Kovr Seguradora

What Kovr Seguradora does

Kovr Seguradora is a Brazilian general insurance carrier (Seguradora de Ramos Gerais) operating under a B2B2C white-label model, headquartered at Pátio Victor Malzoni on Faria Lima in São Paulo. The company was re-formed in 2020 from InvestPrev and Invest Capitalização, then acquired by Banco Máxima (via Holding SegPar) and led by a team drawn from BTG Seguradora (CEO Thiago Leão de Moura), Berkley Brasil (COO Eduardo Viegas), and THB Group (CCO Renato Rennó). Its core products span life, accident, property, civil liability, surety, creditor, capitalization, and a growing set of digital-risk covers including Pix fraud, protected card insurance, home office, and energy efficiency — all co-designed with enterprise partners and distributed under the partner's brand.

The underlying technology is a proprietary in-house insurance platform built from scratch during the pandemic, supporting end-to-end policy issuance, customization, API-embedded distribution, and concierge fraud resolution. All technology is developed internally. The platform enabled Kovr to scale from 45,000 to over 2.5 million annual policies while reducing the average premium ticket from R$1,300 to R$195 per year. Distribution flows through three channels: a white-label enterprise channel (12 major clients including PicPay, XP Investimentos, Banco Modal, Sem Parar, FLYTOUR, Kikkin, ON Tecnologia and IBPP), an API-embedded fintech/banking channel, and a nationwide broker (corretor) network via portal.kovr.com.br, with a legacy base of more than 3,000 brokers.

Kovr generates revenue predominantly through recurring insurance premiums on mass-market micro-policies and customized B2B policies, plus one-time capitalization-title sales (CAP Aluguel, CAP Incentivo, CAP Filantropia) handled through Kovr Capitalização S.A. Group revenue approached R$2 billion at year-end 2023, the Seguradora entity alone quadrupling revenue over three years (190% YoY growth in H1 2023). The company also addresses emerging digital-payment risks in Brazil (Pix fraud indicators exceeded 739K in H1 2022) and renewable-energy project risk alongside the Inter-American Development Bank, positioning itself as a technology-led challenger to traditional Brazilian insurers.

Name

Kovr Seguradora

Legal name

Kovr Capitalização S.A.

Website

https://kovr.com.br

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Kovr Seguradora is a Brazilian B2B2C white-label insurance carrier that co-designs and underwrites customized insurance and capitalization products for enterprise partners (banks, fintechs, retailers, mobility platforms), distributes them via APIs and broker portals under the partner's brand, and uses an in-house platform to issue high-volume micro-policies across Brazil.

Ownership category

akta.pro rank

Product category

Insurance

NAICS

Insurance Carriers and Related Activities (524), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Life, Health, and Medical Insurance Carriers (52411), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Fire, Marine & Casualty Insurance (6331), Life Insurance (6311), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Mid-Market Commercial Package (Package Policies) (FSAJAFAB)

Keywords

• White-label insurance
• Corporate insurance products
• Embedded insurance platform
• Brazilian insurance provider
• B2B2C insurance distribution

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums (B2B2C): Collection of insurance premiums from mass-market and enterprise policies issued through white-label partnerships. Revenue grew fourfold in three years, driven by high-volume, low-ticket policies (average R$195/year). Includes life, accident, property, financial, liability, and specialized digital protection products.
2. Capitalization Titles: Issuance of capitalization products (CAP Aluguel, CAP Incentivo, CAP Filantropia) that combine savings/subscription mechanics with prize drawings. Generates upfront single payments with potential redemption at maturity.
3. Corporate Insurance Solutions: B2B insurance solutions sold to enterprise clients across segments (financial, retail, services) under white-label arrangements. Includes surety bonds (Seguro Garantia), D&O, E&O, professional liability, and business property insurance.
4. Embedded Digital Insurance (Pix & Digital Wallet Protection): Micro-premium products embedded in fintech/digital bank platforms, covering Pix fraud, digital wallet theft, mobile phone loss, and cyber risks. Low-ticket products (from R$4.90/month) distributed through partner APIs.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Kovr Seguradora is a Brazilian general-lines insurance company (Seguradora de Ramos Gerais) operating a B2B2C white-label model. It designs, underwrites, and distributes corporate life, accident, property, financial, and civil liability insurance, along with capitalization products, through digital partners such as fintechs, banks, and consumer platforms. The company leverages a proprietary technology platform to embed insurance offerings into partner ecosystems.

