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San Francisco-based insurtech company Embroker Inc. said Wednesday it has secured an additional $100 million in funding, which will permit it to expand into becoming a licensed insurer.
The company said in a statement the funding round was led by FTV Management Co. LP, which operates as FTV Capital, with additional investment from Stanford, Connecticut-based Hudson Structured Capital Management Ltd. and New York-based Gaingels LLC, among others.
The company, which was founded in 2015, said in its statement the funding will provide continued investment in Embroker Access, a part of its platform that allows retail and wholesale brokers to offer its digital insurance products to customers.
Embroker focuses on industry-specific coverage for lines including directors and officers, employment practices liability, cyber and professional liability, according to its statement.
It said its digital insurance products are underwritten by Embroker’s insurance platform and backed by reinsurers including Munich Re and Everest Re Group Ltd.
Insurtech firm Corvus Insurance Holdings Inc. said Wednesday it has secured $100 million in venture funding.