Cover Whale Makes a Big Splash in the Insurtech Industry with $27.5 Million Investment
May 23, 2024, 3:34 pm
Location: United States, New York
Employees: 51-200
Founded date: 2019
Total raised: $43M
Cover Whale Insurance Solutions, a dynamic insurtech company based in New York City, has recently made headlines by securing a substantial $27.5 million investment from Morgan Stanley Expansion Capital. This significant influx of capital is set to propel Cover Whale's growth trajectory and drive forward its mission of revolutionizing the commercial auto insurance sector.
Under the leadership of CEO Dan Abrahamsen, Cover Whale has carved out a niche for itself by leveraging cutting-edge technology, advanced underwriting practices, and robust data analytics to offer innovative insurance programs tailored for the commercial auto industry. Operating as a managing general agent (MGA), the company boasts a sizable customer base of over 15,000 policyholders and closed out the previous year with an impressive $225 million in gross written premiums.
In a statement following the investment announcement, Dan Abrahamsen expressed his confidence in the company's ability to deliver unparalleled trucking insurance experiences, emphasizing the positive impact Cover Whale has already had on its agents, drivers, and the general motoring public. The partnership with Morgan Stanley Expansion Capital is expected to further bolster Cover Whale's position as a leader in the insurtech space and fuel its ongoing efforts to drive innovation and excellence in the industry.
Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, echoed this sentiment, highlighting Cover Whale as a standout example of a successful insurtech MGA that has achieved consistent profitability while maintaining a capital-efficient approach. The investment firm looks forward to collaborating with Cover Whale as they continue to expand their platform and explore new avenues for growth and development.
Overall, Cover Whale's recent funding success serves as a testament to the company's dedication to pushing boundaries, embracing technology, and delivering exceptional value to its stakeholders. With the support of Morgan Stanley Expansion Capital, Cover Whale is poised to make an even bigger splash in the insurtech landscape, setting the stage for continued success and innovation in the years to come.
Under the leadership of CEO Dan Abrahamsen, Cover Whale has carved out a niche for itself by leveraging cutting-edge technology, advanced underwriting practices, and robust data analytics to offer innovative insurance programs tailored for the commercial auto industry. Operating as a managing general agent (MGA), the company boasts a sizable customer base of over 15,000 policyholders and closed out the previous year with an impressive $225 million in gross written premiums.
In a statement following the investment announcement, Dan Abrahamsen expressed his confidence in the company's ability to deliver unparalleled trucking insurance experiences, emphasizing the positive impact Cover Whale has already had on its agents, drivers, and the general motoring public. The partnership with Morgan Stanley Expansion Capital is expected to further bolster Cover Whale's position as a leader in the insurtech space and fuel its ongoing efforts to drive innovation and excellence in the industry.
Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, echoed this sentiment, highlighting Cover Whale as a standout example of a successful insurtech MGA that has achieved consistent profitability while maintaining a capital-efficient approach. The investment firm looks forward to collaborating with Cover Whale as they continue to expand their platform and explore new avenues for growth and development.
Overall, Cover Whale's recent funding success serves as a testament to the company's dedication to pushing boundaries, embracing technology, and delivering exceptional value to its stakeholders. With the support of Morgan Stanley Expansion Capital, Cover Whale is poised to make an even bigger splash in the insurtech landscape, setting the stage for continued success and innovation in the years to come.