InsurTech

The carrier is consolidating its venture capital activity into asset manager MEAG.

The insurer has been under review with positive implications since March.

Full-stack carriers fail to outclass incumbents with no clear platform differentiation.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

The company plans to launch in New York and New Jersey next year.

The tech could quickly open the door to disruptors, and firms with poor data management will lose out.

More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.

Its partnership channel grew three times in new writings year-over-year.

CEO Rick McCathron also said the company is seeking to diversify its portfolio.

The company reduced its proportional quota share program from 55% to 20% cession.

The executive has been with the company for roughly one year.

The cyber business will continue to operate as a standalone entity.

The company said the reduction was due to years of steady improvements.

The Florida homeowners’ InsurTech went public today at $17 per share.

The carrier is pricing shares at the upper end of the range announced this month.

This is up from last year’s $1bn protection for its Florida treaty.

The deal triples Hippo’s new homeowner leads and extends Baldwin’s MGA capacity.

The Floridian is the third insurance company to go public in 2025.

The Series C brings the company's valuation to $2.1bn, its highest to date.

A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing.

He will also invest in the company.

Shares were down as much as 20% after Hippo posted a $48mn loss.

The Insurance Insider US news team runs you through the earnings results for the day.

The Nordic operations have capacity provided by Allianz Commercial.

The sale price represents Elephant’s approximate net asset value.

The specialty insurance platform has now exceeded $3.1bn in premiums.

The executive will also oversee premium audit and customer service.

The InsurTech was also removed from under review, negative.

It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.

Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.

The funding round valued the company at around $850mn.

Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.

The Insurance Insider US news team runs you through the earnings results for the day.

Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.

The company stopped writing new business last September and lost capacity from SiriusPoint.

The broker attributed the drop to smaller average deal sizes over the quarter.

The investment values Bolttech at $2.1bn and will enhance its global growth strategy.

The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.

The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.

Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.

The company also promoted Eric Biderman to general counsel.

The move comes amid improving conditions in the IPO market for insurance companies.

The MGA noted a 17%-20% price decline last year and expects similar for 2024.

The investment will be used to expand its product portfolio and continue global expansion.

Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.

Hippo shares were up 20%, while Root’s shares dropped over 20%.

Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.

The InsurTech’s cat weather loss ratio improved by 83%

Lea is responsible for Embroker’s underwriting practices, including paper and reinsurance relationships.

A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season.

A quick round-up of today’s need-to-know news, including Ryan Specialty and Skyward Specialty.

Annual InsurTech funding volume for H1 was $2.2bn, just below $2.3bn for H1 2023.

The carrier is looking to grow products with lower cat exposure such as renters and pet insurance.

A quick roundup of today’s need-to-know news, including AIG's earnings.

BHMS joins a group of Boost backers that includes Markel, Canopius US and management.

He will continue to act in his role as COO, global insurance operations.

The industry is mostly reluctant to raise capital with high interest rates, except for brokers.

Investor skepticism visible in stock prices and short interest data over first half of 2024.

The program is led by the same carriers as the expiring treaty.

Launched in 2021, Axis is both an investor and capacity provider.

Previously, the InsurTech only provided coverage in 15 states.

The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.

The offering is an admitted product for SMBs and non-profits.

Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.

The program includes all perils coverage and third-event protection.

The InsurTech had been pursuing strategic investment options, including a minority stake sale.

In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.

Arkin Holdings and Launchbay Capital also participated as new investors.

AI-centered InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.

The company raised $7mn in a Series A in January 2021.

The company is understood to be working with Ardea Partners.

It is understood that the company needs to secure cash within less than 30 days.

Farmers is working with Jetty to help ensure a smooth transition.

The company has retained Tony Ursano’s IAP for the raise.

Attendees noted the increased presence of service providers and carriers.

Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.

The company has raised over $185mn in funding.

The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.

The agency cited the InsurTech’s material underwriting losses in 2023.

This publication revealed that the company was raising capital earlier this year.

The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.

The InsurTech will push for its services segments as main growth drivers.

It’s unsurprising, following the Corvus-Travelers transaction.

Fourth-quarter results saw larger profits, but 2024 guidance was subdued.

The company has raised a total of $16mn in funding to date.

The latest development comes on the heels of the Corvus-Travelers deal.

Root’s improved results make it an attractive acquisition, not a comeback story.

The InsurTech’s shares gained over 50% in value on Thursday.

In September 2023, Cowbell made the same number of staff cuts.

The price movement came amid a tech stock rally on Wall Street.

The company posted favorable development in the last quarter of 2023.

Bill Fahrner most recently served as CUO at Joyn Insurance.

The company’s book is being run off by Boost Insurance.

The company would ideally like to target a minority investment.

The company provides a platform for brokers to value, buy and sell books of business.

The company's reinsurance panel has expanded to over a dozen risk capital providers.

Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.

The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.

Funding dropped from $8bn in 2022 to $4.5bn in 2023, a 43.7% decrease.

Koffie began work on a sale earlier this month following major layoffs.

It is understood that the InsurTech began fundraising late last year.

The parties also signed a release of claims arising from the Vesttoo fraud.

The company also increased participating reinsurers to 19 from 14.

The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.

The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.

It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.

The firm’s primary coverage includes general liability, workers’ comp, professional liability, umbrella and inland marine, according to its website.

A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.

If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.

Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.

In her new role, Kozel will lead all sales and distribution efforts for Cowbell east of the Mississippi.

The announcement closes the $435mn-deal which was announced in early November.

2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.

The decision is based on the belief that the clarity provided under the old structure outweighs the benefits of the co-CEO structure that was put in place two years ago.

The “convenience claims” route to payout will be limited to claims up to $200,000.

Mulberri will use the capital to expand its small and medium enterprise offerings, serving the risk needs of SMEs.

The executive joins Cover Whale after over two years at Bermudian SiriusPoint, where he was EVP and global CTO.

The new trade organization seeks to promote responsible use of technology, collaborate with regulators on consumer protection and make insurance more available, affordable and accessible.

The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.

Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.

Sources agree that there are others that could follow a similar playbook, but there are three key considerations to keep in mind when pursuing a strategic-on-InsurTech transaction.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

A quick roundup of this week’s biggest stories.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The company distributes insurance through leading national commercial broker partners and currently focuses on manufacturing, agriculture and the construction industry.

The Inside P&C news team runs you through the earnings results for the day.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The company is now open to accepting homes up to 75 years old, and future effective date requirements have been reduced to one day.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.

The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.

The Inside P&C news team runs you through the earnings results for the day.

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.

“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”

The InsurTech announced a strategic partnership with Allstate to combine the companies' expertise in small business insurance, and a stronger reinsurance relationship with Allianz.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.