Insurance Supermarket International Inc. Closes US$100 Million Equity Offering from Gallatin Point Capital to Accelerate Global Growth
Represents the largest growth equity investment ever made by a Canadian-based Insurtech
TORONTO, July 18, 2022 /CNW/ – Insurance Supermarket International Inc. (“ISI” or the “Company”)one of the largest and fastest growing digital life insurance companies in the Canada operating under Insurance supermarket and Specialized life insurance brands, today announced the closure of a $100 million minority investment of funds managed by Gallatin Point Capital LLC (“GPC” or “Gallatin Point”). GPC will appoint its co-founder and managing partner, Matt Boteinto the ISI Board of Directors.
This transaction represents ISI’s first institutional funding round since launching its digital distribution and administration platform in 2015. The proceeds will be used to accelerate ISI’s profitable growth in life insurance through North America and to evolve its technology-driven platform services and distribution channels.
ISI has established itself as the leading player in digital life insurance and as one of the few to have managed to develop its activities in several countries and languages. More than 150,000 families currently rely on ISI for their financial security. ISI has also significantly expanded its operations in the United States with its insurer and reinsurer partners, while maintaining a key focus on providing easy and affordable access to life insurance for all.
“Our main goal when we started this process with RBC was to find the right partner,” said Alex Dudarev, Founder and CEO of ISI. “Gallatin Point’s industry knowledge and aligning our vision for the future of the insurance industry enables us to touch and improve more lives and help the life insurance industry move to the digital age. We are working hard to ensure that the number of underinsured families decreases and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry.”
Matt Botein noted “We are extremely proud to partner with Alex and the team at ISI. We have been impressed with ISI’s vision and values, which have fueled the company’s tremendous growth while providing security valuable and essential financial support to its customers.ISI combines entrepreneurial energy and creativity with institutional quality product design and service.We look forward to supporting the company’s growth into new products and markets.
Mr. Dudarev added: “I would like to thank our customers, industry partners and most importantly our teammates, without you we would never get this far, but more importantly we would not be able to look to the future with such confidence.
RBC Capital Markets acted as exclusive placement agent. Stikeman Elliott LLP and Kirkland & Ellis LLP acted as legal advisors to the Company. Goodwin Procter LLP and Torys LLP acted as legal advisors to Gallatin Point.
About International Insurance Supermarket Inc.
Insurance Supermarket International Inc. is a leading digital life insurance distribution platform in North America that uses proprietary technology to provide a full range of personal protection and investment products to customers in the United States. United and Canada. Using its machine learning platform, ISI can link policies in real time, for same-day issuance, settlement and commission. ISI’s mission is to use its innovative technology platform to democratize individual life insurance and make the process simple and affordable for everyone. To learn more about ISI, visit www.isi.ca.
About Gallatin Point Capital
Gallatin Point Capital LLC is a private investment firm whose primary objective is to make opportunistic investments in financial institutions, services and assets. His approach is to identify opportunities that arise from complexity, dislocation or changes in technology and regulation. Gallatin Point aims to form highly collaborative partnerships with its investors and with the management teams of its portfolio companies, seeking to combine the right capital with the right managerial skills to maximize results for all stakeholders. More information on Gallatin Point can be found at www.gallatinpoint.com
SOURCE Insurance Supermarket International Inc.
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