Disruptive insurtech startup FitSafe partners with SterlingRisk at a $25 million early stage valuation
Insurtech startup FitSafe is the first and 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. Founded in 2016 by fitness industry expoert and HLVY Group CEO Jeff Halevy, FitSafe was created in response to an alarmingly steep rise in sports and fitness casualty insurance claims and related litigation.
Today, the company announced that SterlingRisk has acquired a passive, minority equity interest, one percent of FitSafe’s shares for $250,000. SterlingRisk is one of the largest national insurance brokers and a leading provider of risk management services. FitSafe also announced that it plans to launch its flagship software in late 2018. FitSafe’s proprietary app and software helps to reduceSports & Fitness claims.
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.
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.
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.