Boost Insurance, the insurance infrastructure platform, has secured a considerable equity investment from BHMS Investments, LP (BHMS), a private investment firm with a specialty in middle market insurance and insurance-related businesses.
According to the announcement, the proceeds will be used to support Boost’s continued MGA program and customer growth, as well as the expansion of its suite of complementary technology products and services, as well as select acquisitions.
BHMS now joins Boost’s group of strategic stakeholders, which includes Markel, RenaissanceRe and Canopius US Holdings, along with meaningful participation from Boost management.
In conjunction with the investment, it has also been confirmed, that Boost’s General Counsel and Head of Compliance, Jeremy Deitch has been promoted to President and appointed to the businesses Board of Directors to help lead the firm through its next phase.
Kevin Angelis, Managing Partner of BHMS, commented: “Boost is well ahead of the market in terms of building foundational infrastructure for the fast-growing MGA marketplace. Not only do Boost’s customers gain the benefits that come with leveraging its best-in-class technology, but Boost’s team of underwriting, compliance and risk capital experts also make the Company the most comprehensive, collaborative and scalable solution that we have seen in the market.”
Alex Maffeo, Boost’s Founder & CEO, said: “We always knew that Boost wasn’t going to be built in a day, especially if we wanted to do it right, so it would be essential to have long-term and highly specialized capital partners behind us that are truly value-add for the company to reach its full potential.”
Adding: “BHMS brings a wealth of expertise along with an unquestionable track record of taking businesses to new heights in this very specific industry of ours. They’re the perfect partner for Boost as we graduate out of the venture-backed phase of our journey and continue to scale.”
Furthermore, Howden Capital Markets & Advisory served as Boost’s exclusive financial advisor on the transaction, while LimeStreet Digital Partners LP served as BHMS’ exclusive technology advisor.
Earlier this year, Boost partnered with Amwins Program Underwriters, part of Amwins Underwriting Division, to launch an enhanced, technology-enabled version of Lawyers Professional Liability (LPL) programs along with the re-launch of its Attorneys’ Select program.
