Players Health has completed a $28mn funding round led by SiriusPoint and three-time NBA champion Andre Iguodala’s Mastry Ventures, with the capital raised fuelling further technology investment to support the insurtech’s expansion.
Participating in the round alongside SiriusPoint and Mastry were existing Players Health investors RPM Ventures, Eos Venture Partners and Will Ventures.
Players Health’s MGA underwrites general liability and participant accident – a kind of accident and health cover tailored to the sector – and sexual abuse coverage.
According to Players Health, the newly secured funding will allow it to continue investing in technology and people to build out and enhance its athlete safety and insurance offerings for sports organisations.
SiriusPoint COO and president of insurance and services Prashanth Gangu said his company sees “enormous potential and value” in the Players Health platform and the insurtech’s “smart application of technology to assess risk”.
“Players Health is both innovating in the insurance space and helping to create the safest environment possible for kids to play the sports they love,” Gangu stated.
As Tyrre Burks, Players Health founder and CEO, noted, the new investment furthers the insurtech’s mission “to create a safe haven in at least one corner of a child’s world”.
“By expanding our partnerships, we expand the roster of guardians and the safety net of accountability for the increasing number of youth athletes,” Burks said.
Players Health’s offerings include coaching and staff credentialling, education and training, abuse reporting and investigations, as well as several related insurance products including general liability, accident and health, professional liability and property. It also offers claims reporting.
The firm targets participants in amateur sports, including sports clubs, leagues and teams, sports associations, training facilities, martial arts, outfitters and guides.
The insurtech is currently focused on the US and Canadian markets but has targeted a global build-out.
Minneapolis-based Players Health currently supports thousands of sports organisations with over 10 million athletes, 1.5 million coaches and 6.7 million parents. Those organisations include US Youth Soccer, NFL Flag Football, i9 Sports and USA Cheer.
“Today more than ever before, mental and physical health and safety are paramount in sports, at every level,” said Iguodala of the NBA’s Golden State Warriors.
“Growing up playing multiple sports and now having kids of my own, the next generation of athletes deserve a safe and accessible environment and experience,” Iguodala added.
The expansive Players Health has in the past 12 months welcomed Greenlight Re as an investor, and brought in notable talent as it builds out its roster.
Last June, it recruited former Hallmark Financial Services president and CEO Naveen Anand as president of insurance, while in October it added Jennifer Urmston Lowe from specialist MGA Sports & Fitness Insurance Corporation as head of business development to spearhead its entry into the fitness and wellness insurance sector.
Then in November, Players Health brought in Sandeep Bajaj from Everest Re as group chief information officer.
Amidst those hires, The Insurer revealed last July that Players Health had established an MGA to write general liability, participant accident and various ancillary lines on State National paper with reinsurance support from Greenlight Re.
Players Health had already operated as a broker placing risks with carriers across its product lines after it had initially started out as a risk management specialist for amateur sports associations.