Travelers acquires majority stake in Toronto-based Zensurance
US-based property/casualty insurer Travelers has acquired a majority stake, approximately 60 percent, in the Canadian fintech start-up Zensurance for roughly C$16 million ($12.2 million), according to BetaKit.
Zensurance chief executive officer Danish Yusuf and chief technology officer Sultan Mehrabi will now retain just over a third of ownership in the company, which has signed on over 2,500 businesses since raising $1 million seed financing in 2016. The firm currently works with over 40 insurers.
Zensurance executives said working with Travelers will help it gain more insight into the insurance industry.
“It’s not Travelers’ proprietary data that we would get access to, but just their expertise and experts that can help us look at the data that we have and maybe data that we can buy from outside,” BetaKit quoted Yusuf as saying.
“One of the big things for us is, like in most fintechs, the backend is really, really messy and insurance companies move extremely slowly, so when we have the opportunity to work with an insurance company that would open the door for us, it’s quite exciting,” Yusuf added. “Particularly, Travelers is one of the largest insurance companies in the US and they have a global presence.”
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