InsurTech
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In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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AI-centered InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.
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The company raised $7mn in a Series A in January 2021.
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The company is understood to be working with Ardea Partners.
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It is understood that the company needs to secure cash within less than 30 days.
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Farmers is working with Jetty to help ensure a smooth transition.
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The company has retained Tony Ursano’s IAP for the raise.
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Attendees noted the increased presence of service providers and carriers.
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Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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The agency cited the InsurTech’s material underwriting losses in 2023.
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This publication revealed that the company was raising capital earlier this year.
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The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.
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The InsurTech will push for its services segments as main growth drivers.
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It’s unsurprising, following the Corvus-Travelers transaction.
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Fourth-quarter results saw larger profits, but 2024 guidance was subdued.
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The company has raised a total of $16mn in funding to date.
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The latest development comes on the heels of the Corvus-Travelers deal.
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Root’s improved results make it an attractive acquisition, not a comeback story.
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The InsurTech’s shares gained over 50% in value on Thursday.
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In September 2023, Cowbell made the same number of staff cuts.
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The price movement came amid a tech stock rally on Wall Street.
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The company posted favorable development in the last quarter of 2023.
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Bill Fahrner most recently served as CUO at Joyn Insurance.
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The company’s book is being run off by Boost Insurance.
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The company would ideally like to target a minority investment.
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The company provides a platform for brokers to value, buy and sell books of business.
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The company's reinsurance panel has expanded to over a dozen risk capital providers.
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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.
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Koffie began work on a sale earlier this month following major layoffs.
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It is understood that the InsurTech began fundraising late last year.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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The company also increased participating reinsurers to 19 from 14.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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The firm’s primary coverage includes general liability, workers’ comp, professional liability, umbrella and inland marine, according to its website.
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A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
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In her new role, Kozel will lead all sales and distribution efforts for Cowbell east of the Mississippi.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The decision is based on the belief that the clarity provided under the old structure outweighs the benefits of the co-CEO structure that was put in place two years ago.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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Mulberri will use the capital to expand its small and medium enterprise offerings, serving the risk needs of SMEs.
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The executive joins Cover Whale after over two years at Bermudian SiriusPoint, where he was EVP and global CTO.
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The new trade organization seeks to promote responsible use of technology, collaborate with regulators on consumer protection and make insurance more available, affordable and accessible.
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The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.
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Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.
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Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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A quick roundup of this week’s biggest stories.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The company distributes insurance through leading national commercial broker partners and currently focuses on manufacturing, agriculture and the construction industry.
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The Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company is now open to accepting homes up to 75 years old, and future effective date requirements have been reduced to one day.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.
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The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.
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The Inside P&C news team runs you through the earnings results for the day.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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The InsurTech announced a strategic partnership with Allstate to combine the companies' expertise in small business insurance, and a stronger reinsurance relationship with Allianz.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
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The round was co-led by existing investors Craft Ventures and Valor Ventures.
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In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
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The company’s $5mn seed funding round in January 2022 was led by Nyca Partners, with participation from Muir Capital, QED Investors, Sidekick Partners and Moving Capital.
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New risk transfer platform will allow MGA, InsurTech, embedded insurance customers cost-effective path to building “full-stack” insurance operations
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The AI-driven platform, backed by Rubicon, Oak HC/FT and Optum, will offer customized pricing for physicians and real-time quoting and binding for brokers.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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The hire comes more than a year after founder and former CEO John-Isaac Clark’s departure amid workforce reductions in July 2022.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Lisa Hric will be tasked with leading Inshur's nationwide expansion and further bolstering the profitability of its portfolio.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Parent Cowbell Cyber launched the E&S carrier a little over a year ago as part of Cowbell’s transition from an MGA to a full-stack insurance carrier.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
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Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The platform enables users to create, manage and archive live transaction conversations across deals and across companies in one place.
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Canopius’s investment was made as part of a broader round of financing with participation from a number of new and existing investors including RRE Ventures, Fin Capital, and IA Capital Group.
