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The InsurTech is to deploy up to $200mn of Spac proceeds into title agency acquisitions -
TrustLayer's software uses artificial intelligence to automate tasks previously done by humans.
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The plunge wipes more than $1bn of value off Lemonade’s market cap.
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The InsurTech grew customer count by 6.4% QoQ and said that growth in premiums per customer accelerated for the third straight quarter.
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The InsurTech got thousands of claims in just a few days, with CEO Daniel Schreiber describing it as a black swan event.
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Guo will lead insurance operations and strategy at Arbol, which raised $7mn in seed funding in January.
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The risk analytics firm is also acquiring cyber analytics business Sentar and insurance modeller Tyche as part of the deal.
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The transaction for an 11.8% holding involves preference shares convertible into common stock.
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Net earned premiums dropped almost 70% as the company increased its use of reinsurance.
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The InsurTech defines a ‘seasoned’ state as one where its data science-driven cost model has been accepted by the regulator, and where the company has had two price price filings approved.
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CEO Dan Peed says the company will develop direct-to-consumer products and work on improving the carrier’s underwriting performance.
