Matic secures minority investment from Primus Capital

Digital insurance broker Matic Insurance announced a strategic growth investment from Primus Capital. The investment will help support Matic’s continued development of its insurance platform, expansion of embedded partnerships, and pursuit of inorganic growth opportunities.

Matic also shared that it acquired Policygenius’ property and casualty insurance portfolio, which includes nearly 30,000 policies spanning home, auto, and other personal lines.

“We have known Primus for many years and are thrilled to join forces with a firm we deeply respect and that fully supports our vision to reimagine insurance distribution. With their backing, we will be in a strong position to expand Matic’s market share and execute future acquisitions. This acquisition is an important step as we continue to build Matic to be the leading home-led agency. We have created a highly scalable platform that enables us to efficiently integrate this and future books of business while ensuring a great experience for these customers.” – Ben Madick, CEO and Co-founder of Matic.

“Ben and the Matic team have built an impressive platform that is addressing a critical need across the housing and insurance markets. We have followed the company’s progress and have been impressed by both the strength of the team and the momentum of the business. We’re excited to partner with Matic at this stage as it continues to expand its market leadership.” – Ron Hess, Managing Director at Primus Capital.