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Hippo execs showed confidence in the company as the InsurTech diversifies geographically with 63% of new homeowners' premium growing outside California and Texas.
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The auto InsurTech blamed the higher loss ratio on an industry-wide spike in frequency and severity trends, larger inflationary pressures and an increase in miles driven.
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The InsurTech lowered its LR to 128%, helped by cutting the contribution of cats to the loss ratio from 75% to 50%.
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The growth investment will help expand the delivery of Insurity’s cloud-based software for P&C carriers, brokers, and MGAs.
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InsurTech Kin Insurance reported an 89.8% adjusted loss ratio for the third quarter, marking a 17.6 point improvement over same quarter last year, the company said.
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The funding round was led by RET Ventures, and joined by investors Updater, Pelican Ventures and Crocker Mountain.
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InsurTech shares trade mixed in response to Lemonade-Metromile combination.
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Lemonade CEO Daniel Schreiber told analysts that the Metromile acquisition will put the InsurTech “at the vanguard of car insurance”.
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Bermuda-based Arbol Underwriters will focus on matching reinsurance capacity with parametric insurance risks.
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Lemonade’s acquisition of Metromile helps both firms redirect focus from ongoing challenges.
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Monday’s disclosure showed the company had $78.8mn of gross premiums earned in 2020, and $119.4mn earned in the nine months ended 30 September 2021.
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Lemonade will acquire Metromile in an all-stock transaction that implies a fully diluted equity value of approximately $500mn.