HSCM and 3L lead $30m funding for DealerPolicy

Hudson Structured Capital Management, which does its re/insurance business as HSCM Bermuda, has led a $30 million series B funding round for DealerPolicy, alongside 3L Capital.

DealerPolicy, an insurance marketplace for automotive retail, will use the funding to accelerate the development of its platform and to expand its team. It has already appointed Wayne Pastore as president and chief operating Officer and Tara Kasica as senior vice president of sales.

DealerPolicy introduced its integrated insurance solution to the automotive retail industry in early 2016 to create a convenient, transparent, and connected car-buying experience. Its wholly owned agency, DealerPolicy Insurance, claims to have generated over $13 million dollars in annualised insurance savings and over $60 million in increased buying power for its customers via its network of over 800 dealers. These savings are often reinvested into other vehicle protection products offered by the dealer, DealerPolicy said.

Travis Fitzgerald, chief executive of DealerPolicy emphasised the increasing importance of digital, streamlined and connected experiences for consumers.

“With an ever-expanding value proposition to dealers, insurance carriers and customers, we are prepared to continue investing in growth," he said.