InsurTech Insurity secures financing from PE firm TA Associates
Connecticut-based InsurTech Insurity has secured a strategic growth investment from private equity firm TA Associates, the company said Wednesday.
The amount of the investment was not disclosed.
TA, along with current investor GI partners, has provided capital to help accelerate Insurity’s growth and expand the delivery of the firm’s P&C cloud-based software.
TA Associates originally invested in Insurity in 2014, but then sold the business to GI partners in 2019. The private equity firm said in a statement that TA’s “renewed commitment” to Insurity’s growth is a “testament to the company’s significant momentum and future direction.”
Chris Lafond, Insurity’s CEO, said: “We are thrilled to have TA renew their investment in Insurity.”
“In the past two years, we have built leading cloud-based and data-driven products, expanded our total addressable market, acquired eight leading companies, and onboarded 16 system integrator partners. Insurity is proud to work with over 500 customers. We are pleased to partner with both TA and our existing investor, GI, as they collectively provide us with greater access to resources to best serve the P&C insurance industry,” he added.
Harry Taylor, managing director at TA, and Amit Jain, senior vice president, jointly said: “At TA, we have always seen Insurity as a company with outstanding growth potential.”
“They have built a comprehensive portfolio of offerings from underwriting to advanced data and analytics capabilities, along with a deep commitment to customer success. We are excited to partner with GI Partners and Insurity’s world-class team to help accelerate growth and expansion,” they added.
InsurTechs have raised a record-breaking $10.5bn of investment during the first three quarters of 2021, a year in which insurance technology firms are poised to secure more than the combined total for both 2018 and 2019.
Real estate InsurTech GetCovered announced Tuesday it had raised $7mn in a Series A funding round led by investor RET Ventures.
Earlier this month, Personal lines start-up Slide Insurance is raising around $75mn with a Series A funding round, setting a total valuation for the company at $225mn, as reported by this publication.