Hudson Structured involved in Seeman Holtz acquisition of insurtech Goji

by Artemis on November 13, 2018

Seeman Holtz Property & Casualty, LLC has acquired Boston-based online home and auto insurance technology platform Goji, a transaction that insurance-linked securities (ILS), reinsurance and transportation investment manager Hudson Structured Capital Management Ltd. was involved in as an investor in both firms.

Hudson Structured invested in Seeman Holtz Property & Casualty (SHPC) in September 2017, when the insurance and reinsurance investment manager structured and executed a series of financings for the company through its HSCM Bermuda unit.

For Hudson Structured that deal saw its third-party investor backed capacity assigned to help SHPC grow, with the insurance-linked returns earned through the financings flowing back to its insurance and reinsurance fund.

Hudson Structured also invested in insurtech Goji in 2017, seeing the data-driven home and automobile insurance distribution platform as another way to generate an insurance-linked return for its investors.

Hudson Structured led a $15 million investment round in Goji, providing the insurtech start-up with financing to support the growth and expansion of its direct to consumer home and auto insurance offering.

Now the two investments have come together, as SHPC completed its 50th transaction by acquiring Goji.

SHPC is set to integrate Goji’s technology platform within its business, to maximise operational efficiency, more effectively address client needs, and to increase production within both existing and future partnerships, across business units and verticals.

Goji’s clients immediately gain access to the 400+ carrier relationships and the 50 state agent licenses of SHPC as well.

“A rapidly growing technology-enabled agency platform with diversified product lines across commercial and personal lines is a winning formula,” commented Matt Coffin, Chairman, and investor in Goji. “We look forward to continuing to help the business grow and expand.”

Peter Breitstone, Goji’s CEO, also said, “these are exciting times in the Insurtech space. The ability to leverage Goji’s proprietary technology platform across SHPC’s clients, carriers and partnerships will create opportunities not only for the existing business but also for future partners seeking to participate in the insurance technology revolution.”

As a significant minority investor in both of the company’s, Hudson Structured was involved with the transaction.

Vikas Singhal, Partner at Hudson Structured, commented on the news, “Fifty acquisitions in two years is a significant achievement and Marshal and Eric and the team at SHPC have proven their abilities to identify and integrate great agencies. This transaction is an important step in the digitization of insurance distribution and we are excited to continue to support the platform through its next phase of growth.”

SHPC targets independent insurance agencies that it believes are well positioned for geographic or specialty product expansion and growth throughout the United States.

Adding Goji to its offering, SHPC is set to continue expanding its reach, enhancing its service offering to clients and enabling greater tailoring of insurance coverage.

Marshal Seeman, President of SHPC, explained, “Completing our 50th acquisition is not only a significant milestone but also a testimony to our value proposition to potential sellers. We have become the industry leader in attracting acquisition partners who are interested in partnering with a fast-growing national insurance platform while continuing to grow their business. Goji is a big win for us. The culture is a great fit and the synergies and opportunities are extraordinarily complimentary. The Goji team will have an instant impact on our existing InsurTech platform.”

Eric Holtz, Executive Vice President, and Chief Marketing Officer of SHPC stated, “Goji has developed a brilliant model of acquiring new clients by utilizing data, analytics, and online marketing, complementing our existing capabilities for servicing and selling additional products to existing clients. This unique combination will supercharge our business and further enhance our innovative focus on leveraging data and analytics to achieve operational excellence.”

With Hudson Structured looking to deliver returns that are linked to insurance and reinsurance business to its investor clients, this acquisition should mean the firm made a profitable return on its Goji insurtech investment, and now positions its SHPC investment to make higher returns for the firm as well.

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