Matic Insurance announced the close of a $24 million funding round led by IA Capital Group.
“With our B round secured, we will be able to further support customer and partnership demand across new channels. I am excited to have our new investors on board and for our existing investors to continue to support our mission of simplifying insurance. I am thrilled to have Andrew Lerner join our board of directors, bringing 25 years of financial services and insurance industry experience to our team of over 150.” – Matic CEO, Ben Madick.
“Matic has been synonymous with expertise in insurtech since their inception a few years ago. We chose to partner with Matic because of their unrivaled proprietary technology, differentiated distribution, and the customer-focused vision and values carried forth by their team. We look forward to seeing Matic’s growth continue as they expand their product offerings, partnerships, and internal talent.” – Managing Partner, IA Capital, Andrew Lerner.
Amid the COVID-19 pandemic, Matic’s customer-centric model continued to grow and navigate the changing home buying and refinancing landscape, seeing a 40% increase in customers leveraging the platform in Q2 compared to Q1. Throughout this time they maintained their industry-leading NPS of 88 and continued to save customers over 30% per year.
In addition to IA Capital, participating investors include Cultivation Capital, Clocktower Technology Ventures, MTech Capital, The K Fund, Protection America, Nationwide Ventures, Anthemis Group, ManchesterStory, Franklin Madison, and Fenway Summer.
Starr Announces Acquisition of IQUW Group
Starr has entered into a definitive agreement to acquire IQUW Group, a specialty insurance and reinsurance business with gross written premiums of approximately $1.9 billion. The group includes two Lloyd’s syndicates: IQUW, a specialty (re)insurer operating across multiple specialty lines, and ERS, the United Kingdom’s largest motor insurer at Lloyd’s, as well as IQUW Re Bermuda, the company’s Bermuda-based reinsurance platform.
AA Ireland Partners with Abry
AA Ireland has entered a partnership with Abry Partners, a Boston-based private equity firm with extensive experience in the insurance and mobility sectors. The collaboration marks a key milestone in AA Ireland’s growth journey, aimed at accelerating its expansion and enhancing its service offerings.
Pacific Life Announces Footprint Expansion to Charlotte, North Carolina
Pacific Life has announced the creation of a new office in Charlotte, North Carolina, marking a significant expansion of its operations. The company expects to create 300 new jobs in Mecklenburg County over the next five years as part of its long-term growth strategy.
