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The executive worked at CoreLogic after a 25-year stint in the broking business, including spells at Guy Carpenter and Holborn.
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The state is the second largest in the US for the number of licensed drivers, according to the InsurTech.
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The InsurTech embeds personal insurance at the point of sale, a process that can be done in as little as 20 minutes.
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The funding brings the company’s outside investment total to $19.8mn, including the $5.8mn raised in its seed round.
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Though Carvana’s financial situation might cause InsurTechs to think twice about an embedded partnership, the auto dealer’s woes could lead to an easing of loss cost pressures for personal auto insurers.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Media reports said a group of Carvana’s 10 biggest lenders holding around $4bn of the company's unsecured debt have made a three-month pact to act together in the case of restructuring.
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InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.