Openly, a Boston-based tech-enabled homeowners insurance provider, has closed a growth investment round and expanded its long-term reinsurance partnership with Allianz Re. The investment round was led by existing investors Eden Global Partners, Advance Venture Partners, and Gradient, with strategic participation from Allianz X. Financial terms were not disclosed. Ardea Partners served as financial advisor to Openly on the transaction.
Founded in 2017, Openly has committed exclusively to serving independent agents and their customers through a scalable technology platform that provides agents with a fast quoting process and homeowners with high-quality coverage and customer service. The company currently works with more than 60,000 agent partners across 24 states. The combined capital and expanded reinsurance structure will support Openly’s continued expansion into additional states, deepen agent partnerships, and broaden its product offerings.
The investment and reinsurance expansion arrive as the homeowners insurance market reaches a pivotal moment. Carriers and providers with high-quality reinsurance capacity and strong underwriting discipline are increasingly well-positioned as independent agents seek innovative partners capable of growing with them. Openly’s model emphasizes rigorous risk selection, precise pricing, and consistent portfolio management, which the company says has produced strong loss ratio results despite elevated natural catastrophe activity across the United States in recent years.
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
