Delos secures further $9 million in funding
Property insurance MGA Delos Insurance Solutions has raised $9 million through a Series A funding round led by HSBC Asset Management, with participation from IA Capital Group, Blue Bear Capital and Generation Space along with several angel investors.
Founded in 2016, Delos uses wildfire science and satellite imagery to provide insurance solutions to homeowners in wildfire-stressed areas and currently writes $40 billion in total insurance value. The company offers coverage in California in partnership with Homesite and Lloyd’s of London.
“We are enjoying working with a great, supportive group of investment partners, as we embark on the next phase of the Delos journey. We are looking to provide insurance outside California and develop new products to help people obtain the affordable insurance they deserve. We scaled back our funding requirements for this round, despite being oversubscribed. This is due to our better-than-planned growth, market leading loss ratios, and the positive response from California homeowners.” – Kevin Stein, CEO Delos Insurance Solutions.
“We are excited to support Delos by leading their latest funding round. Its proprietary wildfire forecasting, driven by AI, is improving access to property insurance coverage in California, a market that’s under stress from growing climate catastrophes. We look forward to working with the team as they expand across the US.” – Mike D’Aurizio, Investment Director, Climate Growth Partners, HSBC Asset Management.
“Kevin and Shanna are exceptional founders who have assembled a fantastic team to tackle an immense challenge in enabling property insurance in wildfire-exposed areas. Having led the previous two funding rounds, we have seen them overcome every obstacle along the way to gain unparalleled success and credibility with homeowners, distributors, carriers and capital markets. They have proved out their cutting edge risk selection and pricing capabilities and are poised to continue to provide solutions to dislocated insurance markets in California and beyond.” – Matt Perlman, Partner IA Capital Group.
