Delos Insurance Solutions, a property insurance MGA, raised $9 mn in a Series A funding round led by HSBC Asset Management. IA Capital Group, Blue Bear Capital, Generation Space, and angel investors also participated.
Founded in 2016, Delos uses advanced wildfire science and satellite imagery to serve homeowners in high-risk wildfire zones. Insuring properties worth a combined $40 bn, Delos collaborates with Homesite and Lloyd’s of London to provide coverage across California.
The fresh capital will help Delos expand beyond California and develop new products tailored to high-risk areas. CEO Kevin Stein expressed gratitude for their investors, stating the funding round was oversubscribed. However, Delos scaled back on capital needs, benefiting from better-than-expected growth, strong loss ratios, and positive feedback from California clients.
HSBC’s involvement signals a strategic interest in Delos’s technology-driven wildfire forecasting. Mike D’Aurizio of HSBC Asset Management highlighted Delos’s leadership in tackling climate-related insurance gaps, expressing excitement about their nationwide expansion.
Delos is at the forefront of addressing the insurance gap in areas vulnerable to climate catastrophes. We look forward to supporting the team as they scale their solutions nationwide
Mike D’Aurizio, Investment Director of Climate Growth Partners at HSBC Asset Management
IA Capital Group continues to support Delos, having led previous funding rounds. Matt Perlman, Partner at IA Capital, commended Delos’s leadership and innovation, highlighting their expertise in risk selection and pricing. He noted the company’s potential to address disrupted insurance markets beyond California.
Armed with new funding and robust investor backing, Delos is poised to enhance its offerings and provide essential property insurance as climate risks grow.