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Nearly half of the over 300 small business owners and CEOs surveyed say the US economy has improved.
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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise.
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Foglietta was previously an executive VP and CFO of global operations and technology at Chubb.
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Despite “strong” policy growth and a successful culling of discretionary expenses, "more substantial” action was needed to reduce costs at the cyber InsurTech, its CEO said.
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Inside P&C’s news team brings you all the top news from the week.
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Coalition also announced the formation of a dedicated $300mn reinsurer, Ferian Re, in partnership with BDT Capital Partners.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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As part of the transaction, Eden Global Partner's CEO David Dwek has joined Openly's board of directors.
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The additional investment makes this the largest ever Series B round for an InsurTech, according to the firm.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The shareholders are among the company’s top 10 largest and hold nearly 2.5% of outstanding shares.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that Morgan Stanley was selected as lead underwriter in the process, with Q1 seen as the likeliest timing for a listing.
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The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.
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The executive said the company will likely start with builders’ policies and then gradually continue to other segments.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The story will play out through bankruptcy court filings, but other exposed players and segments will be on watch for ratings agency findings and legal action.
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Schawe joins the San Francisco-based brokerage after over four years at Marsh, where he was managing director and head of office.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive joined the San Francisco-based brokerage in 2020 after almost six years at MCM, where she was marine account manager.
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The policies are issued by At-Bay Specialty Insurance Company, the Delaware-based E&S insurer the InsurTech acquired from XL America in January.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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In Q2, 80% of Hippo’s cat losses were caused by five major wind and hail events in Colorado and Texas.
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Intact Ventures led the latest funding round, and Lightspeed Venture Partners, General Catalyst and Founders Fund also took part.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO said he expects the total number of policies from the October takeout to “be substantially lower than 100,000”, roughly around 30% to 50% of the approved figure.
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In the quarter, Root saw its auto policies in force shrink 31.5% to 203,840, though they were up slightly from 199,685 policies in Q1 2023.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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In addition, Pelican founder and TigerRisk executive chairman Rod Fox has joined Nsure’s advisory board.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The promotion caps an “extensive internal and external search” following the departure of former CEO and founder Matt Miller last year due to health reasons.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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The capital injection comes over a year after Sigo Seguros raised $5.4mn in its seed funding round, co-led by Listen Ventures and Chingona Ventures.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the Atlanta-based InsurTech is likely to explore a dual track, with a potential sale looked at alongside the IPO.
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Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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Velocity Specialty Insurance Company will operate across all 50 US states.
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After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The announcement follows reports that Root has filed a lawsuit against Embedded related to the violation of a non-disclosure agreement.
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VC General Catalyst will finance up to 80% of Lemonade’s customer acquisition costs (CAC) and receive a “synthetic commission” of up to 16% of the premiums.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The suit is related to the violation of a non-disclosure agreement between the parties.
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The funding round was led by Caffeinated Capital, with participation from Emergence Capital and Pear VC.
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The ratings downgrade follows the departure of former CEO Marty Young and a round of layoffs in April.
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The latest round brings its total capital raised to date to $11mn.
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Bruce Lucas added that the company is no longer pursuing a Series B round.
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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There has been no official response from Root, but Inside P&C took a look at the company reportedly making the takeover bid, Embedded Insurance.
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The platform will connect MGAs with capacity from a wide range of providers.
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The credit facility builds on the funding Slide secured in its $105mn venture-backed Series A round, which closed in November 2021.
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The programme was "oversubscribed on all dimensions”, the company said.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This would be a premium to Root’s closing price on Tuesday of $6.02 per share, which gives the company a market value just north of $80mn, significantly below its peak of roughly $7.5bn.
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The Salt Lake City-based InsurTech said Canopius will join Scor, which has been providing underwriting capacity to Measured.
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Adir founder Barry Karfunkel will join Precedent's board of directors and serve as chairman of the board.
