Insurance Supermarket raises $100 million

Insurance Supermarket has closed a $100 million minority investment from funds managed by Gallatin Point Capital. This is Insurance Supermarket’s first institutional equity round since launching its digital distribution and administration platform in 2015.

Founded in 2009, the company (and a team of ~140 people) is a life insurance broker that operates under the brands Insurance Supermarket and Specialty Life Insurance. Over 150,000 families currently rely on the company, and it has been extending its operations into the US.

“Our main objective when we started this process with RBC was to find the right partner. Gallatin Point’s knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age. We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry.” – Alex Dudarev, Founder and CEO of Insurance Supermarket.

Bottom Line: The bar remains low.