Represents the largest ever growth equity investment of a Canadian-founded 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 Canada operating under Insurance Supermarket and Specialty Life Insurance brands, today announced it has closed a US$100 million minority investment from funds managed by Gallatin Point Capital LLC ("GPC" or "Gallatin Point"). GPC will appoint its Co-Founder and Managing Partner, Matt Botein, to ISI's Board of Directors.
This transaction represents ISI's first institutional equity 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 across North America and to scale its technology-driven platform services and distribution channels.
ISI has established itself as the leading digital life insurance player and as one of the very few that has successfully scaled its business in multiple countries and languages. Over 150,000 families currently rely on ISI for financial security. ISI has also been meaningfully expanding its operations into the U.S. along with its carrier and reinsurance partners, while maintaining a key focus on providing easy and affordable access to life insurance for everyone.
"Our main objective when we started this process with RBC was to find the right partner," said Alex Dudarev, Founder and CEO of ISI. "Gallatin Point's knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age. We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry."
Matt Botein noted "We are extraordinarily proud to partner with Alex and the ISI team. We have been impressed by ISI's vision and its values, which have fueled the company's tremendous growth while delivering valuable and essential financial security 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 so confidently into the future."
RBC Capital Markets served 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 Insurance Supermarket International Inc.
Insurance Supermarket International Inc. is a leading North American digital life insurance distribution platform that uses proprietary technology to provide a full spectrum of personal protection and investment products to customers in the U.S. and Canada. Through its machine learning platform, ISI can bind policies in real-time, for same-day-issue, settlement, and commission. ISI's mission is to use its innovative technology platform to democratize individual life insurance and make 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 with a primary focus on making opportunistic investments in financial institutions, services and assets. Its 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 management teams of its portfolio companies, seeking to combine the right capital with the right managerial competencies in order to maximize the outcome for all stakeholders. More information about Gallatin Point can be found at www.gallatinpoint.com
SOURCE Insurance Supermarket International Inc.