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Inside P&C’s news team runs you through the key highlights of the week.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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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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CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.
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The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.
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The CEO added that Root was in a “very conservative stance” with its loss trend assumption, as the actual numbers seen right now were lower.
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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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The company reported a 56.8% improvement YoY in its operating losses along with a 33% decline in auto policies in force.
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The company’s adjusted loss ratio, net of XoL reinsurance recoveries, was 46.4% for the third quarter, down 35.1 points from Q3 2021.
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The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.
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Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.
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Investors including AV8 Ventures, Markd, Startup Venture Capital and Maiden Re also participated in the round.