reThought Insurance, a Broomfield, Colo.-based tech-enabled MGA, closed a $15.5m Series A funding.
The round was led by Telstra Ventures, with participation from Hudson Structured Capital Management, doing (re)insurance business as HSCM Bermuda, and ArcTern Ventures, as welll as existing venture funds Menlo Ventures, ManchesterStory and Streamlined Ventures.
The company intends to use the funds to expand sales team, technology, research and development and growth in the flood insurance market.
Launched in 2017 by co-founders CEO Cory Isaacson, Chief Innovation Officer Nicholas Lamparelli, and President of reThought Specialty James Rice, reThought is a technology-centric Managing General Agent (MGA) focused on US commercial flood risk. It currently focuses on writing flood coverage for complex mid-tier commercial risks and high net worth (HNW) properties but is also developing offerings for other perils.
reThought’s proprietary model convergence engine allows the company to target a broader range of complex risks, including major public transit, underground parking garages and outdoor swimming pools. The company also writes business interruption insurance and will work around the National Flood Insurance Program’s (NFIP) limit cap of $500,000 by covering up to tens of millions of dollars.
FinSMEs
01/08/2021