Coterie Insurance, a US-based InsurTech specialising in small business coverage, has received a strategic equity investment from Allianz X, the digital investment arm of Allianz Group.
The deal is part of Coterie’s Series C round and includes plans to deepen collaboration with Allianz Reinsurance, which has supported the company since 2023, according to InsurTech Insights.
Allianz Re will provide additional reinsurance capacity to support Coterie’s growth.
Coterie’s platform enables brokers and agents to issue small and micro-commercial policies efficiently. The company plans to invest further in AI-driven underwriting and servicing to expand opportunities in the micro-commercial insurance market.
Allianz X chief investment officer and managing director North America Alexander De Kegel said, “Coterie has an exceptional platform for the SMB insurance market, a segment that is both attractive and challenging. This deal demonstrates Allianz X’s ongoing commitment to the segment and the opportunities within it, as well as marking the beginning of the next phase of Coterie’s growth.”
Coterie CEO and founder David McFarland said, “We enable agents and brokers to profitably write and service small and micro commercial accounts with strong operating leverage to ensure long-term viability. By investing in AI-driven underwriting and servicing, we’re uncovering new and bigger opportunities every day. Our relationship with Allianz X will help us continue to build and advance in the micro-commercial space.”
Allianz Reinsurance CEO Holger Tewes-Kampelmann said, “We have been consistently impressed by Coterie’s exceptional growth and strong underwriting performance. We are excited to expand our reinsurance relationship with them, providing the necessary capacity to support their ambitious goals.”
Before this strategic equity investment, Coterie had raised nearly $100m in earlier rounds.
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