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The transaction is expected to close in the first half of the year subject to closing conditions and regulatory approvals.
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Marty Young co-founded the InsurTech with Dustin Walsey and had served as CEO since the company’s launch in 2017.
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It is understood that the private flood MGA has re-engaged Morgan Stanley to run its sales process.
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The InsurTech is accusing Brinson Caleb Silver and his alleged co-conspirators of executing a scheme which defrauded it of at least $9.4mn.
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The workers' comp specialist acquired a nationally licensed insurance company that has been renamed The Pie Insurance Company.
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For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.
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Prior to joining Newfront, Wagner worked as Marsh’s central zone growth leader, overseeing 18 offices throughout central US.
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The total raised for the InsurTech has now reached $24.5mn over the past 16 months.
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Backed by Coalition’s platform, CIC will begin quoting its admitted cyber products in some states starting March, with a national roll-out expected throughout 2023.
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The funding will be used to extend the distribution of its advanced commercial and high-net-worth flood insurance products, and to further hone its technology platform.
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The commercial InsurTech has initiated a search to find the next CEO.
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It is understood that most of the cuts affected employees in the sales and marketing division.