The health insurance industry in the US plays a crucial role in providing coverage for medical expenses, ensuring access to healthcare services for millions. It comprises private insurers, government programs like Medicare and Medicaid, and emerging health tech companies. Notably, the industry's shifting focus towards value-based care emphasizes preventive health measures and patient-centered services. Innovations such as telemedicine and digital health solutions are increasingly shaping the ways insurance companies assess and manage health risks. As the industry navigates regulatory changes and evolving consumer expectations, it paves the way for more personalized, efficient, and tech-driven insurance offerings.


The list of top health insurance investors features a mix of corporate and venture capital firms, located across cities like Chicago, San Francisco, and New York. Investors range from large organizations like HUB International, founded in 1998, to newer firms such as Deep Tech Fund, launching in 2023. With deal counts in 2024 varying from single digits to over 800, these investors collectively reflect a dynamic engagement in the industry. Their distinctive strategies and diverse focus areas highlight a growing interest in innovative health insurance solutions, underpinning the fundamental shifts within this vital sector.


Top 18 Health Insurance Investors in the US


1. HUB International

  • Website: hubinternational.com
  • Type: Corporate
  • Headquarters: Chicago, Illinois, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 37
  • LinkedIn: hub-international

HUB International Limited is an insurance brokerage based in Chicago, Illinois, founded in 1998. With over 10,000 employees, HUB provides a comprehensive range of insurance and risk management services to businesses, organizations, and individuals. Their offerings include business insurance, employee benefits, retirement services, and personal insurance, helping clients manage risks and protect their assets across various industries. Notably, HUB has made several strategic acquisitions that enhance their capabilities in the health insurance sector, such as the acquisition of Employee Benefit Specialists in 2005, which bolstered their employee benefits services. More recently, in 2023, they acquired Professional Financial Specialists, further expanding their reach in the employee benefits market. These transactions highlight HUB International's commitment to providing health insurance solutions, making them a key player in the health insurance investment landscape.


2. Y Combinator

  • Website: ycombinator.com
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2005
  • Headcount: 51-200
  • Number of deals in 2024: 802
  • LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. The firm provides funding and mentorship to early-stage technology companies through a structured program that includes resources like the Startup School and co-founder matching services. Y Combinator has successfully launched over 4,000 startups, making it a key player in the technology startup ecosystem. Among their notable investments in the health insurance sector are HealthSherpa, which raised funds in 2012 to enhance health insurance access, and InsureMyTeam, which raised $1.5 million in 2022 to support insurance solutions for teams. Additionally, they have invested in Loop, a health-focused company, and Eden Care Medical, which raised funds in 2023, further showcasing their engagement in health-related ventures.


3. AssuredPartners

  • Website: assuredpartners.com
  • Type: Corporate
  • Headquarters: Orlando, Florida, United States (USA)
  • Founded year: 2011
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: assuredpartners

AssuredPartners is an insurance brokerage and risk management consulting firm founded in 2011 and based in Orlando, Florida. With over 10,000 employees, the company provides a wide range of services, including business insurance, employee benefits, and risk management solutions tailored to meet the specific needs of both businesses and individual clients across various industries. Notably, AssuredPartners has made significant strides in the health insurance sector through strategic acquisitions. For example, their acquisition of Group Benefit Partners, LLC in January 2022 highlights their commitment to expanding their employee benefits services, which typically include health insurance solutions. Additionally, their acquisition of Fiorella Insurance Agency, which reported annualized revenues of $33 million, further strengthens their operational capabilities in Florida, potentially enhancing their health insurance offerings. Overall, AssuredPartners is positioned as a key player in the insurance market, with a growing focus on health insurance through their employee benefits services.


4. Plug and Play Tech Center


Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They connect startups with corporations to foster growth and innovation, offering various programs including accelerator initiatives and investment opportunities. In the health insurance context, Plug and Play has been involved in notable transactions such as HealthPocket, which raised $2 million in Series A funding in 2012, and Ansel Health, which raised $20 million in a recent funding round in January 2024. Additionally, they have invested in healthtech startups like Susu, which focuses on expanding into new markets, and Mutumutu, indicating their active role in supporting health insurance innovation and technology.


