TLDR:
– Cover Whale, an insurtech company specializing in connected insurance for commercial auto, raised $27.5M from Morgan Stanley Expansion Capital.
– The company plans to use the funds for expanding operations and development efforts.
Cover Whale Insurance Solutions, based in NYC, received a $27.5 million investment from investment funds managed by Morgan Stanley Expansion Capital. The company, led by CEO Dan Abrahamsen, focuses on utilizing technology, underwriting, and data to offer innovative insurance programs for the commercial auto industry. Cover Whale operates as a managing general agent with over 15,000 policyholders and $225M in GPW by the end of 2023. The company delivers its product through more than 4,000 active agents. CEO Dan Abrahamsen expressed excitement about the investment, believing it will support the company’s mission to provide a leading trucking insurance experience. Overall, the investment will aid in expanding operations and development efforts for Cover Whale.
