Personal auto

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”.

Lemonade will acquire Metromile in an all-stock transaction that implies a fully diluted equity value of approximately $500mn.

Fronting carrier Obsidian Insurance has signed a deal with InsurTech MGA Loop to launch a new personal auto insurance product powered by artificial intelligence, Inside P&C has learned.

Personal lines giant Allstate is increasing rates for its auto insurance business in response to rising loss severity that has hit the segment, the firm’s CEO Tom Wilson said.

The personal auto product enables customers to bundle car insurance with home, pet and life policies.