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The Canadian pension fund makes its first foray into InsurTech with the investment in the Berlin company. -
The product features fixed payment for a terrorism event within the insured’s post code, irrespective of physical damage.
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The funding is understood to give Apax a small partial exit from its three-year-old majority shareholding.
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A past industry critic of Root has shifted to a more optimistic view of the company’s future.
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The motor insurer also attracts investment from new backers RTP Global, Breega and Digital Horizon.
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Donavan’s arrival follows the appointment of former Aspen Insurance CEO Mario Vitale as president in September.
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Chile riots exposure, premium growth at Lloyd's, MS Amlin departures, and more.
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Will InsurTech eat itself?
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New filings show the InsurTech is expanding far faster than either Lemonade or Metromile but its losses have almost doubled.
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The home insurance InsurTech will use the funding to expand into Massachusetts, Pennsylvania and Tennessee.
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The company has raised $70mn since it was founded less than a year ago.
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The purchase reflects the broker’s stated acquisition strategy of buying complementary businesses and services and of expanding digitally.
