Operations/tech

It is understood that most of the cuts affected employees in the sales and marketing division.

The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.

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.

The carrier forecasts to incur a pre-tax $51mn-$56mn restructuring charge in Q4 and the remainder in 2023.

The withdrawals of the activist investors have come just three days before the insurer’s annual shareholder meeting.

Inside P&C’s news team runs you through the key highlights of the week.

The members were unanimously selected by the board as part of its multi-year succession planning process.

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.

The carrier has called this month’s vote ‘a critical moment in Argo’s history’.

The new consulting arm will be led by Risk Strategies executive vice president John Greenbaum.

The amount will be paid in one installment of $200,000, two of $100,000 and a final $175,000 payment over the next 18 months.