Allianz X backs Coterie Insurance

Allianz X, the strategic investment arm of the Allianz Group, announced a strategic equity investment in small business insurance startup Coterie Insurance. Excluding this investment, Coterie raised nearly $100 million.

In addition to Allianz X leading Coterie’s Series C investment, the deal also involves leveraging the strengths of the Allianz Group to forge a long-term, expanded reinsurance relationship between Coterie and Allianz Reinsurance, the reinsurance arm of the Allianz Group.

“Coterie has an exceptional platform for the SMB insurance market, a segment that is both attractive and challenging. This deal demonstrates Allianz X’s ongoing commitment to the segment and the opportunities within it, as well as marking the beginning of the next phase of Coterie’s growth, which we will achieve together by leveraging our respective strengths.” – Alexander De Kegel, CIO and MD of Allianz X North America.

“Coterie enables agents and brokers to profitably write and service small and micro commercial accounts, and we are doing it with strong operating leverage to ensure long-term viability in this segment. By investing in AI-driven underwriting and servicing, we’re uncovering new and bigger opportunities every day. Our relationship with Allianz X will help us continue to build and advance in the micro-commercial space.” – David McFarland, CEO and Founder of Coterie.

“Allianz Re has been a reinsurer of Coterie since 2023, and we have been consistently impressed by their exceptional growth and strong underwriting performance. We are excited to expand our reinsurance relationship with them, providing the necessary capacity to support their ambitious goals.” – Holger Tewes-Kampelmann, CEO of Allianz Reinsurance.