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THE INSURER INVESTOR 2019/2020 Forwards

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THE INSURER INVESTOR 2019/2020 Forwards Each year gener8tor hosts the OnRamp Insurance Conference with the goal of facilitating connections between insurance startups, corporations and investors. While this year has certainly gone off plan we are grateful for the 23 corporate partners who joined us for a virtual Startup Track on April 7 where we facilitated more than 250 virtual 1:1 pitch meetings between insurance corporations and startups. We are proud to work with Coverager to present our inaugural Annual Insurer Investor Report. This report explores trends around active corporate venture capital (CVC) investors and some of the notable recent deals that transform the industry. In future reports, we hope to dive deeper into data around strategic partnerships between insurers and startups. Over the past five years, we’ve seen insurtech and fintech startups emerge to advance an industry overdue for modernization. Startups are intent on improving policyholder experience, streamlining back-end processes, and developing new products across the insurance value chain. With each passing year, these startups have enjoyed increasing investment by insurance incumbents eager to evolve with consumer demands. 2019 marked a record year for insurer-backed deals, jumping 176 percent from 2015. It is clear that strategic investors play a significant role in helping startups grow and develop. In particular, insurance CVCs offer financial strength, dedicated teams and access to business resources, making them attractive to entrepreneurs seeking investment. As we all experience the impact of COVID-19, we can be certain that the insurance industry will adapt and put customers first. Entrepreneurs will continue to imagine and create. Insurers will continue to innovate and build. Investment and partnerships will set the stage for the future of insurance. Thank you for reading, we welcome your feedback! And as always, thank you for your continued support. Joe Kirgues and Troy Vosseller Co-Founders of gener8tor 2 Contents THE METHODOLOGY 5 THE INVESTORS 6 PROFILING THE INSURER-INVESTOR 7 SPOTTING THE OUTLIERS 15 THE INVESTMENTS 24 A COMPETITIVE LANDSCAPE 25 IF PERCEPTION IS REALITY 27 2020 28 FINAL THOUGHTS 29 4 The Methodology Headquarters The findings of this report are based on an analysis of data sourced from Coverager Data and Crunchbase. 51% of companies analyzed are US-based We primarily analyzed disclosed investments announced between 2015 to Q1 2020 with the following criteria: • Investments included at least one insurance carrier or insurance investment unit, whether Years in Business VC or else • Deal stages excluded debt, private equity, corporate, IPO and secondary market rounds In total, we analyzed over one thousand transactions with participation from 145 insurer/ investor entities that have backed 686 companies 10% of companies analyzed were across miscellaneous industries. established in the past three years The World is One Big Data Problem There are two main issues with analyzing insurance investments based on data from Crunchbase and these are the lack of consistency in picking an insurer investor (e.g. startups may pick American Family or American Family Ventures) and not all startups list each and every investor (e.g. Advizr, a financial planning software firm based in New York, received backing from Allianz, yet according to Crunchbase, Advizr has 4 investors: SEI, Franklin Templeton Investments, Fenway Summer Ventures, and IA Capital Group). But as you’ll soon discover, not all data problems make a difference. THE BEST INVESTMENT STRATEGY IS THE ONE YOU STICK WITH AND THE ONE THAT WORKS FOR YOU. AS SUCH, THIS REPORT ISN’T ABOUT RANKINGS AS PUBLICLY DISCLOSED DATA WILL NEVER BE A GOOD INDICATION OF QUALITY INVESTMENTS. BUT WHAT THIS REPORT OFFERS IS THE ABILITY TO MEASURE INTENTIONS, ASSESS ACTIVITY AND EVEN ENJOY A GLIMPSE INTO WHICH CVCS HAVE EARNED A GOOD REPUTATION. 5 The Investors 6 Profiling the Insurer Investor We analyzed 145 insurer-investors defined as an insurance carrier (e.g. Hiscox), or an insurer venture arm (e.g. CMFG Ventures), or a venture arm backed by one or more insurance carriers (e.g. MTech Capital). This categorization accounts for 98 percent of the insurer-investors analyzed. According to Coverager’s Research: 145 insurer-investors 40 100 2016 re/insurer VC remains a peak year in terms of new insurance VC entrants 70% Insurer VC firms established since 2015: of VC firms have been established since 2015. 