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A roundup of recent news on insurance technology initiatives and start-up ventures.
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The Floridian’s InsurTech subsidiary TypTap grew premiums threefold, leading to a 13% rise in premiums written overall. -
The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.
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Last night featured the most significant “jailbreak” to date, with AIG taking the opportunity to drop its long-term ROE goal.
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AIG will recognise an impairment charge of $210mn in connection with shutting down the InsurTech.
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Total funding for the quarter was $922mn, with US taking more than half of the deals.
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A roundup of recent InsurTech news through 30 April.
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Munich Re has also temporarily stopped underwriting Jetty policies.
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Montemayor also sits on the board of the insurance-focused private equity fund Black Diamond.
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He was previously a treaty reinsurance managing director at Aon.
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Early-stage InsurTechs will likely face fundraising challenges and huge incentives to grow at any price to “prove the model”, while incumbent carriers are at a maximum point of disintermediation risk.
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A roundup of InsurTech news from 24 March to 3 April.
