Wildfire home insurer Stand raises $70m at a $1bn valuation
The insurer now covers more than $10bn of property, up from $1bn a year earlier, and is reinsured by Arch and RenaissanceRe.
Stand has raised a $70m Series C at a $1bn valuation to expand its approach to modelling property risk and linking home improvements to insurance discounts, it said on 15 October.
Saga Ventures led the round, with Lowercarbon, Eclipse, Equal Ventures, Inspired Capital, Neotribe and Jackson Square Ventures among the other investors. Stand has now raised $130m in total.
The San Francisco home insurer said it now covers more than $10bn of property, up from $1bn a year earlier. Its reinsurers include Arch, RenaissanceRe, Hannover, Nephila and Hiscox.
The Stand World Model creates a digital representation of each home and simulates its performance under fire, wind and other disasters.
Stand recommends improvements, guides owners through them and confirms completed work. The company said homeowners can receive discounts of up to 70%.
"Disasters follow the laws of physics, and insurance should too," said Dan Preston, co-founder and chief executive of Stand.
Stand has appointed Drew Saad as president of property and casualty. He was most recently chief underwriting officer at PURE Insurance.
Tony Landi joins as chief financial officer. He was most recently head of strategic growth at Nephila, after roles leading reinsurance and capital management at Openly and portfolio management at Everest Re. At Stand he will lead finance, reinsurance, capital markets and growth strategy.
"My job is to make sure that as Stand grows, the capital is there to support it, from our investors and our reinsurance partners alike," Landi said.
California policies are issued by Concert Specialty Insurance Company, which has an A- rating from AM Best. Florida policies are issued by Stand Insurance Exchange, rated A by Demotech. Stand said its reinsurance comes from AM Best A and A+ rated providers, including Arch, RenaissanceRe, Hannover, Nephila and Hiscox. Fortune reported the round as an exclusive.
Related coverage: AI insurance broker i23 raises £4.9m seed round from UK investors and CoverGo raises $6m in Series B1 led by Betatron for AI-native core platform.
Sources
- PR Newswire: Stand raises $70 million Series C at $1 billion valuation
- Fortune: Stand raises $70 million at $1 billion valuation
CoverWire is a news and information service. Nothing here is investment advice.
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