Cover Whale Insurance Solutions, Inc., an insurtech specializing in connected insurance for commercial auto, has secured $40 million in new equity financing from Morgan Stanley Expansion Capital. This funding is intended to accelerate Cover Whale’s investments in its technology platform, analytics, and the expansion of its product offerings.
Founded in 2020, Cover Whale utilizes a proprietary technology platform and algorithmic underwriting processes to enable agents to bind trucking insurance policies online. The company leverages real-time telematics and other data sources for continuous policy underwriting throughout the term, which has contributed to its reported industry-leading loss ratios in the commercial trucking market.
Dan Abrahamsen, Founder and CEO of Cover Whale, commented on the financing, stating, “After years of rapid growth, 2024 marked a pivotal year for Cover Whale as we focused on re-building our foundation. We invested in our technology platform, built a high-performing service organization, and refined our pricing, underwriting and loss control programs.” He added that Morgan Stanley Expansion Capital’s transition from a lender to an equity partner is an affirmation of the company’s progress and provides resources for future growth.
For the first half of 2025, Cover Whale has reported $133 million in gross written premiums, projecting a full-year target of $277 million. Morgan Stanley Expansion Capital’s relationship with Cover Whale began in May 2024 with a structured debt investment.
Nick Nocito, Executive Director of Morgan Stanley Expansion Capital, stated, “Today’s growth equity investment reflects our conviction in Cover Whale’s business strategy, execution and leadership team. Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years.”
Operating as a managing general agent (MGA), Cover Whale has collaborated with nearly 5,000 agents, generating over $1.3 billion in gross premium since its inception. The company’s driver safety program integrates continuous underwriting, real-time risk monitoring, telematics, and AI-powered driver coaching. Cover Whale has been recognized in the industry by publications such as PropertyCasualty360 and Forbes.