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InsurTechs are still the most heavily shorted among P&C names, though they likely have been beneficiaries of a short squeeze for most of 2023.
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InsurTech players shift attention to embedded solutions and MGA/MGU strategies at the Insurtech Insights conference.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Branch faces the same issues as others in personal lines, as it tries to gain control of loss ratios and achieve rate adequacy.
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There are two camps of InsurTechs raising capital currently: the ones who need it and may not get it and the ones who have it and want more of it.
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Duck Creek has appointed Chris McCloskey as chief operating officer.
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The company is raising a sidecar through JP Morgan for additional capacity from outside investors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The reinsurance tower protects the company to the 185-year return period, reduces retention to $5mn, includes all perils coverage, multi-year and third event protection.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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The InsurTech has identified over $25mn in annual expenses to eliminate since February.
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He has also worked in operational and innovation roles at Catlin, XL Catlin and Axa XL.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company’s gross written premiums totaled $83.2mn in Q1 2023, marking a 54% increase year on year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21.
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The round was led by Tokio Marine and included MetLife Next Gen Ventures, Malaysia's sovereign wealth fund Khazanah Nasional and new and existing shareholders.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Boston-based cyber MGA also reported premium growth of 80% last year compared with 2021.
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Morgan Stanley served as exclusive financial adviser to Neptune. Howden Tiger Capital Markets & Advisory acted as financial adviser to Bregal Sagemount and FTV.
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Hippo’s gross loss ratio remained unchanged at 76% and its net loss ratio rose 23 points to 273% as the InsurTech was hit by catastrophic events in Q1, mainly in California.
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InsurTech carriers pivot to profitability vs growth.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company is seeing high single-digit loss cost trends, so the carrier will file for rate ‘even in states where we at target’.
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The company’s reinsurance structure is “almost entirely renewing at 1 July”, Bixby said.
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Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.
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The InsurTech slimmed its net loss to $65.8mn during the quarter, compared to $74.8mn in Q1 2022, as it grew both GWP and premium per customer.
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The InsurTech slashed its operating loss by 59% year on year to $29.8mn, as gross loss ratio narrowed by 12.6 points to 71.5%.
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He will also join the board of At-Bay Specialty Insurance Company.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Last month, the company hired former SiruisPoint COO Gangu as president, reporting to the CEO.
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AM Best is confident in At-Bay's 5-year business outlook, partly due to the rapid growth seen in the cyber insurance market.
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Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The aborted listing is the latest piece of evidence around challenges in the listed InsurTech space.
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Howden Tiger Markets & Advisory and Swiss Re Capital Markets acted as joint structuring agents and joint bookrunners on the transaction.
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Sources suggested that the layoffs at Buckle are more severe than at other InsurTechs that instituted headcount reduction programs with a view to preserving cash.
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While there were sparks of cheerfulness among attendees, a careful reading of the room showed that rationalism is superseding optimism.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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If a deal is sealed, it will be the second biggest US MGA deal of the year-to-date following Amynta’s acquisition of Ambridge.
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Gangu was previously president of the insurance and services division and COO at SiriusPoint.
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Root’s challenges generate lessons for other InsurTechs, as its stock value crash leads to a management exodus, and the banking collapse dries up funding needed to balance cash burn.
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Recent data shows an increase in InsurTech short interest and a slight uptick for brokers and P&C insurers as a result of economic uncertainty following the banking crisis.
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It is understood that the company has mandated Nomura to raise the risk capital.
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The investment came from Geodesic Capital, QED Investors, and additional investors.
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An industry veteran of nearly five decades, the newly appointed independent director previously served as executive chairman for AIG's board of directors, and as the company’s CEO from 2017 to 2021.
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The Florida insurance carrier has grown its book rapidly through acquisition.
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The Texas Department of Insurance is not expected to conclude its revision and approve the filing before Q3.
