INSHUR, a global on-demand insurance provider, has acquired American Business Insurance Services in order to expand its operations across the U.S.
The company also reported that it completed a capital raise of $26 million, which was supported by existing investors including JVP, Munich Re Ventures, Viola Fintech and MTech Capital. The recent capital raise is an up-round to INSHUR’s Series B in June 2021.
Established in 1983, ABI is a Westlake Village, California-based agency for commercial transportation insurance in the U.S., insuring more than 50,000 vehicles.
This news is the latest in New York-based INSHUR’s growth strategy as it seeks to further its embedded insurance platform serving the on-demand driver economy across the U.S., U.K. and the Netherlands.
The acquisition of ABI will enable INSHUR to leverage its technology and partnerships to serve on-demand drivers and fleets in 50 states, according to the company. INSHUR said ABI will give it more access to claims data for fleet managers and on-demand drivers, and also enable it to promote safe driving practices through its underwriting capabilities.
Source: INSHUR
Topics USA Mergers & Acquisitions
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