Coterie Secures $27M in Growth Capital Funding

Having raised $102M to date, the company says it continues to scale with revenue growing by over 200 percent in 2023.

(Image source: Coterie website.)

Coterie Insurance (Cincinnati), a digital distributor of small business insurance, has announced a raise of $27 million in new capital investment. The oversubscribed round includes new investment from Hiscox as well as existing investors Intact VenturesWeatherford Capital, and RPM Ventures among others. Coterie has now raised over $102M in funding to date, according to a Coterie statement.

David McFarland, Co-Founder and CEO, Coterie.

Coterie reports that it has maintained investor confidence throughout a turbulent market with a focus on responsible growth, reporting a developed ultimate loss ratio of less than 60 percent for eight straight quarters. The company says it continues to scale with revenue growing by over 200 percent in 2023. In addition, Coterie expanded its reinsurance panel in 2023, adding two reinsurance markets rated A or better by S&P Global.

“We’re grateful for the recognition and belief in how we’re reimagining the small commercial insurance space through continued innovation and dedication to independent agents and brokers,” comments David McFarland, CEO of Coterie. “This is an exciting time in Coterie’s growth as we focus on bringing enhanced value for our partners by pushing boundaries to shape the future of insurance.”

Drew Weatherford, Founding Partner, Weatherford Capital.

The latest funding will enable Coterie to deliver increased value to agents and brokers through new insurance products, more sophisticated underwriting and further automation of policyholder servicing. Coterie cites a submission-to-bind experience of less than one minute as a manifestation of its commitment to building upon its reputation for unparalleled ease and speed.

Transforming Small Business Insurance

“Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process,” Drew Weatherford, Founding Partner, Weatherford Capital. “We’re confident in this team’s ability to truly transform small business insurance.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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