Key US InsurTech investment stats in H1 2026:
- US InsurTech deal activity grew by 10% YoY
- Californian companies secured 35% of all deals to cement the state’s position as the main US InsurTech hub for the period
- Reserv, an AI-native third-party administrator and claims intelligence provider serving the property and casualty insurance market, raised $125m in a Series C round, making it one of the biggest US InsurTech deals of H1
US InsurTech deal activity grew by 10% YoY
US InsurTech companies raised $1.7bn across 75 deals in H1 2026.
This represents a 91% rise in funding from $870.9m in H1 2025 and a 19% increase from $1.4bn in H2 2025.
Deal volume rose 10% from 68 transactions in H1 2025 but dipped 4% from 78 in H2 2025.
The strong year-on-year growth in both funding and deal activity points to a sector that has recovered considerable ground over the past 12 months.
The modest sequential softening in volume against a continued rise in capital raised suggests that average deal sizes have grown.
Investors appear to have been committing more capital to a slightly smaller number of transactions.
Californian companies secured 35% of all deals to cement the state’s position as the main US InsurTech hub for the period
California retained its position as the most active US InsurTech market in H1 2026, with companies recording 26 deals and a 35% share of total activity.
This compares with 22 deals and a 32% share in H1 2025, an 18% rise in volume that also strengthened its proportional standing.
New York held second place in both periods but slipped slightly in volume, falling from 19 deals and a 28% share in H1 2025 to 17 deals and a 23% share in H1 2026.
That represents an 11% decline and a narrowing of its share of overall activity.
Florida entered the top three in H1 2026 with six deals and an 8% share, displacing Texas.
Texas had held third place in H1 2025 with five deals and a 7% share but did not feature in the equivalent ranking in the more recent period.
The change at the foot of the table is modest in volume terms.
Florida’s appearance and Texas’s exit nonetheless suggests a subtle shift in the geographic spread of US InsurTech activity, even as California and New York maintained their positions at the head of the market.
Reserv, an AI-native third-party administrator and claims intelligence provider serving the property and casualty insurance market, raised $125m in a Series C round, making it one of the biggest US InsurTech deals of H1
The round was led by KKR, with participation from existing investors Bain Capital Ventures and Flourish Ventures, as well as select strategic partners and clients.
Founded in 2022, Reserv serves nearly 200 insurers, corporate captives, MGAs and brokers, has reached $100m in annual recurring revenue and has more than doubled its claims processing capacity every year since inception.
Its Reserv Glance platform uses fully explainable AI to analyse and act on claims within a centralised database, enabling clients to phase out legacy systems within weeks while choosing the level of automation applied across simple and complex cases.
The company currently handles 500,000 complex claims annually and plans to scale that capacity to 30 million over the next four years, with proceeds from the round supporting continued platform development and operational expansion across the US property and casualty market.
Keep up with all the latest InsurTech news here
Copyright © 2026 InsurTech Analyst
