7 August 2020News

HSCM Bermuda helps gig workers insurer Buckle raise $31m

HSCM Bermuda has helped Buckle, a tech-enabled financial services company, raise $31 million through its Series A funding round.

HSCM Bermuda and Eos Venture Partners co-led the fundraising for the company, which says it addresses gaps in conventional insurance policies that leave gig workers underinsured.

Buckle will use the funding to reinvent the insurance model with new sources of data to underwrite risk, making insurance comprehensive, affordable, and easy to obtain for rideshare drivers.

In 2019, Buckle launched its core rideshare insurance policy that combines personal and commercial coverages, in collaboration with Munich Re’s Digital Partners. Earlier this year, it expanded the program through a partnership with Lyft.

In June, Buckle announced the acquisition and recapitalization of Gateway Insurance Company (Gateway), including its 47 state insurance licenses. Now, through Gateway, Buckle is expanding insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using the Curb app.

“The ride-hailing market is expected to grow globally to approximately $260 billion by 2024,” said Vikas Singhal, Partner and CIO of Insurtech at HSCM Bermuda. “As the market grows, demand for straight-forward and affordable insurance coverage for both providers and TNCs will grow with it. We're excited to help the Buckle team take the company to the next level."

Dustin Walsey, co-founder of Buckle, added: “Whether rideshare drivers are on duty or driving their family around on personal time, Buckle will have them covered. We are excited to offer comprehensive, easy-to-understand insurance to active rideshare drivers for overall better personal protection.”

Jonathan Kalman, Founding General Partner at Eos Venture Partners, added: “The rideshare and dispatched delivery markets need specialized insurance expertise. Buckle has built a comprehensive insurance solution to this growing market.”