Property and casualty (P&C) insurance platform company CoverHound has raised $58 million in Series D funding. Hiscox led this round of funding and additional investors including Chubb, Aflac Ventures, and Japan-based MS&AD also participated in this round. Including this round of funding, CoverHound has raised over $112 million since launching in early 2010.
In the past eight years, CoverHound sold more than 200,000 policies and the company is continuing to deliver fast and actionable business and personal insurance options. Through the CyberPolicy subsidiary, CoverHound helps small businesses compare and buy cyber insurance online. Cyber insurance is a critical need for more than 30 million small and medium-sized businesses in the U.S.
With this funding round, CoverHound will continue the development of CyberPolicy and expand its offices beyond San Francisco and Westlake Village, California to Charlotte, North Carolina. And the funding will be used for driving the company’s international expansion efforts into Japan and other global markets. Plus it will support CoverHound’s strong branded partnership growth with more well-known partnerships with banks, large insurers, and technology providers in 2019.
“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. In an industry that’s been heating up with a flurry of new entrants, we feel blessed that we know exactly who we are and what we excel at,” said CoverHound CEO Keith Moore in a statement. “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.”
In November, CyberPolicy started providing cyber insurance options through Progressive Insurance to offer more SMBs access to options. And in May 2018, CoverHound partnered with Hiscox to offer cyber insurance through CyberPolicy. Since launching in 2016, CyberPolicy has expanded its cyber insurance offerings to cover 98% of small business types with up to $250 million in revenue.
“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,” added Hiscox USA EVP of Small Business Insurance Kevin Kerridge. “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.”