Allianz X, the investment arm of Allianz Group, has made an equity investment in Coterie Insurance, a managing general agent (MGA) that provides property and casualty (P&C) insurance products for small and mid-sized businesses in the United States.
Allianz X is leading Coterie’s Series C funding round. The transaction also includes a reinsurance arrangement with Allianz Reinsurance, part of Allianz Group, which is expected to support a longer-term partnership between the two companies.
“Coterie has an exceptional platform for the SMB insurance market, a segment that is both attractive and challenging,” said Alexander De Kegel, CIO and MD of Allianz X North America.
“This deal demonstrates Allianz X’s ongoing commitment to the segment and the opportunities within it, as well as marking the beginning of the next phase of Coterie’s growth, which we will achieve together by leveraging our respective strengths.”
“Coterie enables agents and brokers to profitably write and service small and micro commercial accounts, and we are doing it with strong operating leverage to ensure long-term viability in this segment,” added David McFarland, CEO and Founder of Coterie.
“By investing in AI-driven underwriting and servicing, we’re uncovering new and bigger opportunities every day. Our relationship with Allianz X will help us continue to build and advance in the micro-commercial space.”
“Allianz Re has been a reinsurer of Coterie since 2023, and we have been consistently impressed by their exceptional growth and strong underwriting performance,” noted Holger Tewes-Kampelmann, CEO of Allianz Reinsurance.
“We are excited to expand our reinsurance relationship with them, providing the necessary capacity to support their ambitious goals.”
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