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Previously, the InsurTech only provided coverage in 15 states. -
The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.
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The offering is an admitted product for SMBs and non-profits.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The program includes all perils coverage and third-event protection.
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The InsurTech had been pursuing strategic investment options, including a minority stake sale.
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In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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AI-centered InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.
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The company raised $7mn in a Series A in January 2021.
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The company is understood to be working with Ardea Partners.
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It is understood that the company needs to secure cash within less than 30 days.