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Inside P&C’s news team runs you through the key highlights of the week.
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A group of lenders have provided uninsured deposits of $30bn to support the ailing bank.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The fundraise comes just six months after the company raised $42mn in its Series A round, which was led by Foundation Capital, along with Aquiline Technology Growth.
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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Though insurers are not heavily invested in Silicon Valley Bank, Signature Bank, or in other regional banks at risk of contagion, the developing macroeconomic situation could impact P&C carriers more significantly.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company added that it currently has less than $7,000 in cash at SVB.
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The FDIC said that as of December 31, 2022, the bank had approximately $209bn in total assets and about $175.4bn in total deposits.
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Sentiment scores across US P&C segments dropped sequentially in Q4, though InsurTechs bucked the trend.
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The InsurTech filed its 2022 annual report with the SEC one day after it said it needed additional time to address the accounting in its Metromile takeover.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company expects to turn adjusted Ebidta positive by the end of 2024 with cash of at least $400mn.
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The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.
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Tesla understands the data-driven nature of insurance and is looking to grow its auto insurance exposure, but the focus is on cars first
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Binkley previously served as deputy CFO, chief accounting officer and principal accounting officer.
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Lemonade and Root both reported strong Q4 results, but will need to execute plans to near-perfection to turn things around.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The closing exceeded Altai’s initial target of $50mn, against the backdrop of a slowdown in investments in the InsurTech space.
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The executive also stepped down from the InsurTech’s board of directors on Monday.
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Inside P&C’s news team runs you through the key highlights of the week.
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Lemonade will lean more into growing its renter's book in 2023 than it has in the past while it waits to see the rate impacts in other books.
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CFO Rob Bateman said that loss ratio improvements and adjustments around cost structure will work to bring the cash burn down.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Embedded partner Carvana accounted for 41% of new writings in Q4 2022, plateauing from 38% in Q3 2022 and 27% in Q2 2022.
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The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.
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That brings its roster to 36 states, among which 16 were added in 2022.
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The insurance technology provider is expanding across the UK, DACH and France, after it reported a 71% increase in revenue in 2022.
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Inside P&C’s news team runs you through the key highlights of the week.
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The growth figure marked deceleration compared to previous quarters; the InsurTech’s GWP increased 71% YoY in Q3, 187% YoY in Q2 and 230% YoY in Q1.
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As we stand today, the InsurTech consolidation prophecy has not come to pass, even after a period of tanked valuations and dwindled access to capital.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The InsurTech will use the funds to expand its workforce and develop its technology.
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The combined company, Roadzen Inc, is set to be listed on the Nasdaq, with the deal expected to close in the second quarter.
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She will be responsible for providing strategic guidance for the organisation.
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The transaction is expected to close in the first half of the year subject to closing conditions and regulatory approvals.
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Marty Young co-founded the InsurTech with Dustin Walsey and had served as CEO since the company’s launch in 2017.
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It is understood that the private flood MGA has re-engaged Morgan Stanley to run its sales process.
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The InsurTech is accusing Brinson Caleb Silver and his alleged co-conspirators of executing a scheme which defrauded it of at least $9.4mn.
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The workers' comp specialist acquired a nationally licensed insurance company that has been renamed The Pie Insurance Company.
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For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.
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Prior to joining Newfront, Wagner worked as Marsh’s central zone growth leader, overseeing 18 offices throughout central US.
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The total raised for the InsurTech has now reached $24.5mn over the past 16 months.
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Backed by Coalition’s platform, CIC will begin quoting its admitted cyber products in some states starting March, with a national roll-out expected throughout 2023.
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The funding will be used to extend the distribution of its advanced commercial and high-net-worth flood insurance products, and to further hone its technology platform.
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The commercial InsurTech has initiated a search to find the next CEO.
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It is understood that most of the cuts affected employees in the sales and marketing division.
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AmFed’s Pie Development alleges that Pie co-founders Dax Craig and John Swigart misappropriated trade secrets which led to the founding of the InsurTech.
