$3.5 billion insurance startup exit in only 4 years

https://www.geekwire.com/2019/stealthy-insurance-tech-startup-bootstrapped-way-2-35b-acquisition-less-4-years/

The Wall Street Journal

What a story. Worth studying. Relevant for Switzerland? Twofold: Markus Paul (31) is the husband of Daniel Borel’s (founder Logitech) daughter living in Seattle. 🙂

Then of course it is an insurance startup. Highly relevant business in Switzerland.

Assurance sells health, life, Medicare, and auto insurance plans on its platform. The company uses data science and scientists to match prospective customers with custom insurance plans. They can purchase insurance online or connect with an agent. Assurance is the fastest-growing direct-to-consumer insurance platform in history, according to Financial Technology Partners.

The startup will become a wholly-owned subsidiary under Prudential when the deal closes later this year. Beyond the initial $2.35 billion, Prudential agreed to pay an additional $1.15 billion in cash and equity if Assurance meets certain growth objectives.

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