Personal Lines
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InsurTech Arbol has set up a new program with RealTimeRental, a holiday home management software provider, to sell parametric weather insurance against the risk of a rainy day.
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Winter storm losses pushed the carrier’s loss ratio for Q1 to 120%.
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In its earnings statement, the carrier described the Texas freeze as an “extreme stress test” for its operations and financial model.
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SageSure will place the cover on behalf of SureChoice Underwriters Reciprocal Exchange.
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The raise takes the company’s total funding to over $116mn.
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Metromile will buy $10mn in bitcoin later this quarter, in a move the InsurTech said would help promote the financial resilience of policyholders.
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The investor-turned-blogger is seeking early-stage funding and carrier partners.
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Allstate will keep the brand going while putting advertising dollars behind its core direct business.
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The carrier made an operating loss of $94.3mn over the three-month period.
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Net investment income surged more than threefold to $673mn.
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Net written premiums at the carrier were down 0.4% in the quarter to $950mn.
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Kemper Insurance reported a 46% year-on-year dip in operating profits for the first quarter of 2021, as natural catastrophe claims weighed on the company’s results.
