Newfront, a modern insurance brokerage platform, has raised $200m at a $2.2bn valuation.
The round was led by the Growth Equity business within Goldman Sachs Asset Management and B Capital with participation from existing investors including Founders Fund and Meritech Capital.
Newfront said it is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform.
The company plans to grow its technology teams and focus in particular on harnessing data-driven insights for clients. It also plans to invest in specialised client resources and experts across a wide variety of industries and expand across the US.
Brian Hetherington, president of Newfront, said, “We are finding that talented brokers and insurance professionals are voting with their feet and leaving 100-year-old platforms to join us in pursuit of a better client and colleague experience. There has never been a better time to join Newfront.”
Gordon Wintrob, co-founder and chief technology officer of Newfront, added, “Our technology teams have spent five years converting pen and paper and systems of record into a system of action that improves the experience for clients, colleagues, and trading partners. Structured data will transform our industry.”
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