Coterie – an insurtech MGA making small business insurance easier – announced a raise of $27 million in a new funding round. The oversubscribed funding round includes new investments from Hiscox and existing investors such as Intact Ventures, Weatherford Capital, RPM Ventures, and others. With this funding round, Coterie has raised over $102 million.
Coterie maintained investor confidence during a challenging market with a focus on responsible growth, reporting a developed ultimate loss ratio of under 60% for eight straight quarters. The company continues scaling, with revenue growing by over 200% last year. And Coterie expanded its reinsurance panel last year, adding two leading reinsurance markets rated A or better.
The latest funding round enables Coterie to deliver increased value to agents and brokers through new insurance products, more sophisticated underwriting, and further automation of policyholder servicing. Through a submission-to-bind experience of less than one minute, Coterie is committed to building upon its reputation for unparalleled ease and speed.
KEY QUOTES:
“We’re incredibly grateful for the recognition and belief in how we’re reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers. This is an incredibly exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.”
- David McFarland, CEO of Coterie
“Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process. We’re confident in this team’s ability to truly transform small business insurance.”
- Drew Weatherford, Founding Partner of Weatherford Capital
