Digital life insurance company Insurance Supermarket International (ISI) has closed a US$100 million minority investment from funds managed by Gallatin Point Capital LLC (GPC).
According to ISI, the transaction represents its first institutional equity round since launching its digital distribution and administration platform in 2015. Following the investment, GPC will appoint its co-founder and managing Matt Botein to ISI’s board of directors.
ISI stated that it would use the proceeds from the investment to accelerate its profitable growth in life insurance across North America. ISI will also tap into the funds to scale its technology-driven platform services and distribution channels.
“Our main objective when we started this process with RBC was to find the right partner," said ISI founder and CEO Alex Dudarev. “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.”
Dudarev added that ISI is working hard to ensure the number of uninsured households in Canada decreases, and that its partnership with GPC allows the company to immediately make a “meaningful difference in the industry.”
"We are extraordinarily proud to partner with Alex and the ISI team,” added GPC co-founder and managing partner Matt Botein. “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.”
ISI operates in Canada under the Insurance Supermarket and Specialty Life Insurance brands.
