Catastrophe insurer Stand secures $35m in Series B funding

Core Insights - Stand has completed a $35 million Series B funding round led by Eclipse to expand its operations into Florida, a significant catastrophe market in the US [1] - The company has established a presence in California, underwriting an insured value of $1 billion within just over a year of operation [1] Funding and Investment - The Series B funding round included contributions from existing investors such as Inspired Capital, Lowercarbon Capital, and Equal Ventures [1] - Eclipse's investment of $30 million reflects a belief in Stand's model of resilience and proactive property fortification [4] Business Model and Strategy - Stand's insurance model integrates coverage with proactive home fortification measures to enhance resilience against natural disasters [2] - The company aims to mitigate potential damage and reduce long-term insurance costs for property owners through property improvements [2] Underwriting Approach - Stand employs physics-based underwriting models initially designed for wildfire risk assessment, now expanded to evaluate wind-related threats [3] - These models provide a precise assessment of a building's ability to withstand extreme weather conditions [3] Leadership and Vision - Stand's leadership team comprises experts from various sectors, including insurance, technology, and applied sciences [4] - The CEO and co-founder emphasized the need for a new insurance model that links coverage to home fortification against wind storms, particularly in Florida [5]