![]() New York-based Policygenius laid off 25% of its employees in 2022, citing worsening economic conditions. The transaction comes at a time when many firms, having entered the market with significant investor backing to digitise and improve the insurance industry, are struggling to evolve into profitable companies that can compete with traditional big-name insurers. The source added the deal was also being supported by around $200 million of new capital coming from Eldridge, as well as KKR & Co Inc and other existing Policygenius investors. Policygenius will contribute about one third of the revenue of the combined company. However, the combined company would have an enterprise value of over $1 billion, a source familiar with the matter said. The price which Greenwich, Connecticut-based Zinnia will pay for Policygenius was not disclosed. "We've built a very large customer base, and we're excited about the opportunity to bring the end-to-end consumer distribution and insurance carriers together," said Jennifer Fitzgerald, Policygenius Co-founder and CEO, who will join Zinnia's board. This back-office focus will be twinned with Policygenius' consumer-facing offering, which allows people to compare and purchase insurance from a wide range of carriers.
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