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The executive will split his time between San Francisco and New York. -
Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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Laxner has prior experience at Ambridge, Converge, Axis, Markel and Chubb.
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Koffie began work on a sale earlier this month following major layoffs.
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Expanded underwriting capacity comes after a year of strong growth.
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It is understood that the InsurTech began fundraising late last year.
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The executive most recently served as qualified solutions group leader at Marsh
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The parties also signed a release of claims arising from the Vesttoo fraud.
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The executive added that he expects “some level of consolidation” in the fronting space, estimating that there are 24 players in the US market.
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The MGA is led by CEO Dennis Kearns, a 25-year industry veteran who founded the transaction solutions program at DUAL, producing total gross written premium exceeding $600mn.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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The mid-market build-out comes in response to trading partners' needs for more on-the-ground-support for more complex risks and the constraints of a digital-only product.
