Digital insurance platform Boost Insurance has announced an equity investment from BHMS Investments, a company specialising in middle market insurance and related businesses.
Financial terms of the deal remain confidential.
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With the investment, BHMS joins other stakeholders in Boost, including Markel, RenaissanceRe and Canopius US Holdings.
The funds will be allocated to sustain the company’s ongoing MGA programme and customer expansion, enhance its range of complementary technology products and services, and facilitate targeted acquisitions.
Boost provides infrastructure for insurance sales, catering to MGAs, brokers, agents and digital insurance platforms.
Its services span underwriting, programme management, claims administration resources, fronting carrier paper and dedicated reinsurance capacity.
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By GlobalDataBoost also offers a policy administration technology for workflow automation and data analytics.
Its customer base includes companies such as Amwins, Cowbell, Newfront and Wagmo.
Alongside the investment, Jeremy Deitch, Boost’s general counsel and head of compliance, has been promoted to president and added to the company’s board of directors.
Boost founder and CEO Alex Maffeo said: “We always knew that Boost was not going to be built in a day, especially if we wanted to do it right, so it would be essential to have long-term and highly specialised capital partners behind us that are truly value-add for the company to reach its full potential.
“BHMS brings a wealth of expertise along with an unquestionable track record of taking businesses to new heights in this very specific industry of ours. They are the perfect partner for Boost as we graduate out of the venture-backed phase of our journey and continue to scale.”
BHMS managing partner Kevin Angelis said: “Boost is well ahead of the market in terms of building foundational infrastructure for the fast-growing MGA marketplace. Not only do Boost’s customers gain the benefits that come with leveraging its best-in-class technology, but Boost’s team of underwriting, compliance and risk capital experts also make the Company the most comprehensive, collaborative and scalable solution that we have seen in the market.”
In October 2023, Boost enhanced its offerings by launching Boost Re, a risk transfer platform designed to complement its insurance-as-a-service stack.
