After raising $30 million, Stand launches first product: California homeowners insurance that insures and fortifies properties to be resilient to wildfire
SAN FRANCISCO, Dec. 16, 2024 -- Stand, the company reimagining insurance for climate-impacted properties, today announced the launch of its debut product: California homeowners insurance that insures and fortifies properties to be resilient to wildfire. Founded earlier this year, Stand is emerging from stealth with a world-class team, the backing of top-tier reinsurers, an AM Best A- Rating, and $30M in funding from Inspired Capital, Lowercarbon, Equal Ventures & Convective Capital. With this foundation, the company is poised to write over $2B in home coverage within its first year.
It is no secret that the insurance market is in a climate crisis. Amidst the 4th worst fire season in California history, insurers are leaving large geographies to avoid fire risk. Many homeowners are now under-insured, self-insured, or on government plans of last resort. The problem is not unique to wildfire: nearly half of all homes ($22 trillion worth) in the U.S. are at severe or extreme risk of damage from climate-driven events.
Stand has re-thought insurance for this new era, offering a solution that protects property while insuring it. By combining expertise in fire, fuel, land, and structures with advanced physics and AI modeling, Stand provides property owners with tailored risk-mitigation plans. These plans prioritize specific improvements, such as replacing mulch with gravel in a critical area, or replacing a Juniper tree with a Maple to effectively reduce risks. Quantifiable risk reductions translate into more accurate pricing, enabling Stand to offer policies in areas others can't or won't serve—a win for both homeowners and the company.
"We are able to build a digital twin of properties and use physics to simulate how extreme weather and disasters would impact them, an approach that has never been used before in the insurance industry," says Dan Preston, Co-Founder and CEO of Stand. "We believe the only viable path forward is to re-think how we approach risk itself. At Stand, we use advanced modeling and AI to make homes safer and to protect homeowners in the face of growing climate challenges."
Stand takes a highly interdisciplinary approach across insurance, wildfire, science and consumer distribution and was founded by a team of experts in these domains:
- Dan Preston, Co-founder, CEO. Dan was former CEO at Metromile
- Jason Mueller, Co-founder, CPO. Jason was former CPO at Policygenius
- Sam Shank, Co-founder. Former CEO at HotelTonight (acquired by Airbnb)
- Bill Clerico, Co-founder. Former CEO at WePay (acquired by JP Morgan), Managing Partner at Convective Capital
Support is bolstered by Stand's partnership with Concert Specialty Insurance Company®, a member of Concert Group®. Leveraging Concert Specialty's "A-" AM Best rating and its commitment to developing innovative risk solutions.
Stand is headquartered in San Francisco. Please visit standinsurance.com for additional detail.
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