INSHUR, a global on-demand insurance provider, has made a strategic acquisition of American Business Insurance Services in order to expand and scale its operations across the U.S.
The company also completed a capital raise of $26 million, which was supported by existing investors including JVP, Munich Re Ventures, Viola Fintech and MTech Capital. The recent capital raise is an up-round to INSHUR’s Series B in June 2021. Perella Weinberg Partners LP served as financial advisor to INSHUR.
This news is the latest in INSHUR’s growth strategy as it seeks to further its embedded insurance platform serving the on-demand driver economy across the U.S., U.K. and the Netherlands.
“The on-demand driver economy is growing exponentially around the world, so the ability to provide access to competitive insurance policies that match drivers’ needs is becoming imperative to delivering the best user experience possible,” said Dan Bratshpis, CEO and co-founder at INSHUR, in a company press release. “Together, INSHUR and ABI will enable a new generation of entrepreneurial drivers to make a good living for themselves and their families, while staying safe and protected.”
Established in 1983, ABI is a producer of commercial transportation insurance in the U.S., insuring more than 50,000 vehicles. The acquisition of ABI will enable INSHUR to leverage its technology and partnerships to serve on-demand drivers and fleets in 50 states, according to the release.
The acquisition will give INSHUR more access to claims data offering product development for fleet managers and on-demand drivers, and it will bolster the company’s product portfolio and team. Driver and third-party protection is a focus for the company, and ABI will enable it to promote safe driving practices through its underwriting capabilities. INSHUR will also be able to continue to deliver personalized products and services with ABI’s processing of proprietary data and use of technology to underwrite commercial driver coverage.
“For four decades, ABI has worked tirelessly to support the drivers that keep the American economy moving – from single owner-operators through to large fleet businesses,” said Dave Haley, CEO at American Business Insurance Services, in the release. “Our legacy is that we have always been at the forefront of technology innovations for drivers which has led to thousands of satisfied customers through the products and services we have provided over the years. Now, it’s the insurance industry’s turn to transform itself through new technology and practices, and we know INSHUR is the company to lead the way.”