Eldridge Industries invests across insurance, asset management, technology, mobility, sports & gaming, media & music, real estate, and consumer industries. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise.  Eldridge Industries is headquartered in Greenwich, Connecticut, with additional offices across the United States and London.

Eldridge Industries

Formalized in 2015, Assurant Ventures (“AGI”) is the corporate venture capital initiative of Assurant, a global leader in technology-enabled risk management solutions. AGI is focused on making equity investments in venture and growth stage technology companies that may be complementary or disruptive to Assurant’s core businesses.

Assurant Ventures

Volery Capital Partners is a private equity firm that seeks to generate alpha for its investors by investing in high-performing financial services companies that benefit people and the planet. Volery makes growth equity investments in sub-sectors including asset management, specialty and consumer finance, insurance and benefits, and related business services and technologies. Volery’s investments will be thematically focused within energy transition, resource efficiency, education and workforce development, and financial inclusion and well-being.

Volery Capital Partners

Eos Venture Partners is a Strategic Venture Capital Fund focused on insurance. Eos invests in early and growth stage insurance technology businesses whilst working closely with our Limited Partners to accelerate their innovation strategy.

Eos Venture Partners

Hudson Structured Capital Management is a privately owned investment manager. The firm invests in reinsurance and insurance-linked assets across all lines of business and all instruments to optimize relative value, as well as mezzanine-level risk. It pursues its strategies in the transportation sector through a focus on transportation equipment finance, favoring equipment types that serve basic economic needs with industry and regulatory frameworks that are creditor-friendly.

Hudson Structured Capital Management

Buckle

Buckle is the digital financial services company providing insurance products for the gig industry.  We protect drivers covering personal, rideshare, and delivery driving for leading companies including Favor/HEB, Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Shipt, and more.   We offer gig workers access to services such as insurance with no credit check to help them succeed. We provide a community of fellow gig drivers, forums, member benefits, and expertise because we understand the gig economy, insurance, and the key stakeholders better than anyone.    We also form strategic partnerships with select Managing General Agents (MGA) to align the interests of brokers, insurers, and reinsurers and maximize value across all levels. Our digital carrier platform enables data insights to support ratings, while also enhancing efficiency and reducing costs for these independent, but complementary partners.

Buckle facilitates access to auto, commercial, and specialty markets via its fronting carrier, Gateway Insurance, and reinsurance panels. In June 2020, Buckle acquired Gateway Insurance Company to enhance its services, specifically to offer automobile insurance for full-time cab drivers, limousine drivers, and transportation network companies. Additionally, Buckle enables Managing General Agents (MGAs) to share risk through a Cell Captive structure.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience.

Neo Insurance

Buckle facilitates access to auto, commercial, and specialty markets via its fronting carrier, Gateway Insurance, and reinsurance panels. In June 2020, Buckle acquired Gateway Insurance Company to enhance its services, specifically to offer automobile insurance for full-time cab drivers, limousine drivers, and transportation network companies. Additionally, Buckle enables Managing General Agents (MGAs) to share risk through a Cell Captive structure.Funding and financialsIn September 2021, the company <a href="https://sp-edge.com/updates/5737">raised USD 60 million in Series B</a> funding. The funding round was led by Volery Capital Partners. The new funds were expected to be directed towards scaling its operations and expanding its national presence.In August 2020, Buckle raised USD 31 million in Series A funding, co-led by HSCM Bermuda and Eos Venture Partners. The company will use the funding to deploy new sources of data to underwrite risk, launch new products and expand nationally.

Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one’s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of January 2024, Root held a carrier license in 48 states and offered automobile insurance in 31 states.In July 2019, Root launched its renters’ insurance product and expanded to homeowners insurance in May 2020. The homeowners’ insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of January 2024, the company’s renters’ insurance product was available in 18 states.Key customers and partnershipsRoot had 259,522 policies in force as of September 2023.Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter’s used-car online platform.In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root’s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.Funding and financialsIn October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In <a href="https://sp-edge.com/updates/8089">January 2022</a>, Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.