2015 7 2016 10 2017 8 2018 3 23% European VCs 63% American VCs 7 The list below highlights the insurer-investors analyzed, sorted by alphabetical order. INDICATES AN INSURER-BACKED VC 1. Aegon 38. CMFG Ventures 76. John Hancock 112. Principal Financial Group 2. Aetna 39. CNP Assurances 77. Kaiser Permanente 113. Prudential 3. Aetna Ventures 40. Cream City Venture Capital 78. Kotak Life Insurance 114. QBE Ventures 4. Aflac 41. CSAA Insurance Group 79. Legal & General 115. RGA 5. Aflac Corporate Ventures 42. CUNA Mutual Group 80. Legal & General Capital 116. RGAX 6. AG2R La Mondiale 43. Dai-ichi Life 81. Liberty Mutual 117. Santam Insurance 7. Allianz 44. Debeka 82. Liberty Mutual Strategic 118. SCOR 8. Allianz Life 45. Desjardins Venture Capital Ventures 119. Securian Financial 9. Allianz Life Ventures 46. Die Mobiliar 83. MACIF Group 120. Shriram Life Insurance 10. Allianz X 4 7. Direct Line Group 84. MACSF 121. Signal Iduna 11. Alma Mundi Ventures 48. EMC Insurance 85. MAIF Avenir 122. Singlife 12. American Family Insurance 49. ERGO 86. Malakoff Humanis 123. Sirius International 13. American Family Ventures 50. Erie Insurance 8 7. Manulife Insurance Group 14. AmTrust Financial 51. FairVentures 88. Markel Corporation 124. Societe Generale 15. Anthem 52. Farmers Mutual Hail 89. MassMutual Assurances 16. Argo Ventures 53. FM Global 90. MassMutual Ventures 125. Starr Companies 17. Assurant 54. GIS Strategic Ventures 91. Matmut 126. State Auto Labs 18. Assurant Growth Investing 55. Grange Insurance 92. MetLife 127. State Farm Ventures 19. Avanta Ventures 56. Great Eastern Holdings 93. Migdal 128. State National 20. Aviva 5 7. Greenlight Re 94. MS&AD Ventures 129. Sumitomo Life Insurance 21. Aviva France 58. Grinnell Mutual 95. MTech Capital 130. Sun Life Financial 22. Aviva Ventures 59. Grupo SURA 96. Munich Re/HSB Ventures 131. Suncorp Group 23. AXA 60. Guardian 9 7. Nationwide 132. Swiss Life 24. AXA Venture Partners 61. Guggenheim Partners 98. Nationwide Ventures 133. Swiss Re 25. Axis Capital 62. Hannover Re 99. New York Life Insurance 134. The Co-operators 26. Baloise Group 63. HDFC Ergo 100. New York Life Ventures 135. The Hartford 2 7. Baloise Strategic Ventures 64. HDFC Life 101. NFP Ventures 136. Tokio Marine 28. Beazley Group 65. Health Care Service 102. Northwestern Mutual Future 137. Transamerica 2 9. Blue Cross and Blue Shield Corporation Ventures 138. Transamerica Ventures of Minnesota 66. Helvetia Venture Fund 103. NRMA 139. Travelers 30. BlueCross BlueShield 67. Hiscox 104. OMERS 140. UNIQA Group Venture Partners 68. Hollard 105. Open CNP 141. UNIQA Ventures 31. BNP Paribas Cardif 69. Horizon Healthcare Services 106. Pacific Life 142. UnitedHealthcare 32. China Pacific Insurance 70. Humana 107. PartnerRe 143. USAA 33. China Taiping Insurance 71. IAG 108. Phoenix Insurance Company 144. XL Innovate 34. Chubb 72. IAG Firemark Ventures 109. Ping An 145. Zurich 35. Cigna 73. ICICI Prudential Life 110. Ping An Global Voyager 36. Cigna Ventures 74. Intact Financial Corporation Fund 37. Clover Health 75. Intact Ventures 111. Ping An Ventures 8 Old Money, New Brands Insurer-Backed Deals/Year 2015 97 2019 recorded 268 insurer-backed deals reaching 2016 146 an all-time high and signaling a 176 percent jump from 2015. Last year, Allianz participated 2017 218 in Lemonade’s $300 million Series D round (announced Apr 11, 2019) and Munich Re/HSB 2018 238 participated in Next Insurance’s $250 million Series C round (announced Oct 7, 2019). 2019 268 2019 Top Ten Insurer-Backed Rounds INSURER-INVESTOR INVESTMENT ROUND DATE AMOUNT ($) Allianz Lemonade 04/11/2019 300M Munich Re/HSB Ventures Next Insurance 10/07/2019 250M Desjardins Venture Capital La Coop fédérée 11/01/2019 228M Allianz Fundbox 09/24/2019 176M Allianz X N26 07/17/2019 170M Ping An Global Voyager Fund Better.com 01/31/2019 160M Prudential Remitly 07/10/2019 135M Baloise Strategic Ventures FRIDAY 03/07/2019 127M Alma Mundi Ventures* Wefox 03/06/2019 125M Alma Mundi Ventures* Wefox 12/11/2019 110M * MAPFRE is an anchor investor in Alma Mundi Ventures 9 An Average Change There’s the famous saying ‘Appetite comes with eating’ meaning that the more you have, the more you want to have. And yet while the number of insurer-investors increased over the years, the 2.6 average deal count per investor hasn’t, as on average The average amount of deals an it will make 2.6 deals per year. insurer-investor makes per year Count of Active Insurer-Investor and Deals by Year COUNT OF INSURER-INVESTORS COUNT OF DEALS 2015 35 97 2016 54 146 2017 89 218 2018 93 238 2019 98 268 Average Amount of Deals by Insurer-Investor Per Year 2.8 2.7 2.4 2.6 2.7 2015 2016 2017 2018 2019 10 Planting Seeds, Aiming for Growth According to RocketSpace’s Tech Startup Founders blog, Seed rounds refer to a series of related investments in which 15 or less investors “seed” a new company with anywhere from $50,000 to $2 million. This money is often used to support initial market research and early product development. Investors are typically rewarded with convertible notes, equity, or a preferred stock option in exchange for their investment. And Series A rounds refer to a smaller number of angel investors or VCs who contribute an average of $2-10 million in exchange for equity.
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