Insurance Supermarket International (ISI), a digital life insurance provider, has closed a US$100 million minority investment from funds managed by Gallatin Point Capital LLC (GPC).
Since establishing its digital distribution and administration platform in 2015, ISI claims the deal is its first institutional equity round. Following the investment, Matt Botein, GPC’s co-founder and managing director, will be appointed to the ISI board of directors.
According to ISI, it would use the investment’s revenues to quicken the profitable expansion of its life insurance business across North America. In order to expand its technology-driven platform offerings and distribution networks, ISI will also use the money.
“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.”
Under the names Insurance Supermarket and Specialty Life Insurance, ISI conducts business in Canada.
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