FitSafe Announces Strategic Investment by SterlingRisk
Disruptive insurtech platform FitSafe partners with strategic investor SterlingRisk at a $25 million early stage valuation
NEW YORK, May 30, 2018 (Newswire.com) - FitSafe LLC (“FitSafe”), an insurtech startup servicing the sports and fitness sector, announced today that SterlingRisk ("Sterling") has acquired a passive, minority equity interest in the firm. Sterling, one of the largest national insurance brokers and a leading provider of risk management services, acquired one percent of FitSafe's shares for $250,000.
Based in New York City, FitSafe is an innovative risk management and commercial insurance underwriting software platform that services the sports and fitness sector. The minority investment from Sterling will help capitalize further back-end development of FitSafe's software platform.
FitSafe was created in response to an alarmingly steep rise in sports and fitness casualty insurance claims and related litigation.
Serial entrepreneur and founder of FitSafe Jeff Halevy commented on the announcement: “We are proud to partner with Sterling, another insurance industry innovator with a stellar and long track record of success. With this investment, we are well-positioned to further enhance our software's capabilities for our upcoming launch later this year.”
Halevy further commented: "The fitness industry is still in its infancy and I was compelled to create FitSafe as a way to not only make the industry safer, but a way to measurably help the actual operations of its business owners. Sadly, risk management is never on the mind of a gym owner until it's too late."
David Sterling, CEO of Sterling, said: "I am excited about FitSafe’s innovation in both the insurance and sports and fitness industries. FitSafe’s technology allows everyone to win — underwriters, brokers and insureds — by improving policyholders' risk profiles and business operation, boosting underwriters' portfolio performance and, of course, by creating competitive, lower premiums.”
FitSafe is set to launch early in the fourth quarter of this year.
FitSafe is the only risk management and insurance underwriting technology servicing the sports and fitness sector. FitSafe's software allows property and casualty policyholders and prospective policyholders to thoroughly assess and improve their risk profiles while allowing underwriters to write policies reflective of the software's granular, industry-specific risk analysis. FitSafe was founded in 2016 by fitness industry mogul and HLVY Group CEO Jeff Halevy, and its eponymous flagship software is set to launch in late 2018. For more information, visit http://www.fitsafe.net or call 212-203-8023.
Founded in 1932, SterlingRisk employs more than 220 highly skilled insurance professionals, with offices in New York, New Jersey, Connecticut, Florida, California and Indiana. Ranked in the nation’s top 40 privately owned insurance brokerages, SterlingRisk services regional, national and international clients. The company has significant experience and depth of knowledge in multiple areas, including property and casualty, aviation, environmental, construction, employee benefits consulting, personal lines, risk management, loss control and claims advocacy. For more information, visit http://www.sterlingrisk.com or call 516-487-0300.
Source: FitSafe LLC