San Francisco-based Corgi Insurance is expanding its trucking insurance program to include towing and tow-truck businesses.
Tow trucks spend much of their time on the road, but their core exposure comes from transporting, handling and storing other people’s vehicles. Corgi’s towing program is designed around those risks.
The program combines auto liability, on-hook coverage and garage keepers coverage. Corgi is bringing the coverages together into one program designed specifically for towing operations.
The expansion builds on Corgi’s trucking program, which provides insurance services for commercial transportation businesses and is designed to support specialized trucking risks.
Corgi is an AI-native insurance carrier focused on high-growth companies and specialized commercial risks.
Within the insurance sector, however, the pipeline remains strong despite softening industry pricing and a more selective investor environment.
Melbourne, Florida-based Orion180 Insurance launched its roadshow last week seeking to raise up to $340 million.
Founded in 2018 and led by industry veteran John Chu, Bamboo focuses on the residential property market, providing homeowners’ insurance and related products.
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The company operates as a managing general underwriter (MGU), meaning it underwrites and distributes policies on behalf of insurance carriers that ultimately bear the claims risk.
Its growth has been fueled in part by dislocations in California’s insurance market where recurring wildfires prompted several insurers to scale back oper
ations, allowing Bamboo to capture about 4% of the state’s homeowners insurance market as of last year.
White Mountains Insurance, which was a major shareholder in the firm, sold a majority stake to European private equity firm CVC last year, valuing the company at $1.75 billion.
It intends to list on the New York Stock Exchange under the symbol “BMB.”
J.P. Morgan, Morgan Stanley, Deutsche Bank Securities, Evercore ISI and Wells Fargo Securities, among others, are serving as underwriters for the offering.
