First Connect passes USD $500m milestone in GWP surge

Digital insurance marketplace First Connect has passed USD $500 million in gross written premium this year, one year after growth equity firm Centana Growth Partners acquired a majority stake in the business.

The Palo Alto-based company operates a platform that connects independent agents with more than 130 insurance carriers and managing general agents. It said demand from both agents and carriers had driven a sharp increase in activity on the marketplace during the past year.

First Connect began as a subsidiary of Hippo Holdings before spinning out under Centana's ownership. Since 2021, its premium volume from business written outside former parent Hippo has risen about fourteen-fold as more independent agencies have joined the platform.

The company positions itself within a broader shift in the US insurance sector. Independent agencies have gained share in several lines of business, and carriers have looked for technology-based routes into that segment without adding large distribution costs.

First Connect said its software gives agents access to a wide range of personal and commercial products from established insurers and MGAs. It said this simplifies market access in an increasingly fragmented carrier landscape. Carriers use the marketplace as an additional distribution route and as a way to identify agents that match their underwriting appetite and growth plans.

The group said it has become one of the fastest-growing digital distribution platforms in insurance in terms of premium volume. It described the USD $500 million GWP level as an early milestone in a longer expansion plan that focuses on independent agencies.

Chief Executive Aviad Pinkovezky said the latest figures show rising adoption among both sides of the marketplace. "Reaching $500 million in annual gross written premium in such a short time is validation that our model is working-and we're just getting started," said Aviad Pinkovezky, CEO of First Connect. "This growth reflects the trust we've earned from both sides of our marketplace. We've got new agencies joining us all the time, in addition to the agencies that recognize how easy it is to do business with us and keep coming back. Carriers see us as a way to access scalable, profitable distribution quickly and efficiently. That trust is creating a flywheel dynamic that's accelerating our growth."

The company's recent growth has taken place alongside rising investment across product development, engineering, sales and account management. It said these hires support a pipeline of new functionality for both agents and carriers, as well as the onboarding of new partners.

Research from First Connect's 2025 State of the Industry Survey highlighted a shift in how carriers work with independent agents. The survey found that insurers which invest in technology and operational support for agents gain a marked competitive advantage over those that rely on more traditional transactional relationships.

Pinkovezky said that experience from its time under Hippo ownership had shaped the company's next phase. "We're not just growing our business-we're building the foundation of a company that can scale sustainably," said Pinkovezky. "Our heritage as part of Hippo has given us an advantage in accessing top-tier talent across insurance operations, sales, marketing, technology, and design. As a standalone company with private backing, we have the dedicated focus and resources to accelerate our growth and better serve the independent agency channel."

Tech investment

Centana's investment has funded further technology development at First Connect. The company is rolling out AI-based tools that support underwriting and carrier matching. It is also building a carrier portal that it said will change how insurers track and manage distribution through the platform.

The group said its data models analyse application data and performance records. This information then supports recommendations about which agents should access which carriers and products. The company said this approach shortens time spent on manual submissions and reviews at agencies and at insurers.

First Connect said it wants its portal for carriers to increase visibility over agent performance and business mix. The aim is that underwriters and distribution leaders can change appetite or rules more quickly in response to loss trends or growth objectives.

The marketplace has also signed new distribution agreements with well-known insurance brands. This year it confirmed partnerships with AmTrust, Berkshire Hathaway GUARD and The Hanover, along with several MGAs.

Centana, which focuses on financial services and related technology businesses, said First Connect fits with a theme of digital change in insurance distribution. "First Connect is showing what modern insurance distribution can look like," said Sarah Kim, Partner, Centana Growth Partners. "The team's disciplined growth, strong fundamentals, and tech-first approach set them apart in the market. We're thrilled to support the next stage as the company becomes a key partner for independent insurance agencies and carriers across the U.S."

Quality focus

Alongside premium growth, First Connect said it has concentrated on the quality of business written through the marketplace. The company monitors loss ratios and other metrics across its network and said this allows carriers to maintain controls on underwriting outcomes.

The firm said its data-driven matching and oversight functions reduce mismatches between an agent's book of business and a carrier's risk appetite. It said this can improve profitability and retention for insurer partners, and in turn supports longer-term relationships on the platform.

Pinkovezky said the model had delivered measurable results for at least one major carrier client. "Our hands-on approach to managing loss ratios and keeping carriers in control helps them achieve both premium and profitability goals," said Pinkovezky. "For example, over a two-year period, one large national personal-lines carrier saw a 4x increase in written premium while maintaining an average loss ratio of 45%. That's the kind of sustainable, disciplined growth we aim to deliver across our network."