Cover Whale Raises $27.5 Million from Morgan Stanley Expansion Capital

Recognized for its online commercial trucking insurance platform and Driver Safety Program, Cover Whale will use funding to support the next phase of profitable growth.

(Image source: Cover Whale driver safety video.)

Cover Whale Insurance Solutions, Inc., a New York-based InsurTech MGA focused on commercial auto, has announcedfunding of $27.5 million in debt and equity from investment funds managed by Morgan Stanley Expansion Capital. The funding round, which also had existing debt investors convert into the Series A preferred, will support Cover Whale’s continued growth and accelerate its progress toward transforming trucking insurance and improving safety on America’s roads, according to a statement from the company.

Dan Abrahamsen, CEO, Cover Whale.

Cover Whale says the funding will provide for a strong balance sheet supporting its profitable, growing business. Building on a reputation for providing agents and their trucking clients with lightning-fast policy quotes and bound coverage, Cover Whale says it is actively investing in its technology and operating platform to further improve speed to quote and improve service quality.

“Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core,” comments Dan Abrahamsen, CEO, Cover Whale. “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.”

Instant Quoting, Real-Time Driver Coaching

Nick Nocito, Executive Director, Morgan Stanley Expansion Capital.

Founded in 2019, Cover Whale’s business model combines easy, instant quotes and binds with advanced telematics and real-time driver coaching. The company’s aim is to redefine commercial trucking insurance via technology-driven strategies, optimizing road safety and financial performance with tangible results.

“We believe Cover Whale is a rare instance where the team has built a large-scale insurtech MGA and achieved consistent profitability while remaining capital efficient,” comments Nick Nocito, Executive Director, Morgan Stanley Expansion Capital. “We are looking forward to partnering with the team as they continue to grow the platform and pursue new avenues of growth.”

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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 or (503) 936-2803.

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