Cover Whale Insurance Solutions, Inc. has announced it secured $40 million in equity financing from Morgan Stanley Expansion Capital. The funding will be used to invest further in Cover Whale’s technology platform, analytics capabilities, and product expansion as the company aims for continued growth and profitability.
Founded in 2020, Cover Whale operates a proprietary technology platform that allows insurance agents to bind trucking insurance policies online quickly. The company uses real-time telematics and data sources to continuously underwrite policies throughout their term, which has helped it achieve strong loss ratios in the commercial trucking insurance market.
Dan Abrahamsen, Founder and CEO of Cover Whale, commented on the new financing: “After years of rapid growth, 2024 marked a pivotal year for Cover Whale as we focused on re-building our foundation. We invested in our technology platform, built a high-performing service organization, and refined our pricing, underwriting and loss control programs. Morgan Stanley Expansion Capital's transition from lender to equity partner is a gratifying affirmation of the tremendous progress made over the past few years, and their renewed backing gives us the resources to fully capitalize on the significant growth opportunities ahead.”
In the first half of 2025 alone, Cover Whale reported $133 million in gross written premiums and expects to reach $277 million by year-end.
Morgan Stanley Expansion Capital initially invested in Cover Whale with a structured debt instrument in May 2024. Nick Nocito, Executive Director of Morgan Stanley Expansion Capital said: “Today’s growth equity investment reflects our conviction in Cover Whale’s business strategy, execution and leadership team. Over the last 18 months, the team has built a high-quality, scalable platform that we believe will generate significant growth in the coming years.”
Cover Whale serves as a managing general agent (MGA) and partners with nearly 5,000 agents nationwide. Since its inception five years ago, it has written more than $1.3 billion in gross premium. The company emphasizes technology-driven solutions such as continuous underwriting through telematics and AI-powered driver coaching programs designed to improve road safety.
Morgan Stanley Expansion Capital is part of Morgan Stanley Investment Management’s private investment platform focused on late-stage growth equity investments across various sectors including technology and healthcare. Over nearly forty years it has completed investments in more than 220 companies by leveraging Morgan Stanley’s global network.
Morgan Stanley Investment Management employs over 1,400 professionals worldwide with $1.7 trillion under management or supervision as of June 30, 2025. It provides investment services to governments, institutions, corporations and individuals globally through offerings found at www.morganstanley.com/im.