Delos Insurance Solutions, a property insurance managing general agent (MGA) that serves homeowners in wildfire-stressed areas, has obtained $9m in a Series A funding round.
Delos was set up in San Francisco in 2017 by aerospace engineers. The company currently underwrites $40bn in total insurance value.
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Utilising satellite imagery and wildfire science, Delos’ proprietary technology can identify homes with a lower risk of wildfire damage, offering an alternative to traditional insurers, which have retreated from these high-risk regions.
The latest infusion will help Delos advance this goal, supporting its expansion into other states and the development of new products.
Delos Insurance Solutions CEO Kevin Stein said: “We are looking to provide insurance outside California and develop new products to help people obtain the affordable insurance they deserve.
“We scaled back our funding requirements for this round, despite being oversubscribed. This is due to our better-than-planned growth, market-leading loss ratios and the positive response from California homeowners.”
HSBC Asset Management climate growth partners investment director Mike D’Aurizio said: “We are excited to support Delos by leading their latest funding round. Its proprietary wildfire forecasting, driven by AI, is improving access to property insurance coverage in California, a market that is under stress from growing climate catastrophes.”
In September 2023, Delos Insurance raised $7.3m in an extended seed funding round led by IA Capital Group.
