NEW YORK, October 5, 2021 / PRNewswire / – Cover Whale Insurance Solutions, Inc. (“Cover Whale”), an Insurtech MGA focused on disrupting the commercial automotive space, announced the completion of a $ 15.5 million fundraising led by investors Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”) and the Applied Financial Technologies subsidiary of TigerRisk Partners.
“This round of funding is an exciting time for the Cover Whale team. The support of such sophisticated investors has been significant proof of commitment to our vision,” said Cover Whale Founder and CEO. Dan Abrahamsen. “This level of funding allows Cover Whale to further invest in our proprietary technology-based platform, as well as continue to attract a team of the best talent in the industry.
Cover Whale was built on a foundation of machine learning technology, data and analytics to transform the commercial automotive segment and bring a forward-looking and continuous insurance model to market. Cover Whale’s technology platform-driven efficiency reduces the need for the traditional, resource-intensive subscription process, allowing it to provide instant quotes from multiple partner carriers.
The company’s proprietary platform also enables Cover Whale to leverage real-time data in high volume. This, along with the ability to intervene and instantly correct negative driver behavior, will reduce loss rates and therefore the overall cost of insurance.
Claude leblanc, President and CEO of Ambac said, “We are delighted to be a lead investor in Cover Whale as the company continues to develop its technology platform using industry-leading data analytics based on the AI to profitably underwrite drivers in the commercial automotive space. Mr. LeBlanc continued, “Insurance platforms like Cover Whale, which are able to use data-driven underwriting to quickly and cost-effectively tie coverage within minutes of a quote, are market leaders. by providing innovative distribution solutions in the commercial automotive space.
Over the past year, Cover Whale has grown from just five employees to over 80 employees and contractors, adding key leadership positions and strengthening vital backend departments. Cover Whale’s growth in space has been unmatched; it prides itself on being the antithesis of Insurtechs as it turned positive in terms of cash flow earlier this year with a strong focus on profitable bottom line.
About the cover whale
Cover Whale, an Insurtech founded by seasoned insurance and technology veterans, focuses on underwriting, technology and data to launch innovative insurance programs. Cover Whale provides the most agent-friendly online platform, offering a simple solution for quick insurance quotes. The products are available exclusively through CoverWhale.com, with capacity for several leading insurance markets.
Ambac Financial Group, Inc. (“Ambac” or “AFG”), headquartered in New York, is a financial services holding company. Ambac subsidiaries include: Ambac Assurance Corporation and Ambac Assurance UK Limited, financial guarantee insurance companies currently in liquidation; Everspan Indemnity Insurance Company and Everspan Insurance Company, insurers specializing in P&C programs; and Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC, IARD Managing general underwriters. Ambac’s common stock is listed on the New York Stock Exchange under the symbol “AMBC”. Ambac’s Amended and Restated Certificate of Incorporation contains substantial restrictions on the ability to transfer Ambac common stock. Subject to limited exceptions, any attempt to transfer Common Shares will be prohibited and void to the extent that, following such transfer (or any series of transfers of which such transfer is a part), any person or group of persons will become a holder of 5% or more of the ordinary shares of Ambac or a holder of 5% or more of the ordinary shares of Ambac increases its participation. Ambac is committed to providing timely and accurate information to the investing public, in accordance with our legal and regulatory obligations. To this end, we use our website to transmit information about our activities, including the early release of quarterly financial results, quarterly financial, statistical and business information. For more information, visit www.ambac.com.
Contact with cover whales: Ian abrahamsen, Marketing director
SOURCE Cover whale insurance solutions