CoverageCorp Raises $8 Million in Second Round Financing

Apr 23, 2001, 01:00 ET from Access CoverageCorp, Inc.

    CHARLOTTE, N.C., April 23 /PRNewswire/ -- Access CoverageCorp, Inc.
 (CoverageCorp), the Internet-based business insurance technology and solutions
 provider, announced today that it has raised $8 million in a second round
 financing led by Capital Z Partners (Capital Z), a global alternative asset
 management firm based in New York.  Joining Capital Z in this round of
 financing are The Hartford Financial Services Group, Inc. (NYSE:   HIG), LC39
 Ventures and Selective Insurance Company (Nasdaq:   SIGI).  Terms of the
 transaction were not disclosed.
     CoverageCorp will employ the capital for continued system development of
 the Company's Virtual Insurance Platform (VIP) technology and operational
 expansion.  The VIP platform automates the process of delivering
 multiple-carrier, bindable underwriting decisions through a single entry
 format to agents, brokers and other financial intermediaries.  Through the use
 of the CoverageCorp technology, carriers can both cut costs and improve the
 consistency of the application of their underwriting rules.  Moreover, agents,
 brokers and other financial intermediaries save the time and cost of filling
 out forms; thereby significantly reducing the turn-around time necessary to
 get multiple-carrier, bindable underwriting decisions from carriers.
     "The quality of this investor team offers powerful independent validation
 of CoverageCorp's market opportunities, technology and business strategy,"
 said Bruce A. Flachs, Chief Executive Officer of CoverageCorp.  "We're honored
 that the Company's growth potential attracted new investment from The Hartford
 and LC39, and very proud that our performance to date won the continued
 confidence of Capital Z and Selective."
     Matt Popoli, Associate, Capital Z Partners, commented, "CoverageCorp
 continues to gain traction in the marketplace, as evidenced by their strong
 client list and well-respected partners that joined this round as new
 investors.  We continue to be excited about the Company's model of being a
 technology enabler to insurance carriers, insurance brokers, and financial
 institutions.  By developing the technological leadership of the VIP system,
 CoverageCorp has strengthened its position to capture tremendous value."
     "Our investment in Coverage Corp is aligned with The Hartford's commitment
 to the application of advanced technologies in the insurance sector," said
 Joseph Gauches, Executive Vice President of e-business and technology
 solutions at The Hartford.  "Coverage Corp's leading technology platform,
 designed to sell, service and fulfill commercial insurance coverages, enables
 business owners to easily secure protection for their companies."
     "CoverageCorp plays an important role in our portfolio of insurance and
 financial services investments," said Albert Wenger, CEO and co-founder of
 LC39 Ventures.  "CoverageCorp sits at the crossroads of new technologies and
 deregulation, enabling new channels of distribution, while, at the same time,
 improving the overall efficiency of insurance delivery."
 
     About CoverageCorp
     CoverageCorp is a leading provider of Internet-based business insurance
 technology and solutions to financial institutions.  At the heart of
 CoverageCorp's Intelligent Interchange(TM) is the patent-pending Virtual
 Insurance Platform (VIP)(TM), which is designed to help insurance carriers and
 property/casualty agencies streamline quoting, underwriting, claims and other
 critical functions.  The company's Internet-based insurance agency
 partnerships and customized services provide online real-time access to a full
 range of property and casualty insurance coverage, for small and medium-sized
 businesses through nationally renowned insurers, as well as advice and
 information on insurance solutions.
 
     Based in Charlotte, NC, CoverageCorp can be reached at 704-940-6001 or on
 the Web at: http://www.coveragecorp.com.
 
 

SOURCE Access CoverageCorp, Inc.
    CHARLOTTE, N.C., April 23 /PRNewswire/ -- Access CoverageCorp, Inc.
 (CoverageCorp), the Internet-based business insurance technology and solutions
 provider, announced today that it has raised $8 million in a second round
 financing led by Capital Z Partners (Capital Z), a global alternative asset
 management firm based in New York.  Joining Capital Z in this round of
 financing are The Hartford Financial Services Group, Inc. (NYSE:   HIG), LC39
 Ventures and Selective Insurance Company (Nasdaq:   SIGI).  Terms of the
 transaction were not disclosed.
     CoverageCorp will employ the capital for continued system development of
 the Company's Virtual Insurance Platform (VIP) technology and operational
 expansion.  The VIP platform automates the process of delivering
 multiple-carrier, bindable underwriting decisions through a single entry
 format to agents, brokers and other financial intermediaries.  Through the use
 of the CoverageCorp technology, carriers can both cut costs and improve the
 consistency of the application of their underwriting rules.  Moreover, agents,
 brokers and other financial intermediaries save the time and cost of filling
 out forms; thereby significantly reducing the turn-around time necessary to
 get multiple-carrier, bindable underwriting decisions from carriers.
     "The quality of this investor team offers powerful independent validation
 of CoverageCorp's market opportunities, technology and business strategy,"
 said Bruce A. Flachs, Chief Executive Officer of CoverageCorp.  "We're honored
 that the Company's growth potential attracted new investment from The Hartford
 and LC39, and very proud that our performance to date won the continued
 confidence of Capital Z and Selective."
     Matt Popoli, Associate, Capital Z Partners, commented, "CoverageCorp
 continues to gain traction in the marketplace, as evidenced by their strong
 client list and well-respected partners that joined this round as new
 investors.  We continue to be excited about the Company's model of being a
 technology enabler to insurance carriers, insurance brokers, and financial
 institutions.  By developing the technological leadership of the VIP system,
 CoverageCorp has strengthened its position to capture tremendous value."
     "Our investment in Coverage Corp is aligned with The Hartford's commitment
 to the application of advanced technologies in the insurance sector," said
 Joseph Gauches, Executive Vice President of e-business and technology
 solutions at The Hartford.  "Coverage Corp's leading technology platform,
 designed to sell, service and fulfill commercial insurance coverages, enables
 business owners to easily secure protection for their companies."
     "CoverageCorp plays an important role in our portfolio of insurance and
 financial services investments," said Albert Wenger, CEO and co-founder of
 LC39 Ventures.  "CoverageCorp sits at the crossroads of new technologies and
 deregulation, enabling new channels of distribution, while, at the same time,
 improving the overall efficiency of insurance delivery."
 
     About CoverageCorp
     CoverageCorp is a leading provider of Internet-based business insurance
 technology and solutions to financial institutions.  At the heart of
 CoverageCorp's Intelligent Interchange(TM) is the patent-pending Virtual
 Insurance Platform (VIP)(TM), which is designed to help insurance carriers and
 property/casualty agencies streamline quoting, underwriting, claims and other
 critical functions.  The company's Internet-based insurance agency
 partnerships and customized services provide online real-time access to a full
 range of property and casualty insurance coverage, for small and medium-sized
 businesses through nationally renowned insurers, as well as advice and
 information on insurance solutions.
 
     Based in Charlotte, NC, CoverageCorp can be reached at 704-940-6001 or on
 the Web at: http://www.coveragecorp.com.
 
 SOURCE  Access CoverageCorp, Inc.