Around the P&C insurance industry: April 29, 2020
News from Covered by SAGE, Chubb, Next Insurance and more.
Covered by SAGE, a tech-enabled property & casualty insurance brokerage, announced on April 27 that it has successfully closed a $6 million seed round led by NFX with participation from Tectonic Capital and Treasury. Additional investors include Metaprop, Blue9, and the founders of Casper, Tinder, Pillpack, Flatiron Health, and Thumbtack. The Covered by SAGE plug-and-play platform empowers agents by significantly lowering the financial, operational and technical burden of building, managing and retaining an insurance book of business.
Alera Group announced that it has acquired Georgetown Insurance Service, Inc. Headquartered in Silver Spring, Maryland, Georgetown Insurance has served clients throughout the state and the surrounding region for decades. Georgetown Insurance works closely with the construction, manufacturing, real estate and transportation industries, in addition to providing their clients with specialty offerings and enhanced services.
Chubb announced its pledge to sponsor the planting of 33,000 trees in 2020 as part of the American Forests‘ American ReLeaf Program. Chubb began supporting the cause in 2008, and this pledge represents one tree for each new environmental insurance policy written globally throughout 2019.
Next Insurance announced a new program called the Built By Business initiative to help put small business owners back to work. Built By Business will designate over $250,000 originally intended for the production of the company’s first national advertising campaign and re-allocate it to support small businesses. Approximately 50 businesses that have been hit hard by the coronavirus crisis will be hired to deliver commissions in-line with their skillsets, delivering work that inspires others, supports their communities, and helps Next refocus its brand.