Back in 2015, Douglas Ver Mulm was co-founder of Vervoer Rideshare Fleet, which runs and manages rideshare vehicles in New York City—a side gig when he was a lawyer at Mercer handling data security and technology initiatives. That’s when the idea for Stable Insurance was born.

The fleet would rent out cars on a weekly basis to Uber and Lyft drivers (who didn’t use cars they owned), and the commercial auto insurance necessary to operate in New York City was costly and didn’t function well, Ver Mulm said in response to a series of email questions from Carrier Management.