Travelers acquires majority stake in Toronto-based fintech

Travelers acquires majority stake in Toronto-based fintech

Travelers, certainly one of America’s largest insurance providers, has acquired a big part stake within the Canadian fintech startup Zensurance.

Based on documents acquired by BetaKit, The Travelers Companies – via a wholly-owned subsidiary – has purchased roughly 60% of Zensurance’s issued and outstanding shares, departing Zensurance Chief executive officer Danish Yusuf and CTO Sultan Mehrabi about another of possession in the organization.

Sources near to the matter have says Travelers compensated roughly CA$16 million (about $12,250,000) for that deal.

Zensurance aids companies within the purchase and control over insurance packages through its proprietary platform. Over 2,500 companies have signed up with Zensurance, and also the startup works using more than 40 insurers.

Presently, Zensurance is working individually of Travelers. Talking to BetaKit, both Yusuf and Mehrabi confirmed the fintech remains unfazed through the acquisition – actually, the fintech aims to carry on dealing with much more insurance providers. Zensurance can also be searching to secure the legal right to bind insurance contracts in tangible-time through its platform, rather of counting on insurance providers to accomplish the procedure.

When it comes to commercial property insurance, Travelers is the second biggest company in america. The organization can also be the second biggest author of private insurance in the usa, through independent agents.

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