InsurTech
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Qomplx delays its SPAC vote until August 17, as investors revolt against the Hippo and Doma transactions.
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Financial executive Sandra Clarke is also joining the board, as famed Spac investor Betsy Cohen, who joined the group in February, steps down.
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Shares in the newly listed InsurTech were up just more than 1% on the day to $9.90 a share, but below the original $10 listing price of its merger partner, Reinvent Technology Partners Z.
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The InsurTech said it expects to raise over $550mn from the transaction, boosting the home insurer’s nationwide expansion.
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Willis’s Quarterly InsurTech Briefing shows investments raised more in H1 this year than the whole of 2020.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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Openly’s homeowners' insurance products will now be available on the Policygenius tech platform.
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The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
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Eric Gewirtzman, CEO of Bolt US, will become CEO of insurance exchanges for Bolttech and CRO Jim Dwane will succeed Gewirtzman as Bolt US CEO.
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Ty Harris, who left Liberty Mutual four years ago to launch Openly, says platforms that offer choice are what’s going to grow in the future.
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The company has tailored a product for MGA Homeowners of America with a streamlined claims process.
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The deal follows Bolttech’s $180mn Series A funding round this month.
