After looking at a number of online insurance brokers, Argonaut Private Equity Management, LLC, decided to provide $10 million in Series A funding to InsuranceNoodle.com. The financial support from Argonaut will enable InsuranceNoodle.com, a Chicago-based online insurance broker for small-business owners, to roll out nationally. Formed in January, InsuranceNoodle.com has signed The Hartford, AIG, CNA, St. Paul and Zurich, and has gone live in 15 states. Customers fill out an insurance application, receive bindable quotes in 24 hours or less and can buy their policies online. Argonaut manages the Global Financial Services Opportunity Fund, an e-commerce fund capitalized principally by major financial services companies.
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