Zurich Insurance Group has acquired a minority stake in New York-based insurance technology firm CoverWallet, which enables users to buy and manage insurance online.
The investment follows a commercial partnership agreement signed between CoverWallet and Zurich in Europe in February this year.
Go deeper with GlobalData
The partnership enabled CoverWallet to extend its US platform to Europe. The move allowed Zurich to offer small businesses access to a platform where they can gain insight on different policies, receive quotes, buy insurance, and manage coverage online.
CoverWallet’s platform is currently live in Spain. The latest investment is aimed at expanding the presence of the platform to include other European countries.
CoverWallet co-founder and CEO Inaki Berenguer said: “Following our commercial agreement with Zurich, this investment is a testament to the value Zurich sees in CoverWallet and the work we are doing to make insurance easy and convenient for small businesses in Europe.
“Zurich has been a terrific partner as CoverWallet launched internationally, and we are thrilled they decided to invest in our company.”
CoverWallet, launched in 2016, has secured over $30m in funding from investors including Two Sigma, Foundation Capital, Union Square Ventures, Index Ventures, and Starr Companies.
