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The executive also stepped down from the InsurTech’s board of directors on Monday.

The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.

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

CFO Rob Bateman said that loss ratio improvements and adjustments around cost structure will work to bring the cash burn down.

Embedded partner Carvana accounted for 41% of new writings in Q4 2022, plateauing from 38% in Q3 2022 and 27% in Q2 2022.

The InsurTech is accusing Brinson Caleb Silver and his alleged co-conspirators of executing a scheme which defrauded it of at least $9.4mn.

On December 30, the company announced launching an investigation into a series of transactions made by a former senior employee in 2022.

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.

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

Though Carvana’s financial situation might cause InsurTechs to think twice about an embedded partnership, the auto dealer’s woes could lead to an easing of loss cost pressures for personal auto insurers.

Media reports said a group of Carvana’s 10 biggest lenders holding around $4bn of the company's unsecured debt have made a three-month pact to act together in the case of restructuring.

InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.