Superscript completes £45m series B funding to 'transform' SME cover

UK-based insurtech and Lloyd’s broker Superscript has today (9 January 2023) completed a £45m series B funding round in a bid to overhaul SME insurance.

It said the funding would be used to further develop its underwriting and broking capabilities, as well as to grow its insurance products and services for international distribution.

There will also be a focus on building upon its existing embedded partnership capabilities.

The funding round was led by the digital-first insurance provider’s existing investor BHL UK – owner of aggregator Comparethemarket. Other existing investors such as Concentric also participated.

There was also participation from a new investor as well as insurer – The Hartford.

Cameron Shearer, chief executive and co-founder of Superscript, said: “In the context of a challenging macroeconomic environment and shift in global investor appetites, this funding round represents a huge vote of confidence in what we’re building at Superscript.

“The flexibility, customisation and affordability we offer puts us in a unique position to meet the insurance requirements of small businesses during turbulent times, as they navigate economic challenges this year.

“Our investors’ international presence will help support us with growth in the future, as we continue our mission to be the global leader in SME insurance.”

Untapped opportunity

Superscript has seen strong growth since its series A funding round, delivering more than a fivefold increase in its customers base and allowing it to secure major partners such as Amazon Business and Virgin Money Bank.

The firm covers both simple and complex risks through a highly personalised experience and deep level of customer engagement.

Stephanie Bush, head of small commercial and personal lines at The Hartford, said: “The global small business economy represents a huge, yet untapped, opportunity for the insurance industry. The Hartford’s small commercial business is a market leader in the US.

“Superscript, an emerging leader in small-business insurance in the UK and Europe, shares the belief that ease, accuracy and consistency are necessary components of a winning small-business carrier. Superscript finds that most newly incorporated small businesses’ first insurance touchpoint is online, so its customer-centric approach alongside its machine-learning powered underwriting insights puts it in a strong position to penetrate this market successfully.”

Superscript became the first UK insurtech to land a Lloyd’s of London broker licence in 2020 and launched its first Lloyd’s-backed product for digital asset businesses earlier this year.

Modern businesses with complex risks get bespoke coverage through its advisory and broking service, SuperscriptQ

Superscript also opened an office in Rotterdam to support growth plans across Europe.

Ian Leech, BHL UK chief executive, added: “Superscript separates itself from other insurtechs through its unique distribution and underwriting capabilities, powered by proprietary machine-learning technology. We’re very excited to be furthering our investment and look forward to supporting further product developments and international growth.”