New funding allows company to grow its California
homeowners’ insurance business providing further relief to wildfire-stressed market
SAN FRANCISCO, Sept. 14, 2023 — Delos Insurance Solutions, which uses wildfire science and satellite imagery expertise to solve homeowners’ wildfire insurance availability issues, today announced a $7.3 million seed extension round. The funding enables the company’s expansion in the California homeowners’ insurance market. The seed extension round was led by IA Capital Group with participation from Blue Bear Capital; Gallatin Point Capital; Generation Space through Seraphim Space Investment Trust PLC; Avanta Ventures, the corporate venture arm of CSAA Insurance Group; Red Dog Capital; DNX Ventures; Robert Glanville; and Jonathan Crystal.
As large national carriers are reducing their California homeowners’ exposure, Delos is doubling down on its commitment to the market by working with its committed carrier partners to dramatically expand insurance options for homeowners struggling to find coverage.
The Delos approach vertically integrates its wildfire science expertise and data from its full suite of wildfire models. This empowers the company to pinpoint properties in “stressed” areas – ones the traditional market is avoiding due to potential wildfire concerns – that do not pose a high risk of loss and offer those homeowners full insurance coverage. To date, not a single home insured by Delos has suffered a wildfire loss and they have never non-renewed a home for wildfire exposure.
Delos’ platform aggregates and analyzes exposure and concentration data to quantify a home’s actual wildfire risk. It’s enabled by a proprietary geospatial AI algorithm and more than two hundred data layer inputs, such as detailed weather and wind data, drought and precipitation history, and multi-level overlays of amount, type, and health of vegetation.
“This new funding round underscores Delos’ commitment to the California homeowners’ insurance marketplace and substantiates the success of our vertically integrated strategy,” said Delos CEO and Co-Founder Kevin Stein. “The significant growth of our homeowners’ insurance product over the past 12 months, combined with the confidence of our investors, helped us secure funding in a difficult environment. It enables us to write even more homeowners insurance policies through our independent agent network and partner carriers, who offer our policy in regions where they don’t write.”
“We are impressed by Delos’ success and growth trajectory in this incredibly challenging California wildfire insurance market,” said Matt Perlman, Partner at IA Capital. “Delos provides homeowners with a creative and viable solution to the persistent problem of insuring homes in areas under threat of wildfire. We are pleased to provide further support to help fuel their expansion in California and beyond.”
“The home insurance market in California is broken and while wildfire risk isn’t going anywhere anytime soon, neither are Californians,” said Vaughn Blake, Partner at Blue Bear Capital. “Delos leverages a depth of understanding in data-modeling, machine learning, and wildfire behavior that traditional markets currently don’t possess, all in the service of writing coverage. Blue Bear is excited to partner with Kevin, Shanna, and the rest of the Delos team as they face the wildfire problem head-on, with a data-driven, solutions-oriented approach.”
As a specialist MGA, Delos can continuously update their data set with new information within six weeks, allowing the team to adapt and react to new evolutions in wildfire peril and remain profitable as climate continues to affect this catastrophe.
About Delos Insurance Solutions
Delos Insurance Solutions uses cutting-edge technology to offer insurance protection to homeowners in communities abandoned by other insurers because of wildfire risk. Founded in San Francisco in 2017 by aerospace engineers, Delos uses satellite imagery and artificial intelligence to identify insurable homes within territories deemed too risky by the rest of the insurance market. Delos is a Managing General Agent (MGA) offering policies on behalf of insurers rated “A” (Excellent) by AM Best.
SOURCE Delos Insurance Solutions
