Personal auto

The seller’s CEO previously noted InsuraMatch had problems with client retention but said annual losses of about $1mn were affordable.

The early January close rests on achieving regulatory approvals by the end of December.

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Observable real-time data for October show an estimated decline in auto accidents of 7%. This compares to initially hit months of March and April at 32% and 51% respectively.

The electric car manufacturer had earlier marketed the policy with an Elon Musk exclusion.

The carrier is expected to garner the highest IPO valuation of any InsurTech to date, overtaking Lemonade’s $1.6bn debut price tag.

Observable real-time data for September shows an estimated decline in auto accidents of 11%.

Every month we measure observable changes in auto accidents by compiling data from real-time state traffic accident databases.

Geico’s combined ratio came in at 77.2% down 18 points as frequency fell 24% to 30% across all product lines.

The car maker says it will file for regulatory clearance for the new insurance solution imminently.

The insurer is set to return around $80mn to customers under the scheme.

The deal marks the MGA’s first foray into assuming underwriting risk.