Overview of Transaction

• On May 22, 2024, Cover Whale announced that it had raised $27.5 million of capital led by Morgan Stanley Expansion Capital
• Founded in 2019 and based in New York City, Cover Whatle is a leading MGA focused on connected insurance in the commercial auto space
• Cover Whale provides a truly differentiated offering within commercial auto:
• Proprietary policy insurance system quotes and binds policies within moments
• Drive Smart program provides driver safety coaching and continuous underwriting throughout the policy term via telematics and dash cams, enabling policy cancellations mid-term for improper driving behavior
• Multi policy, multi state offering provides robust coverage for the needs of commercial truckers
• Large, diversified panel of blue-chip carrier partners, which increases the likelihood of risk placement given carriers' different coverage and risk tolerance

FT Partners' Role

• FT Partners served as the exclusive strategic and financial advisor to Cover Whale
• The transaction highlights FT Partners' deep domain expertise and successful track record in the InsurTech space