NEWS RELEASE
Sompo Holdings Asia Makes Strategic Investment inGlobal Insurtech Cover Genius
Singapore – 28 September 2021 – Sompo Holdings (Asia) Pte. Ltd. (Sompo Asia) announced
today its US$50M (~AU$68M) strategic investment in Cover Genius, the leading insurtech firmand embedded insurance specialist that enables the world’s largest digital companies to offer any
line of insurance or warranty directly to global customers with a single API call.
The ~AU$100M Series C round will bolster Cover Genius’ global expansion and further Sompo
Group's digital distribution channel in the embedded insurance market, enabling the company tooffer tailored solutions to its customers by leveraging XCover, Cover Genius’ award-winning
global insurance and warranty distribution platform.
The round comprised primary and secondary capital, and was supported by globally distinguishedfintech investor, G Squared, as well as Cover Genius’ early backers, King River Capital, Marinya
Capital and Regal Funds Management.
Cover Genius partners with the world’s largest digital companies including Booking Holdings,
Skyscanner, Ola, Intuit, Shopee and several other leading brands to distribute personalized
insurance in any country, language and currency with a single API call. In addition, with licenses
in all 50 US states and in more than 60 countries, Cover Genius is able to offer global capabilities
to multiple industries, including property insurance for renters, landlords, homeowners andcorporates, fintech and bank insurance programs, solutions for retailers, gig contractors, logistics
platforms, cyber security companies and online travel agencies, rental car aggregator and airlines.
Through existing projects, Sompo Asia has seen vast potential in Cover Genius’ global
capabilities, backed by its BrightWrite data analytics framework that helps partners optimize
toward any goal.
“We had worked with Cover Genius on some projects and were very impressed by theorganization and their global capabilities. In addition, we are very excited about the future ofembedded insurance. I believe the company is uniquely positioned to excel in this fast-developing
market,” said Daniel Neo, Chief Executive Officer of Sompo Asia. “At Sompo Group, we sharecommon values with Cover Genius. We hope that through this investment, we can work together
to realize digital innovations and bring delight to our customers.”
Cover Genius’ global distribution platform and its API for end-to-end claims management, XClaim,
allows partners to tap into digital distribution at a scalable global level. Combining SOMPO’s
underwriting capabilities with Cover Genius' licensing and technology will create a compelling1
Sompo Holdings (Asia) Pte. Ltd.
Reg. no. 200815170K • 50 Raffles Place #11-03 Singapore Land Tower Singapore 048623

leadership position in the fast-growing embedded insurance market. The partnership will kick off
in Sompo Group's 14 markets across Asia before expanding to its global network, advancing theGroup's digital transformation and agility.
“We are eager to collaborate with a global partner, like the Sompo Group, that believes in thepower of embedded insurance and its ability to offer new lines of protection to customers aroundthe world,” said Angus McDonald, CEO and Co-founder of Cover Genius. “This funding will enable
us to scale our current offerings and continue our rapid growth as we enter into new markets with
innovative solutions for embedded protection.”
The Sompo Group has a global mission to promote a “Theme Park for Security, Health andWellbeing” for their customers. This strategic investment will propel the Sompo Retail business tobe even more sustainable and competitive, offering customized solutions that cater to thewellbeing of all stakeholders, beyond insurance.
###Media Contact
For Sompo Group:
Candida Lee
Branding, Communications & CX Lead, Asia Pacific
Sompo Holdings (Asia) Pte. Ltd.
Candida.Lee@sompo-asia.com

For Cover Genius:
Shelley PetriSenior B2B Marketing & Communications Manager
Cover Genius
shelley.p@covergenius.com
Ben PrestonDirector, Global Digital Marketing
Cover Genius
ben.p@covergenius.com

About Sompo Holdings (Asia) Pte. Ltd.
Based in Singapore, Sompo Holdings (Asia) Pte. Ltd., is the regional headquarters for our Asia
Pacific entities, except Japan, and is part of Sompo International Retail Platform. Collectively, thecompanies are under the global extension of the Sompo Holdings Group (Sompo Group)
headquartered in Tokyo, Japan. With more than 70 years of trusted presence in Asia, our businessspreads across 14 markets with over 4,500 employees in the region.
2Sompo Holdings (Asia) Pte. Ltd.
Reg. no. 200815170K • 50 Raffles Place #11-03 Singapore Land Tower Singapore 048623

As a leading non-life insurance company globally, we have forged strategic partnerships to access awider network of resources and distribution to provide the best solutions for our customers, while
keeping up with the evolving trends of digitalization and innovation. The Sompo Group strives tocontribute to the security, health and wellbeing of our stakeholders, customers, and society byproviding more than just insurance. The Group operates its overseas business in 28 countries andregions worldwide, including the Americas, Europe, Middle East, Africa, Asia, and Oceania.

About Cover Genius
Cover Genius is the insurtech for embedded insurance that protects the global customers of theworld’s largest digital companies including Booking Holdings, owner of Booking.com and Agoda,
Intuit, Skyscanner, Ola, and Descartes ShipRush. We’re also available on eBay, Wayfair, andShopee. Cover Genius’ vision is to protect all the customers of the world’s largest online companies
through XCover, an award-winning global distribution platform for any line of insurance or warranty,and XClaim, an API for instant payment of approved claims that delivers an NPS of +65, a result thathas been independently recognized as the highest for any insurance company globally.
Cover Genius and partners co-create solutions that embed protection, aided by Cover Genius’
licenses in 60+ countries & all 50 US States.

3Sompo Holdings (Asia) Pte. Ltd.
Reg. no. 200815170K • 50 Raffles Place #11-03 Singapore Land Tower Singapore 048623