Insurtech Cover Whale Insurance Solutions, specialising in connected insurance for commercial auto, has sequred $27.5 mn in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.
The recent funding round, which included the conversion of existing debt investors into Series A preferred shareholders, will bolster Cover Whale’s growth and advancement in trucking insurance and road safety.
Cover Whale, an insurtech firm established by experienced insurance and technology professionals, utilizes advanced technology, underwriting expertise, and data analytics to develop innovative insurance solutions for the commercial auto sector.
As a managing general agent (MGA), Cover Whale oversees more than 15,000 active policyholders and closed 2023 with $225 mn in gross written premiums, while maintaining top industry loss ratios.
This funding ensures a robust balance sheet, supporting Cover Whale’s expanding operations.
Renowned for offering rapid policy quotes and bound insurance coverage to agents and their trucking clients, Cover Whale is dedicating resources to enhance its technology and operating platform, aiming to increase quote speed and service quality.
Cover Whale was built from the ground up to transform commercial auto insurance with technology at our core
Dan Abrahamsen, CEO of Cover Whale
“We believe this investment from Morgan Stanley Expansion Capital will support our mission to deliver the industry’s leading trucking insurance experience, building on the positive impact we’ve already made for our agents, drivers, and the general motoring public.”
Cover Whale’s Driver Safety Program combines insurance coverage with telematics and real-time driver coaching to reduce claims, improve driver safety, and save lives on American roads.
The insurtech operates through over 4,000 active agents, offering the industry’s fastest and most user-friendly online quote and bind process.
By rewarding safe driving, Cover Whale provides the most competitive insurance rates to the safest drivers.
