The funding also saw contributions from IA Capital Group, Blue Bear Capital, Generation Space, and several angel investors.
Founded in 2016, Delos leverages advanced wildfire science and satellite imagery to provide essential insurance solutions to homeowners in high-risk wildfire zones. Currently insuring properties worth a combined $40 billion, Delos partners with Homesite and Lloyd’s of London to offer coverage throughout California.
With the new funding, Delos plans to expand its coverage beyond California and introduce new insurance products to address the unique needs of homeowners in high-risk areas. “We are fortunate to have a supportive group of investment partners as we enter the next phase of our journey,” said Delos CEO Kevin Stein. “Despite the funding round being oversubscribed, we scaled back our capital requirements due to better-than-expected growth, strong loss ratios, and the positive reception from California homeowners.”
HSBC’s involvement marks a strategic investment in Delos’s technology-driven approach to wildfire forecasting. “Delos is at the forefront of addressing the insurance gap in areas vulnerable to climate catastrophes,” noted Mike D’Aurizio, Investment Director of Climate Growth Partners at HSBC Asset Management. “We look forward to supporting the team as they scale their solutions nationwide.”
This round also highlights continued backing from IA Capital Group, which led Delos’s previous funding rounds. Matt Perlman, Partner at IA Capital, praised the company’s leadership and innovative approach. “Kevin and Shanna are exceptional founders with an incredible team tackling the immense challenge of enabling property insurance in wildfire-exposed areas. Delos has proven its expertise in risk selection and pricing, making it well-positioned to address dislocated insurance markets in California and beyond,” Perlman said.
With new capital and strong investor support, Delos is set to expand its offerings, providing more homeowners with critical access to property insurance as climate risks intensify.
