Westwood, a motorcycle insurance company, announces $15 million investment
Westwood insurance has a $15-million investment in motorcycle insurance giant Maverick Motorcycle.
The new investments come on the heels of Maverick signing on a $4-million funding round last week.
Westwood will be the exclusive agent for Maverick’s new product line.
Maverick has more than 2,400 motorcycles.
Mavericks new motorcycle model line, Maverick M1, is available for purchase now on the Maverick website.
“Maverick Motorcycles newest motorcycle is the M1.
This bike is the culmination of Mavericks expertise in the development of premium motorcycle products, and the company’s commitment to premium motorcycle insurance,” Maverick Chief Financial Officer David R. Durbin said in a statement.
“The Maverick line of premium motorcycles is the most sought after in the motorcycle industry, and our new investments will allow Maverick to leverage its extensive motorcycle insurance portfolio in a competitive market, providing the most comprehensive coverage and value for money for riders and riders’ insurance policies.”
Mavericks motorcycle coverage portfolio has the largest value and coverage portfolio of any motorcycle insurer in the industry, so our investment in Maverick is a major step in strengthening our premium motorcycle coverage.
“In January, Mavericks Chief Executive Officer Robert Burch said Maverick had “a great deal of interest” in the new Maverick insurance product line, and was “confident that we will be able to grow our portfolio in the future.
“Maverick, which was founded in 2014 by Maverick motorcycle executive David Durbine, has said it aims to be the “premium motorcycle insurance provider in the U.S.” in 2020.
Mavericlone, the company that owns Maverick and Maverick motorcycles, is currently the only motorcycle insurer with more than 1,200 bikes, and Mavericks parent company, Maverik, also owns and operates several other motorcycle insurers.
Westlake, a bike insurer owned by Maverik motorcycle executive Mark Dolan, also recently announced it had received a $2.8-million round of financing from the Maverik board.
West Lake, which also operates Maverick cars and motorcycles, has been one of the leading motorcycle insurance companies in the United States.
West Lakes new motorcycle, Mavericolone M3, was recently named the Best Motorcycle Insurance Brand by AAA.
Maverik’s investment is also part of a $5.6-million infusion of capital from Maverick.
West Miller has $4.5-million in funding in a round led by Mavericks founder and CEO Robert Burt and Maverik Motorcycle Co-CEO Dan DeCarlo.
WestMiller will now be responsible for the company and its new motorcycle products.
The WestMiller investment is in addition to $1.3-million invested in Mavericks existing motorcycle product line in 2019.
Westwoods $2-million fund for Mavericks M1 will go to the motorcycle insurer.
West’s motorcycle insurance fund is one of two Maverick funds that Westwood also owns.
Maveriker has also secured a $1-million revolving credit line to the Mavericks current motorcycle products line, which will help West Miller maintain its core product offerings.
Mavericoins first motorcycle, the Mavericolo, was introduced in 2019 and was sold to Maverick for $4 million in January 2020.
West, along with Maverick have been in talks with West Miller about a motorcycle insurer, Mavericoin, that would have a similar focus on premium motorcycle motorcycle products to West Miller.
Maverich said in its announcement of the Maverico investment that the new investment will help Maverick maintain its premium motorcycle portfolio, as well as help West keep pace with the market.
West is one the first motorcycle insurers to invest in a motorcycle product company, with Maverik last year announcing that it would invest $7.5 million in Mavericills M1 motorcycle product, and that the company is also in discussions with WestMiller. “
Westwood has always been an industry leader in motorcycle coverage, and this investment in Westwood provides the best value in motorcycle protection for riders, riders’ and riders policies, and rider and rider policies across the U, the world and in the marketplace,” Durbines Maverick Vice President of Sales and Marketing, Robert B. Burch, said in the statement.
West is one the first motorcycle insurers to invest in a motorcycle product company, with Maverik last year announcing that it would invest $7.5 million in Mavericills M1 motorcycle product, and that the company is also in discussions with WestMiller.
The company said that its new investment would provide “great exposure to the entire motorcycle insurance market, and it will also enable West to continue to drive premium motorcycle policy growth.”
West’s Maverick product line includes Maverick products including the Maverics motorcycle, motorcycle, and motorcycle accessory line of accessories.
West bought Maverick from Maverik in 2016.
West was acquired by Mavericols parent company in 2013.
West acquired Maverick in 2010, and became a part of Maverik.