ValueInsured, a company that provides down payment insurance for borrowers, announced Wednesday that it raised $6.5 million to fund the company’s growth.
ValueInsured launched its +Plus down payment insurance program in 2016. Through the program, borrowers pay a premium to ValueInsured in exchange for having their down payment insured against a downturn in the housing market should they decide to sell their home.
And now, the company plans to grow, thanks to a $6.5 million funding round, which was led by an affiliate of Everest Re Group Ltd. and Houston International Insurance Group, both of which had “existing partnerships” with ValueInsured.
In a release, ValueInsured said that the new funding allows the company to “continue its aggressive distribution partnership strategy, expanding channel presence and enhancing the features” of its down payment protection program.
“We are thrilled to be building on our longstanding partnerships with Everest, a global reinsurer and HIIG, a prominent domestic property and casualty underwriter,” Joe Melendez, CEO of ValueInsured said. “This added support will allow us to deliver down payment protection to more mortgage originators and, most importantly, more homebuyers, providing them peace of mind amid unpredictable, negative changes in the housing market.”
John Doucette, president and CEO of the Reinsurance Division of Everest Re Group, Ltd., said that the company is “excited” by the “substantial” growth of ValueInsured’s down payment insurance program and looks forward to seeing the product continue to grow.
“ValueInsured has delivered a truly innovative product and we’re proud to be partnering with them to help make this next generation mortgage product more accessible to homebuyers nationwide,” Stephen Way, CEO of HIIG, added.