Global specialist insurer Hiscox has led a $58 million Series D funding round for CoverHound, a property and casualty (P&C) insurance platform for digital distribution.
Additional investors included insurance providers Chubb, Aflac Ventures and MS&AD, who CoverHound entered a strategic alliance with earlier this month.
CoverHound worked with Allen & Company LLC on the Series D, and the latest round brings the total capital raised since the insurtech’s launch in early 2010 to over $112 million.
The firm has sold more than 200,000 policies since commencing its operations, helping small businesses compare, quote and buy cyber insurance online via its CyberPolicy subsidiary, which it offers in partnership with Hiscox.
This latest funding round will support the continued development of CyberPolicy, as well as allowing CoverHound to expand its San Francisco and Westlake Village offices in California to Charlotte, North Carolina and eventually into global markets such as Japan.
The investment will also help CoverHound continue to form new partnerships with high-profile banks, re/insurers and technology providers.
"We are delighted to have this opportunity to work more closely with one of the few truly digital agencies that shares our passion for making material strides in the changing SMB landscape," said Kevin Kerridge, Executive Vice President of Small Business Insurance at Hiscox USA.
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