District Cover, a new public benefit insurance agency, has raised over $7 mn from venture capital firms and insurance industry leaders, with Mosaic General Partnership leading the seed financing.
This funding will support the company’s growth and expansion to meet the challenges faced by city-based businesses.
Richard Smith, General Partner at Mosaic, noted, “We founded Mosaic to leverage technology and community for financial and social impact. District Cover embodies this mission”.
Traditional insurance often under-serves city neighborhoods. District Cover’s approach provides sustainable insurance access to those in need. We’re excited to address this challenge with District Cover and its partners.”
Our shared tech-enabled efficiency and robust analytics approach align well. District Cover’s strategy enhances our specialty insurance for small commercial markets and helps improve capacity for city businesses
Alex Blanco, Chief Executive of Insurance at Vantage Risk
Other investors include Andreessen Horowitz, Amwins Ventures, Anthemis, Foxe Capital, Greenlight Re, Impact America Fund, Liquid2 Ventures, and Maschmeyer Group Ventures.
District Cover has launched the “District Covered” Commercial Package Policy. This solution addresses the unique insurance needs of city-based businesses, combining comprehensive coverage with a data-driven technology platform.
District Cover values the role of brokers in linking businesses with appropriate insurance solutions. The company aims to build strong partnerships with brokers, providing them with essential tools and support to thrive in a competitive market.
Using a data-driven approach, District Cover analyzes the risk profiles of city businesses to create customized insurance policies.
Small businesses and their brokers often struggle to find stable, competitive insurance tailored to city operations. This leads to inefficiency and overpayment for unsuitable coverage. We aim to change that. Insurance should help businesses expand, hire more employees, and withstand losses
Patrick Girouard, CEO of District Cover
The “District Covered” Commercial Package Policy, offered by Vantage Risk Specialty Insurance Company, fills gaps between restrictive excess lines and costly admitted policies, providing more affordable options for city brokers and their clients.
“We don’t use a one-size-fits-all approach. Each neighborhood receives tailored coverage based on specific risks. By integrating technology, data-led underwriting, and human insights, we create policies that meet the needs of city businesses,” Girouard explained.
