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The Manheim Used Vehicle Value Index dropped 9.2% year-on-year, to 204.0.
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The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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Over $1bn in claims had been paid as of November 30, 2023.
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Rates are generally cheaper than the admitted market.
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Lamb’s previous position was controller with Kin Insurance.
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The insurer said it will continue to renew existing homeowners’ business.
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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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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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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.