Arch buys insurtech platform

Arch Insurance Inc. on Tuesday said it has acquired insurtech platform Thimble Inc.

Terms of the transaction were not disclosed.

Thimble offers small businesses coverage for general and professional liability, business equipment, commercial property, cyber and others on its proprietary digital platform. Coverage may be purchased by the job, month or year using Thimble’s app via its website or over the phone, an Arch statement said.

Since May 2018, Thimble has bound more than 170,000 small business policies in the U.S., the statement said.

Thimble was founded in 2016 as Verify by Global Aerospace Inc. to provide drone insurance.

Verify was renamed Thimble in 2019 with support from $22 million in series A funding and expanded its offerings to include short-term liability coverage for small businesses.