Boost Insurance Secures Major Investment from BHMS
31 Julio 2024 - 8:00AM
Business Wire
Strategic Partnership to Fuel Partner Growth, Product
Development, and Boost’s Market Leadership in the MGA
Infrastructure Space
Boost Insurance Holdings, Inc. (“Boost” or the
“Company”), the leading infrastructure platform for MGAs,
independent brokers and agents, and emerging digital insurance
providers, announced today that it has secured a meaningful equity
investment from BHMS Investments, LP (“BHMS”), a private
investment firm with a specialty in middle market insurance and
insurance-related businesses. BHMS joins Boost's core group of
strategic stakeholders that includes Markel,
RenaissanceRe and Canopius US Holdings, along with
meaningful participation from Boost management. Proceeds will be
used to support the Company’s continued MGA program and customer
growth, expansion of its suite of complementary technology products
and services, as well as select acquisitions.
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Boost-BHMS Partnership (Graphic: Business
Wire)
Boost has emerged as a category leader in the burgeoning digital
insurance space by providing its Managing General Agency (“MGA”)
and broker customers with highly configurable, tech-enabled
solutions that include (i) underwriting, program management and
claims administration resources; (ii) diversified ‘A’-rated
fronting carrier paper and dedicated reinsurance capacity; and
(iii) turnkey policy administration technology to power end-to-end
workflow automation and data analytics. Boost’s infrastructure
platform, powered by the Company’s proprietary technology and a
team of industry experts, aims to provide customers with a more
capital efficient and streamlined solution than in-house
approaches. The Company’s core MGA platform is complemented by the
industry’s only real-time risk and performance analytics tool,
Boost Data Insights, and its efficient reinsurance capital
deployment vehicle, Boost Re.
“Boost is well ahead of the market in terms of building
foundational infrastructure for the fast-growing MGA marketplace,”
said Kevin Angelis, Managing Partner of BHMS. “Not only do Boost’s
customers gain the benefits that come with leveraging its
best-in-class technology, but Boost’s team of underwriting,
compliance and risk capital experts also make the Company the most
comprehensive, collaborative and scalable solution that we have
seen in the market.”
Since launching its first program in 2019, Boost has
underwritten approximately $200 billion in coverage behind a
growing list of customers that range from well-established industry
giants like Amwins to high-growth emerging leaders such as
cyber insurance provider Cowbell, commercial lines retailer
Newfront and pet wellness platform Wagmo, among
others. The Company has maintained a profitable portfolio of
program business since inception, taking a patient and disciplined
approach that has produced consistent results for its stakeholders
across the value chain.
BHMS has been among the most active insurance distribution
investors since the firm was founded in 2010, with a track record
that includes investing in multiple MGA platforms as well as four
top 100 retail brokerage platforms. Boost and BHMS will seek to
replicate this success across the insurance marketplace by
continuing to invest in providing valuable technology-enabled
solutions for this critical segment.
“We always knew that Boost wasn’t going to be built in a day,
especially if we wanted to do it right, so it would be essential to
have long-term and highly specialized capital partners behind us
that are truly value-add for the company to reach its full
potential,” said Alex Maffeo, Boost’s Founder & CEO. “BHMS
brings a wealth of expertise along with an unquestionable track
record of taking businesses to new heights in this very specific
industry of ours. They’re the perfect partner for Boost as we
graduate out of the venture-backed phase of our journey and
continue to scale.”
In conjunction with the investment, Boost’s General Counsel and
Head of Compliance, Jeremy Deitch has been promoted to President
and appointed to the Company’s Board of Directors to help lead the
business through this next phase.
Howden Capital Markets & Advisory served as the Company’s
exclusive financial advisor and LimeStreet Digital Partners LP
served as BHMS’ exclusive technology advisor on this
transaction.
About Boost
Boost provides the industry’s only full-stack digital insurance
platform to empower insurance providers with the compliance,
capital, and technology infrastructure they need to build and scale
their businesses, made accessible through a simple, turnkey
solution. Companies that leverage Boost’s infrastructure
drastically reduce the complexity and cost of building and scaling
their program business by either white-labeling and embedding one
of Boost’s active lines of business through a low-code API
integration or leveraging a no-code Agency Management System
(“AMS”) portal, moving an underserved book of business to Boost’s
platform or collaborating with its team of experts to build a
custom program from the ground up. Boost is a fully licensed MGA
with full delegated authority across the U.S. from several A.M.
Best ‘A’ or ‘A-’ rated fronting carriers and is backed by a
dedicated panel of over a dozen leading global reinsurers. Boost Re
is the Company’s wholly owned segregated cell captive reinsurer
domiciled domestically, with the Company and its platforms all
fully SOC2 compliant and built to scale with its partners from seed
to enterprise. For more information about Boost or to join the
platform as an MGA, broker, fronting carrier, or risk capital
provider, please visit boostinsurance.com.
About BHMS
BHMS is a private investment firm focused on the North American
middle market. The firm was founded in 2010 and is based in
Westport, CT. BHMS invests in a variety of control and structured
equity opportunities ranging from consolidation strategies to
conventional leveraged buyouts. The firm focuses on industries in
which it has deep experience and relationships including business
& insurance services. BHMS is currently deploying capital from
its most recent fund, which it closed in July 2024. Additional
information can be found at bhmsinvestments.com.
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For press and media inquiries: press@boostinsurance.io.