E&S insurtech Pathpoint launches restaurant offering

Pathpoint, an E&S technology platform, has launched a restaurant offering that gives agents access to non-admitted coverage solutions for restaurant owners.

The new product covers any restaurants operated by concessionaires, including BYOB establishments, restaurants that don’t serve alcoholic beverages and those with alcohol sales less than 75 percent of total sales.

The offering is available in all US states but not Washington DC. The insurtech said its appetite includes general liability from $500,000 to $2mn and property total insured value up to $2.5mn.

“Adding restaurants to our product offering continues to fuel growth at Pathpoint and aligns with our objective of being the fastest and easiest way for retail agents to place small commercial E&S,” said Alex Bargmann, Pathpoint’s CEO and co-founder.

Pathpoint’s offerings are delivered through its online platform. The San Francisco-based company, which was established near the end of 2020, serves as the surplus lines agent and handles all servicing and compliance on the back-end.

Pathpoint said it experienced significant expansion over the last year, including 400 percent year-over-year growth over the course of 2021. In that time, it also added two more carriers to its list of partners and launched four products.

In June last year the wholesale distribution platform raised $30mn in a Series A round led by Caffeinated Capital, with participation from repeat investors Chubb, Hiscox and other carriers along with SciFi VC and Founders Fund.

The company gives retail insurance agents bindable quotes from multiple A rated carriers instantly for contractors, vacants, lessor’s risk only, restaurants and cyber products.