Allianz X backs Coterie Insurance
/Allianz X, the strategic investment arm of the Allianz Group, announced a strategic equity investment in small business insurance startup Coterie Insurance. Excluding this investment, Coterie raised nearly $100 million.
In addition to Allianz X leading Coterie’s Series C investment, the deal also involves leveraging the strengths of the Allianz Group to forge a long-term, expanded reinsurance relationship between Coterie and Allianz Reinsurance, the reinsurance arm of the Allianz Group.
“Coterie has an exceptional platform for the SMB insurance market, a segment that is both attractive and challenging. This deal demonstrates Allianz X’s ongoing commitment to the segment and the opportunities within it, as well as marking the beginning of the next phase of Coterie’s growth, which we will achieve together by leveraging our respective strengths.” – Alexander De Kegel, CIO and MD of Allianz X North America.