District Cover raises $7 million
Small business insurance broker District Cover has raised over $7 million in a funding round led by Mosaic General Partnership, with participation from Andreessen Horowitz, Amwins Ventures, and others.
The startup is also announcing the official launch of The “District Covered” commercial package policy, a “proprietary,” non-admitted product issued by Vantage Risk Specialty Insurance Company that fills the gap between “existing restrictive excess and surplus lines product offerings and expensive admitted businessowners policies.”
District Cover is led by former Attune Insurance employee Patrick Girouard.
“Year after year, we’ve seen small businesses and the brokers that serve them struggle to find stable, competitive, and tailored insurance for city-based operations. This often leads to inefficiency and businesses overpaying for the wrong coverage. We exist to change that. Insurance should be life-changing and allow a business to open a new location, hire more employees, and survive a loss. We’re not taking a broad-stroke approach to underwriting, giving all neighborhoods the same coverage or score. In doing that, businesses are often left behind. In pairing technology, data-led underwriting, and human insights, we’re looking at city risks on a block-by-block basis to deeply understand characteristics and create a tailored policy that meets the insured’s needs.” – Patrick Girouard, Chief Executive Officer at District Cover.
“One of the reasons we founded Mosaic was to focus on how leveraging technology and community can generate both financial return and social impact. District Cover fits this thesis perfectly. Traditional insurance offerings under-serve many city-based neighborhoods. District Cover’s data-driven, tech-enabled approach allows it to bring sustainable access to insurance capacity to those in need. We’re excited to tackle this long-standing challenge with District Cover and its industry partners.” – Richard Smith, General Partner & Co-Founder at Mosaic General Partnership.
“We’re excited to partner with District Cover as a capacity provider and investor. Our mutual approach to risk is well aligned, using tech-enabled efficiency and robust analytics to see risk differently. District Cover extends our specialty insurance strategy to the small commercial market and our relationship will help drive the industry toward improving capacity for city-based businesses.” – Alex Blanco, Chief Executive of Insurance, Vantage Risk.