HSCM Bermuda is among the investors in a $110 million Series C capital raise by DealerPolicy, the insurance marketplace for automotive retail.

The US company said the financing round was led by the Growth Equity business within Goldman Sachs Asset Management with participation from existing investors including 3L Capital and Hudson Structured Capital Management Ltd, doing its re/insurance business as HSCM Bermuda.

DealerPolicy said the new investment will be used to accelerate the growth of the company's next-generation finance and insurance offerings for both dealers and car buyers, enabling automotive insurance to be seamlessly integrated online and at the point-of-sale.

Goldman Sachs' Paul Pate will join the company's board of directors.

DealerPolicy said it will expand its operations to further develop and embed modern day insurance throughout the entire car shopping and ownership experience.

To expedite the development and roll-out of its insurance distribution and fulfillment solutions with its major insurance carrier partners, the company said it intends to triple its product and engineering teams over the next 12 months by hiring new talent. Additionally, the company will increase investments in strategic partnerships.

Travis Fitzgerald, co-founder and CEO of DealerPolicy, said: "We started the company with the vision of providing a more convenient, transparent, and connected car-buying experience.

"The funding comes at a time when we're seeing mainstream adoption of automotive insurance into dealer sales and F&I processes driven by consumer desire for new dealership practices.

“This investment will allow us to advance our next-generation F&I offering, which provides consumers with competitive coverage options and tangible savings, as well as greatly increases dealer profitability."

On average, the company said, DealerPolicy Insurance saves consumers who report savings $64 per month on automotive insurance.

DealerPolicy Insurance, the brand's award-winning agency, and its network of more than 1,000 dealers and more than 40 leading insurance carriers, have written over $200 million in total premiums for car-buyers nationwide in the US since establishing the company in 2016.

The company said automotive dealerships in their network report on average 44 per cent higher gross margins in their F&I departments because of increased customer budgets from their insurance savings.

HSCM Bermuda is the reinsurance and ILS investment management business arm of Hudson Structured Capital Management Ltd, the asset manager with a focus on the re/insurance and transportation sectors.