HSCM commits to further DealerPolicy funding
ILS, reinsurance and investment manager Hudson Structured Capital Management Ltd, which does its re/insurance business as HSCM Bermuda, has increased its investment in auto insurtech provider DealerPolicy.
The investor was one of a number participating in a $110 million Series C capital raised by the business, which provides an insurance marketplace for car dealers and buyers, combining insurance with the retail process at the point of sale.
It follows a $30 million investment by HSCM with 3L Capital in February this year. The new funding will enable the company to “expand its operations to further develop and embed modern-day insurance throughout the entire car shopping and ownership experience”, according to the announcement. The company intends to triple its product and engineering teams over the next 12 months and increase investments in strategic partnerships.
Paul Pate, a vice president in the growth equity business within Goldman Sachs Asset Management, which led the funding round, said: “DealerPolicy has successfully pioneered the assimilation of personal insurance into the automotive retail process, in a unified and compliant manner.
“We’re thrilled to support the DealerPolicy team as they continue to transform the purchase of cars and insurance.”
The investment also follows Hudson’s commitment earlier this month to reThought Insurance. The new specialist flood underwriting managing general agent completed its $15.5m Series A investment round to fund rapid growth for its technology-driven approach to underwriting flood exposed property risks in the United States.
