Erie Insurance, an Erie, PA-based auto, home, business and life insurance company, has established its venture capital arm.
Erie Strategic Ventures will invest in and offer commercial support to startups focused on the insurance industry and related spaces. Its focus will span the personal and commercial insurance value chain as well as natural adjacencies that offer potential to deliver value to Erie customers and agents. Initial areas of interest include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for home, families and small businesses.
The fund is stage and geography agnostic but will focus primarily on early-stage investments in North America. It will partner with Touchdown Ventures, a firm specializing in corporate venture capital, which will work closely with senior executives at Erie on fund operations.
In addition to capital, Erie Strategic Ventures will leverage Erie’s industry leadership and value proposition to support portfolio companies. The firm will seek to partner with startups to bring innovative products and services to market, leveraging a network of independent agents across 12 states and Washington D.C.
Erie Insurance, a Fortune 500 insurance company that generated $7.9 billion in direct written premium in 2021. Founded in 1925, it is the nation’s 11th largest homeowners insurer, 13th largest automobile insurer and 13th largest commercial lines insurer based on direct premiums written. Erie is rated A+ (Superior) by A.M. Best and has more than six million policies in force.
FinSMEs
26/08/2022