Matic, an embedded insurance platform, has secured a minority investment from private equity firm Primus Capital and completed the acquisition of Policygenius’ property and casualty (P&C) insurance portfolio.
The minority stake from Primus Capital will support Matic’s ongoing development of its proprietary insurance platform, the broadening of its embedded partnership network, and the pursuit of further acquisition opportunities.
Separately, the Policygenius portfolio purchase brings Matic close to 30,000 additional policies across home, auto, and other personal lines, assets that sit outside Policygenius’ core life insurance business. Customers from the acquired book will be given access to Matic’s carrier marketplace, which spans more than 70 insurers, as well as its dedicated customer service team.
Matic positions itself as a natural destination for these P&C policies given its focus on embedded home and auto insurance.
Founded in 2014, Matic operates a digital insurance marketplace connecting consumers with more than 70 carriers through over 100 distribution partners spanning mortgage origination and servicing, banking, real estate, personal finance, and beyond.
Matic CEO and co-founder Ben Madick said, “We have known Primus for many years and are thrilled to join forces with a firm we deeply respect and that fully supports our vision to reimagine insurance distribution. With their backing, we will be in a strong position to expand Matic’s market share and execute future acquisitions.
Primus Capital managing director Ron Hess said, “Ben and the Matic team have built an impressive platform that is addressing a critical need across the housing and insurance markets. We have followed the company’s progress and have been impressed by both the strength of the team and the momentum of the business. We’re excited to partner with Matic at this stage as it continues to expand its market leadership.”
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