5. 500 Global

  • Website: 500.co
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 98
  • LinkedIn: 500-startups

500 Global is a venture capital firm and startup accelerator based in San Francisco, California, founded in 2010. The firm specializes in investing in early-stage technology companies, providing funding, mentorship, and resources to help founders scale their businesses. In 2024, 500 Global has made 98 investments, showcasing its active role in the startup ecosystem. Among its notable transactions, 500 Global participated in the funding of Ansel Health, which raised $15M in a Series A round aimed at modernizing supplemental health solutions for employers. This investment highlights their engagement in the health insurance space, albeit as part of a broader technology investment strategy. Other transactions, such as those involving Koltin and Justincase, reflect their diverse portfolio but do not specifically pertain to health insurance.


6. Deep Tech Fund (an Alumni Ventures Fund)

  • Website: av.vc
  • Type: Venture Capital
  • Headquarters: Manchester, New Hampshire, United States (USA)
  • Founded year: 2023
  • Headcount: 51-200
  • Number of deals in 2024: 258
  • LinkedIn: deep-tech-fund-av-focused-fund

Deep Tech Fund (an Alumni Ventures Fund) is a venture capital firm based in Manchester, New Hampshire, founded in 2023. It provides accredited investors and institutions with access to professionally-managed, diversified venture portfolios, leveraging a network of over 10,000 investors to connect them with high-quality investment opportunities in the startup ecosystem. The fund has been involved in several notable transactions in the health insurance context, including: 1) Sami, a Brazilian health plan operator, which raised $18M in Series B funding with participation from Alumni Ventures; 2) Centivo, a digital health plan company that raised $34M in Series B funding, where Alumni Ventures was also a participant; and 3) Ansel Health, which raised $5.5M in seed financing to launch a modern supplemental benefit plan. These investments highlight the fund's commitment to supporting innovative solutions in the health insurance sector.


7. StartUp Health

  • Website: startuphealth.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 2011
  • Headcount: 11-50
  • LinkedIn: startuphealth

StartUp Health is a not-for-profit organization based in New York, founded in 2011, that focuses on health innovation. They support health entrepreneurs and startups through their Health Moonshot Communities, providing resources, networking opportunities, and media content aimed at addressing significant health challenges. StartUp Health has been involved in several notable transactions in the health insurance context, including investments in Devoted Health, a company that serves seniors and raised $300 million in a Series B funding round, and Cityblock Health, which raised $65 million in a Series B funding round. These investments highlight StartUp Health's commitment to fostering innovation in the health insurance sector, alongside their broader mission to support health technology and innovation.


8. Gallagher Healthcare Ins Svc


Gallagher Healthcare Ins Svc, founded in 1952 and based in Huntersville, North Carolina, is a corporate investor specializing in medical malpractice insurance solutions for healthcare providers. They offer a comprehensive range of insurance products tailored to the needs of physicians and medical facilities, ensuring robust coverage against legal claims. Gallagher Healthcare is known for its strong customer service, assisting clients in navigating the complexities of insurance options. In addition to their core focus on medical malpractice insurance, Gallagher has been active in the broader health insurance landscape through strategic acquisitions. Notably, they acquired Five Points Benefits Solutions LLC, an employee benefits consultant, and Benefits Unlimited, Inc., a Texas-based employee benefits consulting firm. These transactions reflect Gallagher's commitment to expanding their services in the health insurance sector, particularly in employee benefits, which is integral to health insurance offerings. Their acquisitions of firms like Broker Benefit Services, L.L.C. and Group Insurance Associates, Inc. further demonstrate their strategic focus on enhancing their capabilities in employee benefits and insurance brokerage, solidifying their position within the health insurance industry.


9. Government of Canada

  • Website: canada.ca
  • Type: Corporate
  • Headquarters: Canada, Kentucky, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 137
  • LinkedIn: government-of-canada

The Government of Canada is a public entity that provides a wide range of services and information to Canadian citizens and residents, addressing various needs including employment, immigration, health care, and taxation. Founded in 1999, it operates through multiple departments and agencies to ensure access to essential services and support for individuals and businesses across the country. In 2023, the Government of Canada has been involved in several significant transactions in the health sector, primarily through grants. For instance, it provided funding to Shared Health, Saskatchewan Health Authority, and Fraser Health, among others, to support health initiatives. The MNCY SCN Health Outcomes Improvement Fund, which is associated with Alberta Health Services, also received backing, indicating a focus on improving health outcomes through financial support for health projects. These activities highlight the Government's role in enhancing health care services, making it a relevant player in the health insurance landscape.