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Slide has sent a notice to agents that it is accepting new policies on its legacy admitted HO3 product.
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In tandem, Gregg Davis and Rob Glanville will join the cyber InsurTech as independent directors.
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The funding round was led by Bling Capital, and included angel investors such as Vantage Risk CEO Greg Hendrick and CRC Insurance president Garret Koehn
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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The InsurTech said it had raised its per occurrence limit by 32%.
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The new funding, which brings the company's total raised to more than $30mn, will be used to further enhance its technology platform and data capabilities.
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The InsurTech MGA plans to invest in people, development and marketing efforts to add agents to its surety bond platform.
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Under the terms of the deal, Duck Creek shareholders will receive $19 per share, or a 46% premium to the InsurTech’s closing stock price on Friday.
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The InsurTech Corridor helps UK InsurTechs to prepare for entry into the US market.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood the rationale around Coalition’s desire to sell Attune involved refocusing its story on cyber, where valuations have held up.
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InsurTechs use of “me-too” filings and competitor rates have us wondering, where is the innovation?
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The InsurTech has found “inappropriate” transactions made by a former senior employee.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive worked at CoreLogic after a 25-year stint in the broking business, including spells at Guy Carpenter and Holborn.
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The state is the second largest in the US for the number of licensed drivers, according to the InsurTech.
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The InsurTech embeds personal insurance at the point of sale, a process that can be done in as little as 20 minutes.
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The funding brings the company’s outside investment total to $19.8mn, including the $5.8mn raised in its seed round.
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Though Carvana’s financial situation might cause InsurTechs to think twice about an embedded partnership, the auto dealer’s woes could lead to an easing of loss cost pressures for personal auto insurers.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Media reports said a group of Carvana’s 10 biggest lenders holding around $4bn of the company's unsecured debt have made a three-month pact to act together in the case of restructuring.
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InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive will help define Next’s customer segmentation strategy as the company evaluates new industries to serve.
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Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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The management liability product provides coverage with limits up to $5mn for private businesses with up to $10mn in revenue.
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It is expected to begin rolling out in the first half of 2023.
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Across the P&C industry, sentiment expressed on Q3 conference calls has improved since pandemic lows.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive has served on the company’s board since 2017 but is looking to focus on venture capital interests.
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The operation will be led by global product VP Mitesh Chauhan, who joined the cyber risk modeling firm from Entrust.
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The cyber MGA promoted Dan Law to chief commercial officer, Theresa Le to chief claims officer and Neeraj Juneja to chief risk offer and finance SVP.
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Led by MassMutual, existing investors Newark Venture Partners and Cameron Ventures participated in the round, along with new investor Aperture VC.
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Inside P&C’s news team runs you through the key highlights of the week.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.
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The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.
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The CEO added that Root was in a “very conservative stance” with its loss trend assumption, as the actual numbers seen right now were lower.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company reported a 56.8% improvement YoY in its operating losses along with a 33% decline in auto policies in force.
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021.
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The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.
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Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.
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Investors including AV8 Ventures, Markd, Startup Venture Capital and Maiden Re also participated in the round.
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Progressive’s superior digital distribution and widening auto margins put it far ahead of the competition.
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Cover Genius has grown GWP to nearly $1.1mn a day since its last funding round in September 2021.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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Former Embroker COO Julie Zimmer has joined the leadership team as CEO as part of the fundraise.
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The executive joins the San Francisco-based brokerage after stints at Aon, Lockton and Chubb.
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SF: In his new role, the executive will lead the development of the commercial InsurTech’s insurance vertical products – particularly its cybersecurity, technology and privacy offerings.
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The five new states come in addition to Georgia and Illinois, where the InsurTech started operating earlier this year.
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The fundraise comes after the company raised $180mn of Series A funding last year.
