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Insurance stocks mixed following swath of earnings results; Aon gains nearly 7% in Friday trading. -
Harper’s comments follow Kin and Omnichannel mutually agreeing to terminate their previously announced SPAC merger deal due to 'unfavorable market conditions'.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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The parties decided to terminate the business combination agreement due to “current unfavorable market conditions”.
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Woodruff Sawyer noted that the SEC, Finra, and the DoJ are likely to continue focusing on the SPAC market in 2022.
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Aggregate settlements during 2021 amounted to $1.8bn, falling 18.2% from the $2.2bn aggregate amount in 2020, Nera data showed.
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The InsurTech’s stock traded at $28.25 by midday Tuesday, down from its $163.93 peak in February 2021.
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For the SPAC market, sources said that prices should continue to harden, while D&O rates are expected to stabilize amid a capacity flush.
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InsurTechs continue to get battered as markets enter correction territory, but broader industry holds up amid wide declines.
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The share price of the auto InsurTech plunged after the company said it was cutting its headcount by 330 staffers, or about 20% of its workforce.
