State Auto in Ohio creates $25 mln corporate fund to invest in fintech, insurtech

State Auto Labs Corp, an arm of the State Automobile Mutual Insurance Company in Ohio, has launched a $25 million corporate venture fund to invest in fintech and insurtech companies.  Rev1 Ventures will manage the fund.

“The insurance industry is in the midst of an enormous transformation and is poised for a bigger disruption over the next five years than its undergone over the past 50 years,” Kim Garland, managing director of State Auto Lab, said in a statement.

Source: Press release