reThought raises $15.5 million Series A
Flood insurance MGA reThought Insurance has raised a $15.5 million Series A investment round led by Telstra Ventures, with participation from Hudson Structured Capital Management, doing (re)insurance business as HSCM Bermuda, and ArcTern Ventures.
Founded in 2017, the Colorado-based company focuses on writing flood coverage for complex mid-tier commercial risks and high net worth (HNW) properties but is also developing offerings for other perils .
“We’re streamlining our operations and our goal is to automate the whole company. This round of funding will further our ability to provide the best underwriting from the most comprehensive sources of data available for our capacity providers, and ultimately help us meet our goal of closing the gap for US flood in ways that others have not done and cannot do, which puts us in a really unique position in the flood market.” – reThought CEO Cory Isaacson.
The company states its proprietary engine allows it to target a broader range of complex risks, including major public transit, underground parking garages, and outdoor swimming pools. reThought also writes business interruption insurance and will work around the National Flood Insurance Program’s (NFIP) limit cap of $500,000 by covering “up to tens of millions of dollars.”