Trov, the provider of on-demand insurance for individual items, has raised $45 million for its global expansion efforts. The company is one of a growing number of tech-enabled startups that are looking to change the insurance business and carve out a piece of that multi-trillion-dollar industry.
With its new financing, from strategic investors Munich Re HSB Ventures and Japan’s second largest insurer, Sompo, and the company’s previous backers Oak HC/FT, Suncorp Group, Guidewire, and Anthemis Group, Trov now has a war chest of roughly $90 million to expand its global reach. The company is already operating in Australia and the UK, through agreements with Suncorp (in Australia) and Axa (in the UK). Now, with Munich Re’s investment, the company has locked in one of the world’s biggest insurance providers as its partner for the rest of the world (in Japan, Munich and Sampo are working jointly on the product).
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