Starfish Specialty, a managing general agent (MGA), has raised $2.5m in its second funding round in addition to £500,000 in debt.
According to a report from Insurance Business Mag, the round was led by Starfish Specialty’s founders and supported by others including industry veteran Brad Emmons, who has been named a senior advisor to the company.
Starfish was launched last year by Jeremy Hitzig, Tom Lane, Margaret McBurney, Michael Thabet, Brooks Chase and James Flynn.
The company’s goal is to protect the bottom line for carriers and provide the right solutions for brokers by listening closely, responding quickly and putting the needs of its partners first.
In late 2021, the company unveiled its first programme, a builder’s risk program distributed as an embedded product in partnership with a private lender, backed by A-rated carrier Summit Specialty.
Hitzig said, “We are very excited to welcome our new investor partners…The additional funding positions us to add several new programs, invest in additional underwriting talent and continue to expand the capabilities of our technology platform.”
Hitzig also expressed his satisfaction that Emmons, co-founder and former CEO of Orchid Insurance, has joined the Starfish team.
“Brad brings a wealth of experience and perspective on how to build a best-in-class program business and we are fortunate to have him supporting us,” he said
Earlier this month, Intelligent AI, which claims to be disrupting insurance risk management with AI and data analytics, reportedly raised £2m in seed funding.
The InsurTech company was created to help insurers accurately predict the risk on commercial properties through a cloud-based solution. Its platform leverages 300 data points, ranging from satellite image analysis, real-time weather and flood risks to crime rates and fire service response times. This seed funding will enable Intelligent AI to further the development of its underwriting platform.
Copyright © 2022 FinTech Global