Centana Growth Partners has acquired a majority stake in First Connect Insurance, an InsurTech platform focused on empowering independent insurance agents in the U.S.
The acquisition, supported by a $60m investment, aims to fuel First Connect’s growth, expand its product offerings, and deepen its market reach, enabling independent agents to access carriers more efficiently through streamlined, tech-driven workflows.
The investment aligns with the growing U.S. independent insurance agent market, where independent agents represent nearly two-thirds of the property and casualty (P&C) insurance market.
Despite their significance, independent agents often face hurdles in efficiently accessing a diverse array of carriers. First Connect’s platform addresses this by enhancing agent workflows, minimising onboarding time, and providing tech-driven solutions to simplify policy processes.
Additional tools within the First Connect platform include:
- Carrier Store: A marketplace with over 100 carriers and MGAs, allowing agents easy access to carriers, underwriting guidelines, coverage areas, and commission details.
- Appetite Finder: A risk-matching tool that enables agents to quickly identify carriers aligned with specific client needs, while allowing carriers to connect with agents who fit their risk preferences.
- AI-driven Validation: Using AI technology, First Connect verifies Errors & Omissions (E&O) documents for new agents, reducing compliance approval time from weeks to minutes and allowing agents to start selling policies almost immediately.
Sarah Kim, partner at Centana Growth Partners, said, “The insurance market is increasingly volatile, with agents and carriers grappling with fragmented systems and changing underwriting processes. First Connect’s commitment to addressing the unique needs of independent agents caught our attention. The Company’s strong unit economics, impressive growth trajectory, and ambitious, talented team impressed us.”
Aviad Pinkovezky, CEO of First Connect, said, “Our partnership with Centana marks an exciting phase of growth for First Connect, as we continue to harness the significant potential of the U.S. independent agent market. This investment allows us to double down on what matters most to our agents and carrier partners, which is strengthening our product and elevating our service potential. By expanding our team across product, engineering, sales, and account management, we’re well positioned to scale to meet the increasing demand for our solution.”
Ramneek Gupta, managing partner at Pruven Capital, commented, “Independent agents are the heart of the insurance industry – but need better tools to access the right carriers, grow their books and place risks seamlessly. We also know from conversations with Pruven LPs including Prudential, WTW, Lincoln, TIAA, Mutual of Omaha and others that carriers need better tools to engage and manage this vital partner channel. First Connect is revolutionising insurance distribution with a tech-native platform and we at Pruven Capital are excited to partner with the team in their mission to help agencies turbocharge their growth.”
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