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The company's reinsurance panel has expanded to over a dozen risk capital providers. -
Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.
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Funding dropped from $8bn in 2022 to $4.5bn in 2023, a 43.7% decrease.
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Koffie began work on a sale earlier this month following major layoffs.
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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.
