Coterie secures $27m in new capital investment from Hiscox and others

Coterie Insurance, an insurtech managing general agent (MGA), has recently secured $27 million in new capital investment from Hiscox, alongside various existing investors.

Expressing gratitude for this investment, David McFarland, CEO of Coterie, states, “We’re incredibly 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.”

This oversubscribed growth capital funding will enable Coterie to deliver added value for partners, particularly America’s independent insurance agents and brokers.

“This is an incredibly 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,” McFarland adds.

The newly secured capital can be attributed to Coterie maintaining investor confidence despite market turbulence. The company prioritised sustainable expansion, consistently maintaining an ultimate loss ratio of under 60% for eight consecutive quarters.

With revenue surging over 200% in 2023, Coterie’s growth trajectory remains strong. Additionally, Coterie expanded its reinsurance panel in 2023, adding two top-rated reinsurance markets, each rated A or higher by S&P Global.

Drew Weatherford, Founding Partner of Weatherford Capital (an existing Coterie investor), comments, “Coterie continues to impress us with their innovative use of technology, data and automation to simplify the quoting and binding process.”

Weatherford further highlights, “We’re confident in this team’s ability to truly transform small business insurance.”

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