10. General Catalyst


General Catalyst is a venture capital firm founded in 2000, based in San Francisco, California. The firm specializes in early-stage and growth investments across various industries, including technology and healthcare. General Catalyst has been actively involved in the health insurance sector, particularly through its investments in Oscar Health. They participated in several funding rounds for Oscar, including a $225 million round in June 2020, a $165 million round in March 2018, and earlier rounds in 2014 and 2015, contributing to Oscar's growth and expansion in the health insurance market. This involvement highlights General Catalyst's strategic focus on supporting innovative healthcare solutions and companies.


11. World Insurance Associates LLC


World Insurance Associates LLC is an insurance agency based in Woodbridge Township, New Jersey, founded in 2012. The company provides a comprehensive range of business and personal insurance products, including health insurance, and financial services to both businesses and individual consumers. They have been actively expanding their portfolio through acquisitions, including Coverage Administrators, Inc. in 2017, Szerlip & Company in 2021, and The Comprehensive Companies in 2022. Most recently, they acquired Sprague Israel Giles in August 2024 and Stern Insurance Group in December 2024. These transactions indicate their commitment to growing their presence in the insurance market, which likely includes health insurance offerings.


12. New Enterprise Associates (NEA)

  • Website: nea.com
  • Type: Venture Capital
  • Headquarters: Menlo Park, California, United States (USA)
  • Founded year: 1977
  • Headcount: 51-200
  • Number of deals in 2024: 57
  • LinkedIn: new-enterprise-associates

New Enterprise Associates (NEA) is a prominent venture capital firm based in Menlo Park, California, founded in 1977. NEA specializes in investment management and advisory services for startups, particularly in the technology and healthcare sectors. The firm partners with entrepreneurs to provide funding and strategic guidance, helping them navigate the challenges of building successful businesses. NEA operates through a collaborative approach, emphasizing long-term relationships with founders. Notably, NEA has been involved in significant transactions within the health insurance space, including a Series A investment in Bright Healthcare, which raised $80 million in 2016. Additionally, NEA has participated in multiple funding rounds for Stride Health, a company focused on creating portable benefits systems for independent workers, demonstrating their commitment to innovative solutions in health insurance. These transactions highlight NEA's active role in the health insurance industry, making them a relevant player in this sector.


13. Liquid 2 Ventures

  • Website: liquid2.vc
  • Type: Venture Capital
  • Headquarters: San Francisco, California, United States (USA)
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 91
  • LinkedIn: liquid-2-ventures

Liquid 2 Ventures is a venture capital firm based in San Francisco, California, founded in 2015. The firm specializes in investing in technology startups at the pre-seed and seed stages, as well as growth-stage companies. They provide capital, mentorship, and access to a vast network of industry insiders to help founders navigate their entrepreneurial journeys. Notably, Liquid 2 Ventures has invested in several health insurance-related companies, including Sana Benefits, which raised $60 million in Series B funding in June 2022 and previously in a pre-seed round in August 2017. They also invested in Evry Health, which raised $120,000 in a seed round in March 2018. Additionally, they have backed Lively, a health savings account provider, with significant investments in both seed and Series B rounds. These transactions highlight Liquid 2 Ventures' active role in the health insurance sector, particularly in supporting innovative solutions that enhance healthcare access and affordability.


14. Hilb Group

  • Website: hilbgroup.com
  • Type: Corporate
  • Headquarters: Richmond, Virginia, United States (USA)
  • Founded year: 2009
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: hilb-group

Hilb Group is a corporate insurance agency and consulting firm based in Richmond, Virginia, founded in 2009. With a workforce of 1001-5000 employees, they provide a comprehensive range of insurance products and HR consulting services tailored for both businesses and individuals. Their offerings include specialty insurance programs across various industries and employee benefits services. Notably, Hilb Group has made strategic acquisitions to bolster their presence in the health insurance market, including the acquisition of Endeavor Insurance Services in December 2016, which specializes in group health and employee benefits. This acquisition aimed to enhance their benefits capabilities and expand their footprint in South Carolina. Additionally, their acquisition of Cook & Company Insurance Services in August 2022 further emphasizes their commitment to enhancing employee benefits offerings, particularly in the New England region. These transactions highlight Hilb Group's active involvement in the health insurance sector, making them a significant player in this space.


