Openly, a technology-enabled homeowners insurance provider, announced the expansion of its long-term reinsurance partnership with Allianz Re, strengthening the structure that supports its homeowners insurance portfolio.
The company also closed a growth investment round led by existing investors Eden Global Partners, Advance Venture Partners and Gradient, with strategic participation from Allianz X.
Publicly stated that the expanded reinsurance arrangement strengthens its capabilities and strengthens its financial foundation as it continues to scale its business. The company emphasized that this structure is designed to support disciplined growth while maintaining consistency in underwriting performance.
Founded in 2017, Openly focuses on delivering homeowners insurance through a technology platform designed for independent insurance agents. The platform is designed to streamline quoting and policy issuance while enabling agents to provide coverage options tailored to individual customer needs.
Openly noted that the additional investment capital, coupled with strengthened reinsurance partnerships, provides resources to support its continued expansion strategy. This includes entering new markets, developing deeper relationships with independent agency partners and expanding its insurance product offerings.
Openly said these developments come at a time when the homeowners insurance market is evolving, with increased emphasis on companies that can combine strong reinsurance support with rigorous underwriting and scalable technology capabilities.
“Independent agents are the cornerstone of Openly’s business model,” commented Ty Harris, co-founder and CEO of Openly. “Our more than 60,000 agent partners in 24 states are a testament to the effectiveness of our approach. This strengthened partnership with Allianz Re, coupled with the continued support of our investors, accelerates this commitment: more states, more products, and a stronger platform for every agent who chooses to work with us.”
Niklas Mundorf, senior manager at Allianz
“In a challenging market, Openly exemplifies how growth and responsibility can coexist, which is why we are deepening our commitment to enhance Openly and better serve this critical segment.”