Cover Whale Insurance Solutions, a NYC-based insurtech company specializing in connected insurance for commercial auto, raised $27.5M in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Dan Abrahamsen, Cover Whale is an insurtech company that focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Operating as a managing general agent (MGA), it currently has more than 15,000 in-force policyholders, ending 2023 with a $225M in GPW while maintaining industry-leading loss ratios. Cover Whale delivers its product through more than 4,000 active agents.
Commenting on the news, Dan Abrahamsen said: “We believe this investment from Morgan Stanley Expansion Capital will support our continuing mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
FinSMEs
22/05/2024