Igloo sees 50% increase in valuation since Series B+round in 2022 and is aims to achieve profitability by 2024.
Through its new innovation hub, Howden aims to fast-track insurance product development, with capacity to be provided by Lloyd's underwriters such as Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets.
The round brings total funding for the insurtech to nearly US$40m, as it aims to scale its SME-focused, subscription-based healthcare insurance offering.
The record for the largest ever Series B round for an insurer reaches US$246m, courtesy of a US$50M investment by the impact investment firm.
The company said it plans to use the funds to expand across Asian markets and improve its product offerings and technology capabilities.
The investment aims to promote the advancement of blockchain technology and to streamline the proces of digital asset legalisation.