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In its first ever reported quarterly earnings, the InsurTech registered heavy underwriting losses citing cats and real inflation.
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The venture capital firm is seeking a sustainable portfolio rather than firms ‘looking toward the next funding round’.
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What's next for the firm after posting poor results and cutting guidance?
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The InsurTech has revised its guidance and plans to shrink its book in Q4.
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Root’s shares plunged 21% to $5.50 on Thursday, as the InsurTech’s net loss during the second quarter widened to $178mn, from $38.9mn in Q2 last year, and its direct loss ratio climbed to 89.9%, from 70.4% a year earlier.
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Incline will help advance Hippo’s underwriting capabilities by offering the latter’s homeowner’s policies through Incline’s distribution channels.
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Technology company Champ Titles has clinched an $8.5mn series A investment in a round led by InsurTech based venture capital firm Eos Venture Partners and WRB, bringing the company’s total funding to over $17.5mn.
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Head of data solutions Kirstin Marr said the industry should lean on platforms that provide immediate data and insights derived from a variety of providers.
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Eigen Technologies, which helps insurers and brokers extract and digitise data from various sources, hopes to accelerate growth with new investment in the London market.
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Analysts downgrade Metromile stock after disappointing Q2 results, weakened forecast.
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The NFP Ventures-back SaaS platform will now offer brokers and agents cyber insurance from Cowbell Cyber via Cowbell Prime 100.
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Claims inflation, elevated cancelation rates and consumer behavioral changes weighed on the InsurTech’s Q2 performance.