Superscript raises £45 million
Superscript, the UK-based insurance startup offering commercial insurance, has raised £45 million ($54 million) in a Series B funding round led by Comparethemarket owner BHL UK, with participation from The Hartford, and Concentric.
Founded in 2014, Superscript offers a range of commercial insurance coverages for small businesses, and it also offers solutions for businesses with more complex risk. Underwriting partners include AXA, Beazley at Lloyd’s, MS Amlin and RSA.
The startup will use the funding to grow a range of insurance products and services for international distribution, and build upon its existing embedded partnership capabilities, among other things.
“In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript. The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year. Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.” – Cameron Shearer, CEO and co-founder of Superscript.
“Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology. We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.” – Ian Leech, CEO of BHL UK.
“The global small business economy represents a huge, yet untapped, opportunity for the insurance industry. The Hartford’s Small Commercial business is a market leader in the US. Superscript, an emerging leader in small-business insurance in the UK and Europe, shares the belief that ease, accuracy and consistency are necessary components of a winning small-business carrier. Superscript finds that most newly incorporated small businesses’ first insurance touchpoint is online, so its customer-centric approach alongside its machine-learning powered underwriting insights puts it in a strong position to penetrate this market successfully.” – Stephanie Bush, head of Small Commercial and Personal Lines at The Hartford.
Bottom Line I: The Hartford’s move is reminiscent of Travelers’ acquisition of Simply Business in 2017.
Bottom Line II: Information is control and with Coverager Data you’re in control of distribution partnerships, which contribute to insurtechs’ growth.
