Boxx Insurance

Toronto-based Boxx Insurance offers cyber insurance policies through its Cyberboxx product line, which also extends to individual users. Boxx's cyber insurance products for businesses offer coverage against costs related to hacking, insider threats, loss of business, social engineering, and reputational damage, along with legal fees, regulatory fines, and other related liabilities. The company also offers other value-added services with its cyber insurance policies that include tools to monitor the cyber risk posture of businesses (in partnership with cyber risk assessment startup, BitSight ), a 24/7 dedicated security team that offers managed security and incident response services, and employee cyber training for clients.

The company acquired the cyber threat intelligence startup, Templarbit in November 2022, to expand into proactive cyber risk protection capabilities which enhanced its growth in the small and midsize business segment.

Key customers and partnerships

Boxx Insurance served over 250,000 individuals and 10,000 businesses, as of January 2023.

Boxx Insurance partnered with the consumer credit reporting agency, Equifax in December 2021, to launch USD 1 million identity theft protection coverage for consumers, amidst heightened concerns over digital privacy and cybersecurity.

The company’s policies are backed by insurers such as Zurich Insurance, Munich Re, Hartford Steam Boiler (HSB), and Lloyds of London. In addition to Canada, the company also has a presence in the US, Switzerland, and Dubai.

Funding and financials

In January 2023, the company raised USD 14.4 million in a Series B funding round led by Zurich Insurance.

The company reported that it grew 10x over 2022. It also increased its employee headcount from 5 to 36 and expanded its presence across North America and other selected markets during that period.