July 18, 2013
We've had a lot of excellent press coverage at Embrace lately. Some of the good coverage because of our recent change in ownership, and some of it just because.
Our recent change in ownership is our most exciting update since we changed our underwriter to American Modern Insurance a year ago.
Before I get into details of the transaction, the bottom line is that:
- Embrace is staying and growing in northeast Ohio,
- we are remaining independent from other insurance organizations, and
- we will continue to provide the great Embrace experience you've come to know from us. Nothing is going to change that way.
As for details, there's a great Plain Dealer article on the transaction "Embrace Pet Insurance Finds Success Keeping Tails Wagging". A private investor with deep experience in the insurance world, Beauvest (US), acquired all the shares of Embrace except for those belonging to me (Laura Bennett) and Alex Krooglik (we're the co-founders). Once that was complete, five of the original investors bought back in, indicating their continued confidence in Embrace and Alex and me (which was very much appreciated by all of us.)
So, for Alex and me, we are still as invested in Embrace as we were before (no Tesla for me this time around!) and we will continue to run Embrace as we have all these years. We also have a very long-term investor who has no particular time horizon for this investment. It's as perfect as it could have been.
The other part of the transaction is that we locked in our underwriting partnership with American Modern for another 5 years, which I am absolutely delighted about. Not only does that give me great comfort that I won't be looking for another underwriter any time soon, but also, the American Modern folks are a great group of guys and gals backed by the solid support of their owner, Munich Re, the largest reinsurance company in the world.
It's tough to say goodbye to Jumpstart, who got us off the ground, and NCT Ventures, who invested a significant sum back in October 2008 during one of the worst financial crises since the Great Depression. Both organizations have supported us for many years and we would not be here without them.
Having said that, I will continue to be very active with Jumpstart, encouraging and supporting other entrepreneurs in northeast Ohio. Personally, I'm delighted that the proceeds from Jumpstart's investment in Embrace will go towards other new companies in the area. Got to love that flywheel!
As for that other press we've been getting:
- COSE magazine profiled Embrace along with two other local entrepreneurial companies, highlighting the exciting entrepreneurial environment here in NEO (and I got to be on the cover - woohoo!)
- Scene Magazine did an extensive article on entrepreneurship in Cleveland in the article "Startup City" mentioning Embrace as well
- Embrace was recently listed as one of 20 Cool Tech Companies in Cleveland
- I recently participated in a Jumpstart podcast "For Entrepreneurs, By Entrepreneurs" discussing the importance of culture and opportunities created for entrepreneurs, by entrepreneurs, many of which are focused on peer networking and education.
Definitely exciting times! Onwards and upwards.
Your Chief Embracer,
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