Insurance Supermarket International Inc. (ISI), a digital life insurance company operating under Insurance Supermarket and Specialty Life Insurance brands, announced July 18 that it has closed a US$100 million minority investment from funds managed by Gallatin Point Capital LLC (GPC).
The deal is ISI's first institutional equity round since launching its digital distribution and administration platform in 2015. The company says the proceeds from the equity investment will be used “to accelerate ISI's profitable growth in life insurance across North America and to scale its technology-driven platform services and distribution channels.”
"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,” stated Alex Dudarev, Founder and CEO of ISI. “We are working hard to ensure that the number of underinsured families is decreasing and our partnership with Gallatin Point allows us to quickly and seamlessly make a meaningful difference in the industry."
GPC will appoint its Co-Founder and Managing Partner, Matt Botein, to ISI's Board of Directors.
