District Cover Raises Over $7M in Funding, Launches Sustainable Insurance Solution for City-Based Risks.
Nashville, TN - July 23, 2024: District Cover, Inc. (“District Cover”), a newly formed public benefit company and insurance agency, today announced its official launch of The “District Covered” Commercial Package Policy. Developed to address the unique challenges of obtaining insurance for city-based businesses, District Cover offers an insurance solution and data-driven technology platform explicitly tailored for city risks, empowering businesses with comprehensive coverage and peace of mind.
District Cover recognizes the role brokers play in connecting businesses with insurance solutions and understanding the local market. As such, District Cover is committed to fostering strong partnerships with brokers and empowering them with the tools, resources, and support needed to excel in today's competitive marketplace.
“Year after year, we've seen small businesses and the brokers that serve them struggle to find stable, competitive, and tailored insurance for city-based operations. This often leads to inefficiency and businesses overpaying for the wrong coverage. We exist to change that. Insurance should be life-changing and allow a business to open a new location, hire more employees, and survive a loss,” said Patrick Girouard, Chief Executive Officer at District Cover.
Neighborhood by neighborhood, District Cover takes a data-driven approach to understanding the risk profiles of city-based businesses to create tailored insurance policies. The “District Covered” Commercial Package Policy, issued by Vantage Risk Specialty Insurance Company, is a proprietary, non-admitted product that fills the gap between existing restrictive excess and surplus lines product offerings and expensive admitted businessowners policies, giving city-based brokers and their clients more affordable coverage options.
“We’re not taking a broad-stroke approach to underwriting, giving all neighborhoods the same coverage or score. In doing that, businesses are often left behind. In pairing technology, data-led underwriting, and human insights, we’re looking at city risks on a block-by-block basis to deeply understand characteristics and create a tailored policy that meets the insured’s needs,” Girouard adds.
District Cover has raised over $7M in funding from leading venture capital firms and insurance industry leaders. Mosaic General Partnership led District Cover’s seed financing, which will fuel the company's growth and expansion efforts as it seeks to address the unique challenges city-based businesses face.
Richard Smith, General Partner & Co-Founder at Mosaic General Partnership, says, “One of the reasons we founded Mosaic was to focus on how leveraging technology and community can generate both financial return and social impact. District Cover fits this thesis perfectly. Traditional insurance offerings under-serve many city-based neighborhoods. District Cover’s data-driven, tech-enabled approach allows it to bring sustainable access to insurance capacity to those in need. We’re excited to tackle this long-standing challenge with District Cover and its industry partners.”
Alex Blanco, Chief Executive of Insurance, Vantage Risk says, “We’re excited to partner with District Cover as a capacity provider and investor. Our mutual approach to risk is well aligned, using tech-enabled efficiency and robust analytics to see risk differently. District Cover extends our specialty insurance strategy to the small commercial market and our relationship will help drive the industry toward improving capacity for city-based businesses.”
Other investors include Andreessen Horowitz, Amwins Ventures, Anthemis, Foxe Capital, Greenlight Re, Impact America Fund, Liquid2 Ventures, and Maschmeyer Group Ventures.
Visit District Cover's website (districtcover.com) to learn more about The “District Covered” Commercial Package Policy and become a partner broker.