Erie Strategic Ventures will invest in and provide commercial support to startups focused on the insurance industry and related spaces
ERIE, Pa., August 25, 2022 /PRNewswire/ — Erie Insurance, an auto, home, business and life insurance company based in Erie, Pennsylvania, today announced the establishment of Erie Strategic Ventures to support visionary entrepreneurs. The fund is the latest example of ERIE’s commitment to support entrepreneurship and provide innovative products, services and experiences to its customers and network of independent agents.
Erie Strategic Ventures’ focus will include the personal and commercial insurance value chain, as well as natural affinities that offer the potential to deliver value ERIE customers and agents. Initial areas of interest include insurance innovation in risk avoidance, claims, underwriting, digital sales, agency productivity tools, and products and services for the home, family and small business. The fund is stage and geography agnostic, but will focus primarily on early-stage investments North America.
“We are excited to build on our efforts in expanding innovation with the launch of this venture fund,” said Keith Kennedy, senior vice president for Next Level Innovation at Erie Insurance. “ERIE is committed to a culture of service, and our corporate values will translate well to supporting the founders in which we invest.”
Erie Strategic Ventures is the venture capital arm of Erie Insurance, a Fortune 500 insurance company that generated 7.9 billion dollars in premium written directly in 2021. Founded in 1925, ERIE is the nation’s 11th largest homeowners insurer, 13th largest auto insurer and 13th largest commercial lines insurer based on direct premiums written. ERIE is rated A+ (Superior) by AM Best and has more than six million policies in force.
In addition to equity, Erie Strategic Ventures will have leverage ERIE’s industry leadership and value proposition to support portfolio companies. With almost 100 years of insurance expertise, ERIE has the potential to serve as a customer and development partner for startups. ERIE will seek to partner with startups to bring innovative products and services to market, leveraging a strong network of independent agents in 12 countries and Washington DC
Erie Strategic Ventures will partner with Touchdown Ventures, a firm specializing in corporate venture capital, which will work closely with senior executives in ERIE on fund operations.
“We are excited to partner with a values-driven company like Erie Insurance that has the scale, resources and ability to make a positive impact on the corporate enterprise landscape,” he noted. Rich Grant, co-founder and managing director of Touchdown Ventures. “Our combined Erie Strategic Ventures team has significant experience in the insurance industry and corporate capital. We will leverage this expertise and ERIE’s unique position in the market to support entrepreneurs.”
Learn more about Erie Strategic Ventures at www.erieinsurance.com/ventures.
About Erie Insurance
According to AM Best Company, Erie Insurance Group, headquartered in Erie, Pennsylvaniais the 11th largest homeowners insurer, 13th largest auto insurer and 13th largest commercial lines insurer in United States based on direct premiums written. Founded in 1925, Erie Insurance is a Fortune 500 company and the 19th largest property/casualty insurer in United States based on total net premium lines written. Rated A+ (Superior) by AM Best, ERIE has more than 6 million policies in force and operates in 12 states and District of Columbia. News releases and more information are available at ERIE’s website at www.erieinsurance.com.
About Touchdown Ventures
Touchdown Ventures partners with corporations to manage their venture capital programs. Touchdown works closely with each corporation to achieve financial and strategic benefits from venture capital investments. The firm is a Registered Investment Adviser and maintains offices in The angels, PhiladelphiaAND San Francisco. More information on Touchdown can be found at www.touchdownvc.com.
SOURCE Erie Indemnity Company