E&S insurtech Pathpoint raises $30mn

Digital wholesale distribution platform Pathpoint has 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.

Launched late last year, the San Francisco-based insurtech provides retail brokers and agents with P&C and professional lines products from 10 signed-up carriers via its online platform.

Pathpoint said that proceeds from the third financing round since it was launched will be used to further invest in software engineering and R&D as well as to invest in growing and scaling distribution.

Hiscox, Beazley and Brit are among the carriers signed up to the digital broking platform, which currently offers general liability, cyber liability, commercial package and vacant properties products, according to its website.

The platform claims to reduce the cost of doing business by charging carriers lower commissions than traditional wholesale distributors. Pathpoint says its technology improves the value and efficiency of the insurance distribution chain from quote through to issuance.

“More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitised in any meaningful way,” said Alex Bargmann, co-founder and CEO of Pathpoint.

“Carriers and agents are desperate for a better way to conduct business. Pathpoint gives retail agents what they’ve long deserved: a fast and transparent way to access, bind, and service E&S products online.”