Obie Acquired by The Baldwin Group
Obie, an embedded insurance platform for landlords and real estate investors, has been acquired by The Baldwin Group (NASDAQ: BWIN).
Obie, founded in 2017, went through Y Combinator's S19 batch. Seed investors included Pioneer Fund, MetaProp, and FundersClub. Battery Ventures led the company's $10.7 million Series A and its $25.5 million Series B.
"This is a defining moment for Obie and strong validation of how venture-backed, technology-forward insurance distribution businesses can both drive the industry forward and provide substantial and outsized returns to investors."
Co-founders (and brothers) Aaron and Ryan Letzeiser built the platform from their respective backgrounds in insurance and real estate private equity. Obie integrates insurance into real estate transactions through embedded technology and a nationwide network of independent insurance agents.
Since 2021, Obie has achieved revenue growth of over 2,100% while maintaining a fully reserved loss ratio below 50%.
The deal will expand capabilities for Baldwin's managing general agent, Millennial Specialty Insurance (MSI). Amy Carlisle, President of MSI, called the partnership "an important milestone in our strategy to deliver specialized insurance solutions through embedded, tech-enabled distribution."