Openly announced the close of a growth investment round led by existing investors Eden Global Partners, Advance Venture Partners, and Gradient, with strategic participation from Allianz X. The company also expanded its long-term reinsurance partnership with Allianz Re.
The combined capital raise and reinsurance expansion are intended to strengthen Openly’s balance sheet and support its continued growth across the U.S. homeowners insurance market. The company plans to use the funding to expand into additional states, deepen relationships with independent agents, and broaden its product offerings.
Founded in 2017, Openly focuses exclusively on serving independent insurance agents through a technology-enabled platform that streamlines quoting and delivers high-quality homeowners coverage. The company currently works with more than 60,000 agent partners across 24 states.
Openly said its underwriting approach, centered on disciplined risk selection, pricing precision, and portfolio management, has enabled it to maintain strong performance even amid elevated natural catastrophe activity in recent years.
The company added that the expanded partnership with Allianz enhances its access to reinsurance capacity, positioning it to scale more effectively in a market where capital efficiency and underwriting discipline are increasingly critical.
Support: Ardea Partners LP served as financial advisor to Openly on the transaction.
KEY QUOTES:
“Independent agents are the cornerstone of Openly’s business model. With over 60,000 agent partners across 24 states, we’ve demonstrated the effectiveness of our approach. This strengthened partnership with Allianz Re, alongside continued support from our investors, accelerates that commitment: more states, more products, and a stronger platform for every agent who chooses to build their book with us.”
Ty Harris, Co-Founder And CEO, Openly
“Openly is revolutionizing homeowners insurance with a disciplined, scalable underwriting model that emphasizes rigorous risk selection, precise pricing, and consistent portfolio management—yielding strong loss ratio results despite high natural catastrophe activity in the US in recent years. In a challenging market, Openly exemplifies how growth and responsibility can coexist, which is why we are deepening our commitment to elevate Openly and better serve this key market segment.”
Niklas Mundorf, Senior Manager, Allianz X North America
