The latest financing marks a deepening of Morgan Stanley Expansion Capital’s relationship with the company, following its initial investment in May 2024 via a structured debt instrument.
Founded in 2019, Cover Whale operates as a managing general agent (MGA), partnering with various carriers to provide trucking insurance solutions. The company has seen strong momentum, generating $133 million in gross written premiums (GWP) during the first half of 2025, following $184 million in GWP throughout 2024.
“After years of rapid growth, 2024 marked a pivotal year for Cover Whale as we focused on re-building our foundation,” said Dan Abrahamsen, Founder and CEO of Cover Whale. “We invested in our technology platform, built a high-performing service organization, and refined our pricing, underwriting, and loss control programs. Morgan Stanley Expansion Capital’s transition from lender to equity partner is a gratifying affirmation of the tremendous progress made over the past few years. Their renewed backing gives us the resources to fully capitalize on the significant growth opportunities ahead.”
Nick Nocito, Executive Director at Morgan Stanley Expansion Capital, added, “Today’s growth equity investment reflects our conviction in Cover Whale’s business strategy, execution, and leadership team. Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years.”
The funding is expected to fuel strategic investments across Cover Whale’s core technology infrastructure and product development, positioning the company to further scale its operations and profitability in the fast-evolving commercial insurance landscape.