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As the MGA market gathers today, cat property capacity looks set to dwindle further as Hurricane Ian exacerbates pre-existing challenges.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Hurricane Ian, interest rate impact and the cooling economy will be the main themes this earnings season.
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Ferian Re will be capitalized by an investor group led by BDT Capital Partners
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The commercial trucking insurer is now available in 27 states for its auto liability coverage.
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The intention to potentially sell Attune illustrates Coalition’s desire to refocus its story on cyber – where valuations have held best in harsh market conditions for InsurTechs.
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Since raising $75mn in a Series C funding in June, the company has launched offerings in two states and launched an insurance carrier.
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The executive, who had worked at the AI-driven platform for over four years, announced his departure on social media.
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Inside P&C’s news team runs you through the key highlights of the week.
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The proceeds will be used to drive business growth across broker networks and evolve product features.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Talks are in their relatively early stages, and there is market skepticism around prospects for a deal.
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For AUI, the partnership provides retail agents using its digital marketplace access to the InsurTech’s capacity.
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The InsurTech has launched in the UK after previously setting up shop in France, Germany and the Netherlands.
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Inside P&C’s news team runs you through the key highlights of the week.
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Some investors participating in the seed fundraise included SiriusPoint, Morgan Creek Capital, Tribe Capital and Exor.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said that rival MGAs on the platform were “concerned” following the At-Bay acquisition, which contributed to the exodus.
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The new executive’s primary focus will be serving clients in the consumer-packaged goods space.
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Themes from this year’s ITC conference in Las Vegas also included the exit of less educated investors, increased appetite for venture debt and the allure of cyber.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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It is understood that the company is being advised by boutique investment bank Stonybrook.
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The funding round is the largest for any US-based P&C InsurTech so far in 2022.
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Cowbell Specialty will augment the InsurTech’s existing panel of 15 reinsurance partners, without replacing any of the current programs.
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Bamboo has raised $75mn in financing since its 2018 founding to support organic growth in California.
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Small businesses and accountants can obtain insurance quotes and bind coverage without leaving their QuickBooks account.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The InsurTech’s stock price was down as much as 9% in after-hours trading following the announcement.
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Proxima provides software and back-office support from its offices in Santo Domingo, Dominican Republic and Quito, Ecuador.
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It is understood that the InsurTech is looking to raise approximately $200mn in debt.
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The policy will be available for small businesses with less than 250 employees and less than $100mn in revenue and total assets.
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The InsurTech said small businesses remain highly targeted, and having a remote workforce makes clients more vulnerable to cyberattack.
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The funds are expected to drive additional growth through market expansion and accelerate the deployment of Patra's technologies.
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Ambac’s Everspan Group has launched a program with InsurTech Centrex Underwriters, an MGA that offers liquor liability and general liability insurance products for the hospitality industry.
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Donavan was previously at Fin Capital as a venture partner leading the insurance segment, working on investment thesis development and deal sourcing.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The InsurTech’s investor day presentation highlighted several measures the company is taking to turn its results around, but will they be enough?
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The firm told investors it is targeting $420mn-$450mn in revenue by 2025 from $119mn-$121mn in 2022.
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Sean Park is joining the board of directors, while Matthew Jones is the company's new chief strategy officer.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The round was led by Foundation Capital, along with Aquiline Technology Growth.
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Listed InsurTech valuations have taken a battering this year as markets re-price tech stocks.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The team includes founding partners Michael Talmanson and Brian Kelleher, who will also serve as P&C EVP and SVP, respectively.
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The fund will primarily focus on early-stage investments in North America with an emphasis on insurance innovation.
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Through a quota share deal, FlyWheel will enable investors to support Accelerant’s portfolio of low-limit, low volatility commercial SME primary risks.
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Inside P&C’s news team runs you through the key highlights of the week.
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The company aims to build a platform that offers AI-driven policy recommendation and sales support to insurance agencies.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The InsurTech is rapidly expanding its leadership, having announced two C-suite level recruits in May.
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