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Koffie began work on a sale earlier this month following major layoffs. -
It is understood that the InsurTech began fundraising late last year.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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The company also increased participating reinsurers to 19 from 14.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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The firm’s primary coverage includes general liability, workers’ comp, professional liability, umbrella and inland marine, according to its website.
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A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
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In her new role, Kozel will lead all sales and distribution efforts for Cowbell east of the Mississippi.
