Down payment protection provider ValueInsured has closed a $6.5 million funding round led by an Everest Re Group affiliate and Houston International Insurance Group (HIIG).
The funding marks Everest Re and HIIG’s continued commitment to the insurer and builds on existing partnerships which began in 2014 with an initial $6 million seed round.
“We are thrilled to be building on our longstanding partnerships with Everest, a global reinsurer and HIIG, a prominent domestic property and casualty underwriter,” said Joe Melendez, CEO of ValueInsured; “this added support will allow us to deliver down payment protection to more mortgage originators and, most importantly, more homebuyers, providing them peace of mind amid unpredictable, negative changes in the housing market.”
The investment will provide ValueInsured with growth capital to enhance the features of the +Plus down payment protection and continue expanding channel presence with its aggressive distribution partnership strategy.
The Dallas-based firm said it’s the only provider of down payment protection for modern U.S. homebuyers, offering clients greater control and flexibility to sell their home even in a down market.
“Having seen substantial growth, we are excited to take our relationship with ValueInsured to the next level and provide additional capital to further expand their delivery of +Plus down payment protection nationwide,” said John Doucette, President and CEO of the Reinsurance Division of Everest Re.
Stephen Way, CEO of HIIG, added; “ValueInsured has delivered a truly innovative product and we’re proud to be partnering with them to help make this next generation mortgage product more accessible to homebuyers nationwide.”