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Insurtech brokerage Newfront Insurance Inc. said Tuesday it has raised $200 million, giving it a $2.2 billion valuation.
Last July, Newfront agreed to merge with San Mateo, California-based brokerage ABD Insurance and Financial Services Inc., the 40th-largest brokerage of U.S. business, with $112.5 million in 2020 brokerage revenue, according to Business Insurance’s latest ranking.
Newfront said it was profitable in 2021 and saw “significant” growth over the last year, booking more than $2 billion in premiums. The company has also added more than 200 staff in the last seven months, it said.
Newfront said it will use the financing to expand its technology platform and geographic footprint, and invest in specialized resources and experts across more industries.
Insurtech brokerage Newfront Insurance Inc. has hired former Hub International Ltd. executive Adam Johnson as senior vice president and leader of its venture capital practice.