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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity. -
The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.
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The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.
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The Inside P&C news team runs you through the earnings results for the day.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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The InsurTech announced a strategic partnership with Allstate to combine the companies' expertise in small business insurance, and a stronger reinsurance relationship with Allianz.
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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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There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.
