Allianz has invested more in Boston-based homeowners insurance platform Openly and expanded a reinsurance partnership.

Openly, founded in 2017, says the new capital and reinsurance structure fortifies its balance sheet for expansion into more US states. The amount was not disclosed.

The insurtech previously raised $US193 million ($269.92 million) in January last year – a round Allianz also participated in – and $US100 million ($139.85 million) a year earlier.

Allianz X North America senior manager Niklas Mundorf said: “We are deepening our commitment to elevate Openly and better serve this key market segment.

“Openly is revolutionising homeowners insurance with a disciplined, scalable underwriting model ... yielding strong loss ratio results despite high natural catastrophe activity in the US in recent years.”

Openly has more than 60,000 agent partners across 24 US states, according to co-founder and CEO Ty Harris, who previously spent more than 12 years at Liberty Mutual Insurance.

Previous investors Eden Global Partners, Advance Venture Partners and Gradient were also in the latest investment round.

“We’ve demonstrated the effectiveness of our approach,” Mr Harris said.

“This strengthened partnership with Allianz Re, alongside continued support from our investors, accelerates that commitment: more states, more products and a stronger platform for every agent who chooses to build their book with us.”