Insurance Marketplace Policygenius in Talks to Go Public Via SPAC

Policygenius Inc., an online insurance marketplace, is in talks to go public through a merger with the blank-check company PWP Forward Acquisition Corp. I, according to people with knowledge of the matter.

A valuation for the transaction hasn’t yet been finalized, one of the people said, and it’s possible talks could fall apart.

Policygenius representatives didn’t immediately respond to a request for comment, and a spokeswoman for PWP declined to comment.

New York-based Policygenius, which was co-founded in 2014 by Jennifer Fitzgerald and Francois de Lame, has said it’s raised funding from investors including KKR & Co., Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures.

Earlier this month, it announced a collaboration with Sallie Krawcheck’s Ellevest, and said it has helped more than 30 million people shop for insurance in the U.S. and placed almost $100 billion in coverage.

“Ellevest’s mission to support female investors is one we strongly support at Policygenius, and we’re excited to work together to help women secure multiple forms of financial protection,” Fitzgerald, Policygenius’s chief executive officer, said at the time.

PWP Forward, led by Chairman Joe Perella and CEO Stacia Ryan, raised about $212 million in a March initial public offering. It has said it intends to focus on enhancing access to public financing for companies that are founded by, led by or enrich the lives of women.

–With assistance from Katherine Chiglinsky.