Cover Whale Insurance Solutions, Inc. secured $40 million in growth equity financing. Morgan Stanley Expansion Capital led this investment. This funding aims to accelerate technology platform and product expansion.
Driving Insurtech Growth
The insurtech firm, founded in 2020, specializes in commercial auto insurance for trucking. Its proprietary platform enables rapid online policy binding. Furthermore, it leverages telematics technology and data for continuous underwriting.
This approach achieves strong loss ratios in the challenging commercial trucking market. Competitors like Progressive and Root Insurance also operate in related auto insurance sectors.
Cover Whale has written over $1.3 billion in gross premium since inception.
Morgan Stanley Expansion Capital previously provided structured debt in May 2024. This new equity investment follows that initial commitment. The company targets $277 million in gross written premiums for 2025.