FirstBest Systems Closes Series B Funding

FirstBest Systems, Inc., developer of advanced insurance underwriting management systems, has announced it has secured $6 million in Series B funding. Flybridge Capital and Brookstone Partners led the investment round with participation from existing investors. The new funds will be used to expand sales and internal staffing, fuel marketing to new lines, and increase development of Underwriting Management Systems--an automated underwriting workstation combined with an agent portal.

"Enthusiasm from the property/casualty sector tells us the FirstBest UMS is a compelling system for carriers to capture new revenue streams and improve underwriting profit while strengthening their agency relationships," says FirstBest CEO and founder John Belizaire. "Today's financial climate is straining those carriers that were more dependent on profits from investments vs. profits from underwriting. When P&C insurance carriers look to grow their business, they can write a new line of business or expand an existing line into new segments or markets--requiring substantial changes to the insurer's underwriting workflow, methodologies, and pricing strategies."

"FirstBest is an exceptional company, managed by a proven team," says Chip Hazard, general partner at Flybridge and member of the FirstBest board of directors.