Metromile
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The private equity-backed retail brokers have lessons to teach the sector’s tech start-ups. -
Without any major catalysts, the short interest for the industry was muted, with movement centering around InsurTechs once again.
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Pressure on Root cools following stock price dips, but persistent short interest in InsurTechs suggests that prices haven’t bottomed out yet.
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Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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Pressure on the InsurTechs – specifically Root and Lemonade – is intensifying.
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InsurTech short interest dwarfs legacy insurers as they come under pressure to produce profits.
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Analysts downgrade Metromile stock after disappointing Q2 results, weakened forecast.
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Claims inflation, elevated cancelation rates and consumer behavioral changes weighed on the InsurTech’s Q2 performance.
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The InsurTech said it now expects to hit the 2021 target forecast of between $143mn to $176mn by the third quarter of 2022.
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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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Changes in short interest were muted despite large stock moves, including big rises at HCI and Lemonade.
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