Openly, a premium homeowners insurance platform that formerly operated solely as a managing general agency, announced the launch of the Openly Insurance Company, an insurance carrier based in South Carolina and licensed in 17 states.

Weeks after announcing its $75M Series C funding round, this move allows Openly to continue expanding its presence in the insurance industry and offer its coverage options to more agents and homeowners, according to a company press release.

“We believe strongly in our product and processes, and the reception by the independent agent and customer community has been phenomenal,” said Openly CEO and Co-Founder Ty Harris in the release. “Becoming a carrier was the natural next step and allows us to demonstrate our confidence to all of our stakeholders by putting our money where our mouth is, if you will.”

Openly plans to use the new carrier as one part of a risk capacity strategy. In the coming months, the Openly Insurance Company, acquired as a carrier shell and rebranded by Openly, will begin issuing policies directly in select states while continuing to rely on risk partners in other states, the release said. Openly sells insurance exclusively through independent agents.

Source: Openly