15. Gaingels

  • Website: gaingels.com
  • Type: Venture Capital
  • Headquarters: Burlington, Vermont, United States (USA)
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 60
  • LinkedIn: gaingels

Gaingels is a venture capital firm founded in 2015, based in Burlington, Vermont, dedicated to investing in companies with diverse leadership. The firm provides capital and support to startups, particularly those led by underrepresented groups, to foster diversity and inclusion in the innovation economy. Gaingels has been involved in several notable transactions in the health insurance sector, including a $6 million investment in Collective Health in 2014, which focuses on simplifying health benefits for employers and employees. Additionally, they invested $45 million in Pie Insurance in 2019, a company that offers workers' compensation insurance, which is closely related to health insurance. These investments highlight Gaingels' commitment to supporting innovative companies in the health insurance space while promoting diversity and inclusion in the industry.


16. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization founded in 1956, based in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. IFC operates in over 100 countries, addressing poverty and promoting sustainable development. In recent years, IFC has made significant investments in the health insurance sector, including a Series B funding round for Onsurity, an Indian company that provides monthly subscription-led employee healthcare benefits, raising $24 million to enhance its technology solutions for claims processing. Additionally, IFC invested in Roojai, a Thailand-based InsurTech startup, which aims to improve insurance offerings and customer experience. These transactions highlight IFC's role in fostering innovation and access in the health insurance market.


17. Goldman Sachs

  • Website: goldmansachs.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 59
  • LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm founded in 1998, headquartered in New York, New York, USA. With a workforce exceeding 10,000 employees, Goldman Sachs provides a comprehensive range of services including investment banking, asset management, and wealth management. They cater to a diverse clientele, including corporations, financial institutions, and individuals, helping them navigate complex financial challenges. In the health insurance sector, Goldman Sachs has been involved in several key transactions, such as participating in a $1.25 billion post-IPO debt raise for Humana in November 2022, and leading a funding round for Oscar Health in April 2015, where they contributed to a $145 million investment that valued the company at $1.5 billion. Additionally, they participated in post-IPO secondary transactions for Medi Assist and PolicyBazaar, further solidifying their role as an active investor in the health insurance industry.


18. Silicon Valley Bank

  • Website: svb.com
  • Type: Venture Capital
  • Headquarters: Santa Clara, California, United States (USA)
  • Founded year: 1983
  • Headcount: 5001-10000
  • Number of deals in 2024: 31
  • LinkedIn: silicon-valley-bank

Silicon Valley Bank (SVB) is a commercial bank founded in 1983, located in Santa Clara, California. It specializes in providing financial services to the innovation economy, particularly targeting tech startups and venture capital firms. SVB offers a range of products including business banking, global payments, and asset management, helping clients navigate financial challenges and support their growth. In the health insurance context, SVB has been involved in several significant transactions, such as providing debt financing to Troy Medicare, which raised $10 million in February 2022, and participating in Series A funding for Breeze, which raised $10 million in August 2021. Additionally, SVB played a role in the funding rounds for Pie Insurance, a company that raised $118 million in Series C funding in March 2021, and $127 million in a Series B round in May 2020, aimed at expanding its offerings to small business owners. These transactions highlight SVB's commitment to supporting innovation within the health insurance sector.



Health Insurance Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
HUB InternationalChicago, Illinois, United States (USA)10001+199837
Y CombinatorSan Francisco, California, United States (USA)51-2002005802
AssuredPartnersOrlando, Florida, United States (USA)10001+20117
Plug and Play Tech CenterSunnyvale, California, United States (USA)501-10002006253
500 GlobalSan Francisco, California, United States (USA)201-500201098
Deep Tech Fund (an Alumni Ventures Fund)Manchester, New Hampshire, United States (USA)51-2002023258
StartUp HealthNew York, New York, United States (USA)11-5020110
Gallagher Healthcare Ins SvcHuntersville, North Carolina, United States (USA)1-1019529
Government of CanadaCanada, Kentucky, United States (USA)10001+1999137
General CatalystSan Francisco, California, United States (USA)51-2002000144
World Insurance Associates LLCWoodbridge Township, New Jersey, United States (USA)1001-5000201211
New Enterprise Associates (NEA)Menlo Park, California, United States (USA)51-200197757
Liquid 2 VenturesSan Francisco, California, United States (USA)1-10201591
Hilb GroupRichmond, Virginia, United States (USA)1001-500020094
GaingelsBurlington, Vermont, United States (USA)11-50201560
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
Goldman SachsNew York, New York, United States (USA)10001+199859
Silicon Valley BankSanta Clara, California, United States (USA)5001-10000198331


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