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Homeowners’ InsurTech Kin plans to expand staff, add products and move into new states with the new backing.
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The executive will oversee reinsurance partnerships, risk and portfolio management and drive new product development and innovation.
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Other investors participating in the funding included Valor Equity Partners and Felicis Ventures.
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Birnbaum’s experience spans more than 20 years in product, business operations, sales, marketing and strategy at companies such as GrubHub and Expedia.
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Delwinds Insurance Acquisition Corp is expected to pocket $201mn as part of the transaction, and its chairman and CEO Andrew Poole will sit on Foxo’s board.
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Core Specialty will operate as a hybrid fronting carrier, retaining a significant amount of the risk underwritten by the San Francisco-based MGU.
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Inside P&C’s news team runs you through the key developments from the past week.
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The InsurTech’s net loss doubled to $70.3mn during the fourth quarter of 2021 from a $33.9mn loss in Q4 2020 as its loss ratio jumped 22 points to 98%.
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The InsurTech’s auto policies-in-force shrunk 7% to $354mn from Q3, driven by its workforce termination and underwriting remediation.
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The company said the unfavorable prior period development was due to “a handful of older large losses for which we under-reserved”.
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Root’s chief product officer, Hemal Shah, notified the company of his intention to resign, effective March 18 in a fresh executive departure.