Personal auto

Sources said the Japanese insurer will pull back from the California personal auto market in June 2025 as it is set to exit the state’s admitted personal lines market on June 1, 2026.

Motor vehicle insurance price increases moderated to 16.9% from 17.1% in May, while the all-items CPI slowed to 3.0% from 4.0%.

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The decision applies only to policies issued through the company’s exclusive agency distribution channel.

The capital injection comes over a year after Sigo Seguros raised $5.4mn in its seed funding round, co-led by Listen Ventures and Chingona Ventures.

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The drop was among the largest declines in the index’s history and the largest since the onset of the pandemic in April 2020.

Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).

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The fundraising includes $80mn of convertible preferred equity, which closed on June 23rd, as well as $25mn of long-term debt financing for Hagerty Re.

Used car and truck prices declined 4.2% year on year in May, while new vehicle prices rose 4.7% in the period.

This marked the third month-on-month drop in 2023.