Digital E&S Broker Pathpoint Raises $30 Million

Pathpoint, a digital excess and surplus lines insurance brokerage, reported that it has raised $30 million in funding.

Investors include Caffeinated Capital, which led the round, and repeat investors including SciFi VC, Founders Fund, and Chubb. Hiscox and other carriers also participated.

Launched in late 2020, Pathpoint offers retail agents property/casualty products from 10 carriers through its online platform. With one submission, agents can find out which carriers can quote the risk and bind those quotes online.

“More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way,” said Alex Bargmann, co-founder and CEO of Pathpoint.

He said Pathpoint gives retail agents a fast and transparent way to access, bind and service E&S products online.

Retail agents receive their commission for every risk bound on Pathpoint, and there is no cost for them to use the platform.

The company said the proceeds from the funding will be used to further invest in software engineering and in growing distribution.

Pathpoint is licensed across the U.S. and is a coverholder at Lloyd’s of London. It distributes admitted and non-admitted products across multiple lines of business to U.S.-based retail agents.

The San Francisco firm raised $6 million in its debut in 2020.

Related:

• Digital E&S Broker Pathpoint Releases Lessor’s Risk Commercial Package
• Digital E&S Insurance Broker Pathpoint Makes Its Debut

Topics Agencies Excess Surplus Funding