Matic, an embedded InsurTech platform that integrates insurance into the home and auto ownership journey, has received a minority investment from growth-focused private equity firm Primus Capital and separately acquired the property and casualty insurance portfolio of personal finance marketplace Policygenius.
The minority stake from Primus Capital will be directed towards the continued development of Matic’s proprietary insurance platform, broadening its embedded partnership network, and pursuing further acquisition opportunities.
Alongside the new capital, Matic has taken on Policygenius’ property and casualty book, encompassing close to 30,000 policies across home, auto, and other personal lines. As these policies fall outside Policygenius’ core life insurance business, Matic’s embedded platform was considered a natural fit. Customers transferring from Policygenius will gain access to Matic’s carrier marketplace, which spans more than 70 insurers, as well as its dedicated customer service team.
Founded in 2014, Matic operates a digital insurance marketplace with over 70 carrier partners and more than 100 distribution partners across sectors including mortgage origination and servicing, banking, real estate, and personal finance.
Matic CEO and co-founder Ben Madick said, “We have known Primus for many years and are thrilled to join forces with a firm we deeply respect and that fully supports our vision to reimagine insurance distribution. With their backing, we will be in a strong position to expand Matic’s market share and execute future acquisitions.
Primus Capital managing director Ron Hess said, “Ben and the Matic team have built an impressive platform that is addressing a critical need across the housing and insurance markets. We have followed the company’s progress and have been impressed by both the strength of the team and the momentum of the business. We’re excited to partner with Matic at this stage as it continues to expand its market leadership.”
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