Root Insurance

Cambridge Mobile Telematics (CMT) launched its mobile-focused usage-based insurance (UBI) platform in 2012, enabling insurers to build their own UBI products. The company’s product suite includes a white-label mobile app (DriveWell) and an Internet of Things (IoT) tag that collects telematics data that insurers can use to assess risk, incentivize behavioral change through gamification, and reconstruct crashes for accurate claims processing. The app also notifies insurers instantly during an accident, allowing them to dispatch help and begin the claims process. It also enables insurers to detect fraudulent claims based on telematics data.In June 2021, the company acquired TrueMotion, a developer of telematics solutions for auto insurance, for an undisclosed amount. Founded in 2012, TrueMotion helps insurers develop their own usage-based insurance products by allowing developers to build mobile apps on top of its platform which collects information from smartphone sensors in relation to an individual's driving behavior. The platform also includes telematic data features to file claims using the app and other value-added services such as good driving incentives and quick accident responses following a crash. TrueMotion’s telematics solution can also be used by fleet operators to monitor the driving patterns of its drivers. Through the acquisition, the two companies will combine their products to bolster CMT’s offerings and expand the company’s geographical reach.In addition, CMT acquired Amodo, a turnkey usage-based auto insurance solutions provider based in Europe <a href="https://sp-edge.com/updates/16753">in March 2023 </a>, for an undisclosed amount. Following the acquisition, Amodo will operate under the CMT brand and will gain access to its advanced telematics solutions. Through the acquisition, CMT aimed to accelerate its global reach and strengthen its position in Europe.Key customers and partnershipsAs of March 2023, CMT’s technology-powered 95 enterprise programs across 25 countries including nine in continental Europe. In addition, its solutions are used by 21 of the top 25 insurers in the US, including insurers such as StateFarm, Liberty Mutual, and Progressive. CMT’s solutions are also used by rideshare companies and large fleet operators.Funding and financialsThe company’s last funding round was in December 2018, where it raised USD 500 million from SoftBank’s Vision Fund, with plans to expand its platform.

Cambridge Mobile Telematics

Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched <a href="https://sp-edge.com/updates/16051">Hippo Builder Insurance Agency (HBIA) </a>in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched “Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo’s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company’s homeowner offering was available in 40 states as of January 2023.Key customers and partnershipsHippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.The company partnered with property and casualty risk intelligence company, <a href="https://sp-edge.com/updates/17629">Opterrix in April 2023 </a>, to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.Funding and financialsIn November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.

Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.Key customers and partnershipsIn May 2020, Clearcover partnered with claims management solution vendor Snapsheet to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site <a href="https://sp-edge.com/updates/18045">in April 2023 </a>. This was part of Clearcover’s strategy to expand its distribution channels.Fundings and financialsIn April 2021, the company raised USD 200 million in a Series D funding round, led by Eldridge, at a valuation in excess of USD 1 billion. The company expects to use the funding toward product development and increasing headcount.For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.

Clearcover

Shift Technology, based in France, provides a Software-as-a-Service (SaaS) solution for insurers to automate claims and detect fraud during the underwriting and claims processing stages. The company’s platform uses artificial intelligence (AI) and a combination of internal and third-party data to flag potentially fraudulent claims. Furthermore, it provides a white-label mobile app that takes advantage of the company’s fraud detection capabilities and enables insurers to streamline their entire claims functions from First Notification of Losses (FNOLs) to disbursements. In addition to France, the company maintains regional offices in the US, Japan, the UK, Spain, and Singapore.Key customers and partnershipsAs of May 2021, the company had a workforce of over 500 people, and it claimed to have analyzed ~5 billion claims in 2021. It also worked with more than 115 customers across 25 countries, including insurance companies such as AXA, Generali France, and Mitsui Sumitomo.Shift collaborated with big data provider Legentic in April 2022, through which it aimed to allow its customers access structured data to minimize fraudulent claims and improve claims processing times. It also formed strategic partnerships to integrate its product as part of other insurtech’s product offerings such as with Sapiens, providing the latter’s customers with alerts regarding fraudulent claims.Funding and financialsIn May 2021, Shift Technology raised <a href="https://sp-edge.com/updates/2834">USD 220 million in a Series D </a>funding in a round led by Advent International at a valuation of over USD 1 billion. The company expected to use the funding to expand its presence in the property and casualty market and also venture into other insurance verticals such as health. The funding was to also be channeled toward accelerating business growth in the US. In November 2021, the company received an undisclosed investment from Guidewire, as an <a href="https://sp-edge.com/updates/6418">extension to its Series D </a>round. The company was to use the new funds to further develop its technology and support its go-to-market strategies.

Shift Technology

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Infrastructure and embedded solutions are offered under a B2B SaaS model

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Buckle

Neo Insurance

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Buckle signs agency agreement with InsureScan to offer auto insurance in Alabama

Buckle raises USD 60 million in Series B funding

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