Just Insure seeks $4 million in convertible notes

Just Insure  disclosed a $4 million convertible note financing, according to a newly filed Form D with the SEC. The Los Angeles-based insurer reported selling $1.4 million of the offering to four investors, with $2.6 million remaining.

As background, the pay-per-mile insurer reported 2025 direct written premiums in two active states — Arizona at $10.4 million and Nevada at $2.1 million — bringing total direct written premium to approximately $12.5 million.

The company reported a net underwriting loss of $575,492 in 2025, compared to underwriting income of $763,959 in 2024. Losses incurred increased to $2.8 million from $1.8 million, while other underwriting expenses rose to $1.5 million from $364,000.

The annual statement also outlined several strategic developments. In February 2025, the company launched a fixed-price insurance product alongside its existing pay-per-mile offering. In July 2025, it entered its first third-party distribution partnership outside of its affiliated agency network. On the capital side, parent SF Insuretech completed a $4.975 million convertible note financing in early 2025 and an $8 million bridge round in February 2026 to address ongoing going concern pressures.