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Ascend plans to allocate the funds to accelerate its growth strategy with tech investments and through talent recruitment.
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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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Root also issued BlackRock warrants equal to 2% of all issued and outstanding shares on a diluted basis at an exercise price of $9.00 per share.
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The parties decided to terminate the business combination agreement due to “current unfavorable market conditions”.
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The appointments come as the company grows the expanse of its offerings with point-of-sale and automotive financing.
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Oliver Delvos will lead Corvus’s office in Frankfurt, Germany, which is slated to open later in 2022.
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The Denver-headquartered broker took a stake in insurance software provider Highwing, surety bonds digital distribution agency Propeller and AI-powered platform Layr.
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The cyber insurance CEO said his company wrote $55mn in premiums in 2021.
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The cyber InsurTech also tapped Axis’s Dan Palardy as lead actuary.
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The InsurTech’s stock traded at $28.25 by midday Tuesday, down from its $163.93 peak in February 2021.
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The fast-growing InsurTech MGA inked a partnership agreement with private insurance broker Leavitt Group’s subsidiary ComTech-Leavitt Insurance to offer its risk-mitigation products.
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It is hard to see how the auto insurer can simultaneously address all of its challenges.