Kottenstette claims that nearly half of top property insurers, as well as some of the world’s leading banks, use Cape to inform their pricing and underwriting strategies.
Cape managed to raise $75 million in venture capital from investors including Formation 8, Pivot Investment Partners, and State Farm Ventures prior to its exit, and the company is cash-flow positive and profitable, according to Kottenstette.
Kottenstette said in a blog post that he believes Moody’s, combined with Cape, can bring “a much deeper set” of solutions to carriers’ underwriting workflows and “enable a much more complete view” of risk. Moody’s customers can expect more in-depth, property-specific data, Kottenstette added, including building characteristics, average annual loss estimates, valuations, and more.