Chennai: Sompo Holdings (Asia) Pte Ltd has announced that 0it has made a USD 50 million strategic investment in Cover Genius, an insurtech firm and embedded insurance specialist that enables the worldâs largest digital companies to offer any line of insurance or warranty directly to global customers with a single API call.
The AUS Dollar 100M Series C round will bolster Cover Geniusâ global expansion and further Sompo Group’s digital distribution channel in the embedded insurance market, enabling the company to offer tailored solutions to its customers by leveraging XCover, Cover Geniusâ award-winning global insurance and warranty distribution platform, a release from Sompo Holdings said.
The round comprised primary and secondary capital, and was supported by globally distinguished fintech investor, G Squared, as well as Cover Geniusâ early backers, King River Capital, Marinya Capital and Regal Funds Management.