Openly, a technology-enabled homeowners insurance provider, has announced an expansion of its long-term reinsurance partnership with Allianz Re, strengthening the structure that supports its homeowners insurance portfolio.
The company also completed a growth investment round led by existing investors Eden Global Partners, Advance Venture Partners, and Gradient, with strategic participation from Allianz X.
Openly states that the expanded reinsurance arrangement enhances its capacity and reinforces its financial foundation as it continues to scale its operations. The company highlights that this structure is intended to support disciplined growth while maintaining consistency in underwriting performance.
Founded in 2017, Openly focuses on providing homeowners insurance through a technology platform designed specifically for independent insurance agents. The platform is positioned to streamline quoting and policy issuance while supporting agents in delivering coverage options tailored to individual customer needs.
Openly notes that the additional investment capital, combined with the strengthened reinsurance partnership, provides resources to support its ongoing expansion strategy. This includes entering new markets, building deeper relationships with independent agency partners, and broadening its insurance product offerings.
According to Openly, the developments come at a time when the homeowners insurance market is evolving, with increased emphasis on companies that can combine strong reinsurance backing with disciplined underwriting and scalable technology capabilities.
“Independent agents are the cornerstone of Openly’s business model,” commented Ty Harris, Co-Founder and CEO of Openly. “With over 60,000 agent partners across 24 states, we’ve demonstrated the effectiveness of our approach. This strengthened partnership with Allianz Re, alongside continued support from our investors, accelerates that commitment: more states, more products, and a stronger platform for every agent who chooses to build their book with us.”
“Openly is revolutionising homeowners insurance with a disciplined, scalable underwriting model that emphasizes rigorous risk selection, precise pricing, and consistent portfolio management—yielding strong loss ratio results despite high natural catastrophe activity in the US in recent years,” added Niklas Mundorf, Senior Manager at Allianz X North America.
“In a challenging market, Openly exemplifies how growth and responsibility can coexist, which is why we are deepening our commitment to elevate Openly and better serve this key market segment.”
