Personal auto

The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.

Just over a quarter of shareholders voted to redeem shares as Aldel Financial took classic car underwriter public.

The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.

The Traverse City, Michigan-headquartered MGA began training Friday after a merger deal with SPAC Aldel Financial, valuing the business at around $3.1bn.

The classic car MGA had previously agreed on a SPAC merger deal with Aldel Financial.

the executive will oversee the MGA’s growth strategies, business planning, partnerships and execution, reporting to president of insurance Jack Butcher.

The Ohio-based InsurTech is also adjusting its prices models to expand modeled coverages and improve segmentation.

Inflation remains elevated as auto carriers take rate to mitigate the ongoing uptick in severity.

The auto InsurTech blamed the higher loss ratio on an industry-wide spike in frequency and severity trends, larger inflationary pressures and an increase in miles driven.

Lemonade expects that Metromile will be a key to run faster through a competitive auto insurance market while assuming fewer risks on the road.

InsurTech shares trade mixed in response to Lemonade-Metromile combination.

Lemonade CEO Daniel Schreiber told analysts that the Metromile acquisition will put the InsurTech “at the vanguard of car insurance”.