The company’s niche is writing flood coverage for complex mid-tier commercial risks and high net worth properties.
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“The raise will provide funding for the continued development of software and data sources, including the firm’s proprietary model convergence engine and its high-definition risk data engine, as well as expansion of the sales team and technical resources,” the company said in a news release. “There will also be investment in operational capabilities to be able to handle increased volumes of business and support faster growth.”
The firm is “streamlining our operations and our goal is to automate the whole company,” reThought CEO Cory Isaacson said in a release.
“This round of funding will further our ability to provide the best underwriting from the most comprehensive sources of data available for our capacity providers and ultimately help us meet our goal of closing the gap for U.S. flood in ways that others have not done and cannot do, which puts us in a really unique position in the flood market.”
Source: Daily Camera
