverHound raises $58m capital in new funding round

Insurtech firm CoverHound has raised $58m capital in new Series D funding round led by Bermuda-incorporated specialist insurer Hiscox.

The other investors in the funding round were Chubb, Aflac Ventures and Japan-based MS&AD.

CoverHound operates as a property and casualty insurance platform for digital distribution. Through its subsidiary CyberPolicy, the insurtech company offers cyber insurance to small businesses.

With closing of the latest funding, the total capital raised by the Insurtech firm crosses more than $112m mark since its launch in 2010.

CoverHound said that the proceeds will be used to further develop CyberPolicy and to expand its footprint in California, North Carolina as well as Japan and other global markets.

CoverHound CEO Keith Moore said: “The future of digital insurance distribution will continually shift to more non-traditional insurance brands.

“CoverHound has built the leading P&C platform to enable any brand’s customers to easily quote, compare and buy personal, business and cyber insurance.

“We have no desire to be an insurance carrier or an online search engine purely for price comparisons. CoverHound and CyberPolicy are digital, trusted advisors for curated choice for anyone needing personal or business insurance.”

Hiscox USA executive vice president of small business insurance Kevin Kerridge said: “We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape.

“CoverHound, as reflected more recently through its CyberPolicy brand, is leading the charge in providing a best-in-class digital cyber solution for businesses, and we are excited to be part of that both as a carrier and the lead investor in this funding round.”

In November last year, CyberPolicy started offering cyber insurance options via Progressive Insurance to provide more SMBs access to cyber insurance.

In May, CoverHound partnered with Hiscox to provide cyber insurance via CyberPolicy.

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