LuckyTruck, a tech-enabled retail agent focused exclusively on trucking, has partnered with Great American Insurance Group to launch a fully digital motor truck cargo (MTC) product.
Counterpart has added another offering to its suite of products with the insurtech MGA unveiling a new miscellaneous professional liability coverage that will be written with capacity from Aspen Insurance.
Ford Credit has announced plans to launch Ford Pro Insure, a commercial auto insurance product powered by insurtech Pie Insurance.
Singapore-based insurtech Igloo has raised an additional $27mn in Series B funding, bringing the round’s total to $46mn.
Auto-focused insurtechs Buckle and Clearcover have joined the growing list of tech companies to shrink headcount after announcing workforce reduction measures last week, The Insurer can reveal.
Surround Insurance, an insurtech MGA that offers coverages on Accredited paper, has closed a $2.5mn seed round led by MassMutual through the MM Catalyst Fund.
London-based pet insurer Napo has raised £15mn in a Series A round led by DN Capital.
German insurance claims management automation solutions provider Omni:us has closed a €12mn ($12.4mn) Series A+ expansion financing that will be used to expand in Europe and the US.
Insurtech MGA FloodFlash has recruited former Bold Penguin and Mylo executive Mark Hara to spearhead its launch into the North American market, with the parametric-focused startup set to launch a new commercial property product in Florida, Virginia, Texas, Louisiana and California.
London-based insurtech Send Technology Solutions has closed a Series A funding investment of $10mn, which it said will accelerate growth both in the US and UK.
Notariate, the administrator of blockchain insurtech B3i’s liquidation, is in the process of selling off the firm’s intellectual property (IP) to Zurich-based Cover Thread LLC, The Insurer understands.
The Swiftly marketplace technology platform has launched with an E&S businessowners’ policy on Accelerant paper written by Texas-based MGU Volta Underwriters Services, in a move the insurtech says can unlock the potential of so-called “flow business” without disintermediating brokers, The Insurer can reveal.
Start-up focused insurtech MGU Vouch has acquired a stake in UK specialist insurance broker Capsule.
Hippo president and CEO Rick McCathron has told this publication that he would be willing to keep more exposure if reinsurance costs are too high while the homeowners insurtech remains committed to its fronting platform Spinnaker, although it may reassess some property programs.
Hippo has reported an improved gross loss ratio of 110 percent in the third quarter, with the homeowners insurtech revealing its gross Hurricane Ian loss was $73.1mn, with $4.7mn retained.
Executive liability insurtech MGA start-up Anzen has secured capacity support from AmTrust Financial, Greenlight Re and Everest Re and completed a $10mn seed round which included backing from MS&AD Ventures and Tokio Marine, among others.
Root CEO Alex Timm has said the lower loss ratio and narrowed operating loss in its third quarter results show the progress being made to improve performance, while the firm’s finance chief also expressed confidence the insurtech has enough capital to execute its strategy.
Rhino has finalized its security deposit program carrier panel for next year with Ally Insurance, ReAlign and Clear Blue Insurance Holding among those supporting the insurtech and providing it with combined capacity of over $200mn.
Personal auto insurtech Root said Wednesday evening it plans to cut headcount by an additional 20 percent – following a workforce cull on a similar scale at the beginning of this year – as the fallout from worsening macroeconomic conditions gathers pace.
Workers’ compensation insurtech Hourly.io has announced it will serve as a managing general agent in an expansion of its collaboration with Great American Insurance Group.
Kin increased gross written premium by 72 percent in the third quarter to $47.6mn, with the homeowners insurtech’s CEO noting it had to “throttle our growth a bit”, while the adjusted loss ratio for its carrier net of XoL recoveries improved by 59.1 points in the third quarter to 39.7 ...
San Francisco-based Glow, a digital insurance agency for small businesses, has closed a $22.5mn round of Series A financing led by Cota Capital, with AV8 Ventures, Markd, Startup Venture Capital, Maiden Re and others also participating.
Investors have sent Lemonade’s share price down in response to a worsening of its gross loss ratio to 94 percent, while the insurtech’s management has suggested that it is open to retaining more risk next year.
Cyber insurtech Boxx Insurance has acquired Templarbit, a cyber threat intelligence platform.
Lemonade has joined the Association of British Insurers (ABI) following its October launch into the UK personal lines insurance market.
Kin has made a quartet of new hires including Jerry Fadden as CFO and Jessica Jacob as chief legal officer in moves the homeowners insurtech said have been made as it enters the next stage of its growth.
This year has seen an acceleration of insurtechs moving from being MGAs to full-stack risk-bearing carriers, with Andrew Johnston, global head of insurtech at Gallagher Re, telling this publication many others will have to start taking on risk to survive.
Workers’ compensation insurtech Hourly has added another $5mn to its Series A funding round from the new venture capital-focused arm of Groupe Bruxelles Lambert (GBL)’s Sienna Investment Managers.
Business process automation insurtech Roots Automation has closed $10mn in Series A funding led by MissionOG, supported by Liberty Mutual Strategic Ventures, Vestigo Ventures and CRV.
Embedded insurance-focused insurtech Cover Genius has raised $70mn in Series D funding led by Dawn Capital, with participation from new investor Atlas Merchant Capital and existing investors including GSquared and King River Capital.