Product overview

Kovr Seguradora operates as a multi-strategy insurance group offering white-label B2B2C insurance solutions across Brazil. The portfolio includes corporate insurance products (life, accident, property, financial, civil liability), capitalization products (rental guarantee, incentives, philanthropy), and specialized offerings like Pix protection, home office, and energy efficiency insurance. Products are developed in partnership with clients under a white-label model, targeting financial institutions, fintechs, retailers, and corporate clients. The company has expanded from 45,000 to 2.5 million policies issued annually while reducing average premiums from R$1,300 to R$195 per year, democratizing insurance access.

Differentiator

Problem solved

Functional benefit

Brands

• Kovr Seguradora: General insurance company (Seguradora de Ramos Gerais) offering life, accident, property, financial, civil liability, and capitalization products under white-label B2B2C model.
• Kovr Prev
• Kovr Cap / Kovr Capitalização

Quantifiable outcome

• Revenue quadrupled in three years; approaching R$ 2 billion group-wide at year-end 2023
• +5 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• IBPP (Instituto Brasileiro de Proteção ao Patrimônio)coreStrategic or Co-development Partner · 17 March 2023IBPP, a company offering personalized insurance and legal advisory services for physicians and clinics, partnered with Kovr Seguradora backed by international reinsurance to expand its capacity in the Brazilian market. IBPP is part of Aplanadora Holdings (US-based venture capital with 40+ years globally and ~US$25 billion in managed risk). Kovr's COO Eduardo Viegas called it an 'incredible opportunity' that will improve product and service quality for collective clients.
• PicPaycoreStrategic or Co-development PartnerKovr co-developed the 'Pix & Conta' insurance product with PicPay to cover Pix operations performed under coercion or mobile phone theft. PicPay customers are direct beneficiaries of this product. PicPay is also listed as a partner for the Protected Card Insurance.
• Banco Interamericano de Desarrollo (BID)minorStrategic or Co-development PartnerKovr partnered with the Inter-American Development Bank to launch an energy efficiency insurance program in Brazil. The partnership enables access to financing support from national and international development banks, including the BID, for solar and renewable energy projects covered by Kovr insurance.
• Banco ModalminorGTM or Marketing PartnerBanco Modal is a partner for Kovr's CAP Incentivo promotional capitalization program. Modal uses the product to run promotional campaigns with prize distribution for its customers.
• XP InvestimentosminorGTM or Marketing PartnerXP Investimentos is a partner for protected card insurance products, with XP's customers as beneficiaries of the coverage.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• 180 Seguros: Brazilian digital insurance broker/marketplace offering customizable policies across multiple lines. Directly comparable to Kovr's B2B2C digital distribution model in the Brazilian market.
• Akko: Brazilian insurtech specializing in embedded gadget and electronics protection distributed via partners. Closely mirrors Kovr's embedded insurance model for digital risks at micro-premium price points.

Emerging players

• Justos: Brazilian auto insurtech using telematics-based pricing. Adjacent peer sharing the 'Brazilian insurtech challenging incumbents' thesis, though focused on a single line (auto).
• Pier: Brazilian auto insurtech using data-driven underwriting. Compares to Kovr as a fellow technology-led Brazilian insurance challenger, though concentrated in the auto line.

Broad incumbents

• Porto Seguro: One of Brazil's largest insurers offering auto, home, life, and business insurance. Comparable as a broad incumbent general insurer whose multi-line, broker-distributed model contrasts with Kovr's embedded-first approach.
• SulAmérica: Major Brazilian insurer with broad P&C, life, and health offerings. Comparable as a diversified incumbent general insurer whose portfolio breadth parallels Kovr's multi-line white-label strategy.
• Tokio Marine Seguradora: Brazilian subsidiary of Tokio Marine, a global insurer. Comparable as a broad incumbent operating across commercial and consumer lines in Brazil.
• Mapfre Brasil: Brazilian arm of global insurer Mapfre, offering P&C and life products. Comparable as a diversified incumbent general insurer operating through broker and partner channels in Brazil.

Others

• BTG Pactual Seguradora: Brazilian insurer previously led by Kovr's current CEO (Thiago Leão de Moura). Connected through executive lineage and shared focus on embedded financial-services-linked insurance products.
• Berkley Brasil Seguros: Brazilian specialty insurer previously led by Kovr's current COO (Eduardo Viegas). Connected through executive lineage and comparable as a specialty commercial-lines underwriter in Brazil.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/kovrseguradora
• LinkedInlinkedin.com/company/kovr-seguradora

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kovr Seguradora