Bermuda-based Hudson Structured Capital Management has co-led a new $24 million Series A round of fundraising for Branch, a technology-driven home and auto insurance company with operations across the US.
The round was co-led by Greycroft and HSCM Bermuda, with participation from returning investors American Family Ventures and Revolution’s Rise of the Rest Seed Fund, as well as new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
Branch developed an innovative way of bundling home and auto insurance, streamlining the process by asking clients for just their name and address. Branch’s data integrations eliminate the traditional insurance application and quote estimate, presenting clients with an instant, purchasable price instead.
Over the last 12 months Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas. The Series A funding will spearhead a strategic nationwide expansion plan through 2021.
“We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round,” said Vikas Singhal, Partner & CIO of HSCM Bermuda’s insurtech efforts. “Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital.”
Steve Lekas, the co-founder and CEO of Branch, said: “Branch is on a mission to make home and car insurance less expensive for all, enabling more of us to be financially protected from life's uncertainties.
“This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more.”
Hudson Structured Capital Management, Series A Funding, Investment, Insurance, Reinsurance, Steve Lekas, North America