Cover Whale raises $15.5 million

Cover Whale, the “insurtech MGA focused on disrupting the commercial auto space,” announced the completion of a $15.5 million fundraising led by Ambac Financial Group and TigerRisk Partners’ Applied Financial Technologies subsidiary.

Founded in 2019, Cover Whale targets truckers with a dedicated account rep, coaching services (telematics), multiple programs to support a range of trucking operations, and in-house binding authority.

“This funding round is an exciting time for the Cover Whale team. The support of such sophisticated investors has been a significant show of commitment to our vision. This level of funding enables Cover Whale to invest further in our technology-enabled proprietary platform, as well as continue to attract a team of top industry talent.” – Cover Whale founder and CEO Dan Abrahamsen.

“We are pleased to be a lead investor in Cover Whale as the company continues to grow its tech enabled platform using leading, propriety AI driven data analytics to profitably underwrite drivers in the commercial auto space. Insurtech platforms like Cover Whale, that are able to use data driven underwriting to quickly and profitably bind coverage within minutes of a submission, are market leaders in providing innovative distribution solutions in the commercial auto space.” – Claude LeBlanc, president and CEO of Ambac.