Sterling, one of the largest national insurance brokers and a leading provider of risk management services, acquired 1% of FitSafe’s shares. Given this, the investment valued the company at $25m.
The investment will help FitSafe further enhance software’s capabilities for upcoming launch later this year.
Created in response to an alarmingly steep rise in sports and fitness casualty insurance claims and related litigation by Jeff Halevy, FitSafe provides a risk management and commercial insurance underwriting software platform that services the sports and fitness sector.
The software allows property and casualty policyholders and prospective policyholders to thoroughly assess and improve their risk profiles while allowing underwriters to write policies reflective of the software’s granular, industry-specific risk analysis.
It is set to launch early in the fourth quarter of this year.