InsurTech

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?

The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.

The round was co-led by existing investors Craft Ventures and Valor Ventures.

In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.

The company’s $5mn seed funding round in January 2022 was led by Nyca Partners, with participation from Muir Capital, QED Investors, Sidekick Partners and Moving Capital.

New risk transfer platform will allow MGA, InsurTech, embedded insurance customers cost-effective path to building “full-stack” insurance operations

The AI-driven platform, backed by Rubicon, Oak HC/FT and Optum, will offer customized pricing for physicians and real-time quoting and binding for brokers.

Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.

The hire comes more than a year after founder and former CEO John-Isaac Clark’s departure amid workforce reductions in July 2022.

Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.

Lisa Hric will be tasked with leading Inshur's nationwide expansion and further bolstering the profitability of its portfolio.