Start-ups

The fund will primarily focus on early-stage investments in North America with an emphasis on insurance innovation.

The former executive is looking for $40mn to $80mn of new capital, sources suggested.

Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.

It is understood that the outgoing exec left the company amid operational challenges and that the company has shrunk its workforce.

Industry veteran Beau Freyermuth worked at Hub International for 20 years before jumping to Newfront.

Clay Rhoades, formerly US E&S president, is named the new insurer’s CEO and will continue to report to Hamilton Insurance CEO Pina Albo.

Greenlight Re Innovations invests in platform that can provide on-demand, per-shipment cover.

The move is the latest in a flurry of steps Trean has taken to expand its presence in the white-hot programs market, and among a wave of fronting carriers that have entered the sector in recent years.

Carl Bauer-Schlichtegroll said InsurTechs in the IPO market attracted a lot of investors who did not understand the complexities of the insurance market.

The Floridian InsurTech will use around $50mn for policyholder surplus, sources said.

The new workplace will house the firm’s US cyber and transactional liability teams.

Jon Hutchens has been a tax lawyer for the last 14 years, most recently serving as a partner at Dentons.