Insurtech

Is the end nigh for the term ‘insurtech’?

2020-07-30T02:37:00+01:00

Willis Towers Watson’s latest quarterly insurtech briefing included a provocative suggestion: is it time to stop labelling companies as insurtechs?

Lemonade

Investors’ thirst for Lemonade a good sign for other insurtechs

2020-07-02T23:27:00+01:00

Lemonade’s soaring share price in its first day of trading will help assuage fears over how insurtechs are viewed in a post-Covid world.

Paresh Patel – HCI

HCI share price soars 27% after revealing ambitious growth plans

2020-08-08T00:34:00+01:00

Investors have sent HCI’s share price soaring after the carrier reported strong growth in second quarter premiums and hyped the potential of its insurtech subsidiary TypTap.

Duck Creek

Duck Creek targets up to $315mn as prices IPO

2020-08-07T16:01:00+01:00

Property casualty software provider Duck Creek has priced its initial public offering of 15mn shares of common stock at between $19 and $21 a share.

Dan Gifford – Bold Penguin

Bold Penguin projects doubling in size in 2020, hires CFO

2020-08-06T20:29:00+01:00

Bold Penguin has named former KPMG auditor Dan Gifford as its chief financial officer, and projected the commercial insurtech will double in size in 2020.

Eileen Currie – EMaxx

Insurtech eMaxx engages Stonybrook Capital to realise carrier ambition; makes senior insurance hire

2020-08-06T15:37:00+01:00

Commercial property and casualty insurtech eMaxx has appointed Eileen Currie as president and CEO of its insurance operating companies as it prepares to become a full stack insurtech insurance company, The Insurer can reveal.

TypTap

HCI’s TypTap targets $5bn revenues by 2030 with nationwide expansion

2020-08-06T13:55:00+01:00

HCI’s Florida-focused homeowners and flood insurtech TypTap Insurance has announced plans to expand nationwide, with a goal to generate $5bn in revenue by 2030.

II-Branch

Branch’s BIX closer to launch after regulatory registration and Demotech rating

2020-08-06T12:54:00+01:00

Home and auto insurtech Branch has moved a step closer to writing business on its reciprocal exchange after the platform was registered with regulators in its home state of Ohio and received a financial strength rating from Demotech.

Skynight and Patra

SkyKnight builds out insurance portfolio with Patra strategic investment

2020-08-05T10:38:00+01:00

Private equity firm SkyKnight Capital has continued to expand its (re)insurance industry portfolio through a strategic investment in technology-solutions provider Patra.

Buckle

Atlas Financial to reduce staff up to 40% following new Buckle deal

2020-08-04T19:04:00+01:00

Commercial auto insurer Atlas Financial Holdings has revealed that steps to reduce expenses as part of its transition to an MGA include laying off or furloughing 30 percent to 40 percent of its staff, following an agreement to sell two more indirect subsidiaries to insurtech Buckle.

Buckle

Buckle raises $31mn in series A round co-led by HSCM and Eos

2020-08-04T15:03:00+01:00

Buckle has raised $31mn in a series A funding round co-led by HSCM Bermuda and venture capital firm Eos Venture Partners, with the rideshare insurtech also continuing to build out its insurance balance sheet capabilities with a deal to buy two more Atlas subsidiaries.

Coverwallet an Aon company

Aon insurtech CoverWallet unveils new digital cover for start-ups

2020-08-03T12:28:00+01:00

CoverWallet, the US digital insurance platform acquired by Aon last year, has unveiled a new product focussed on VC-backed start-ups.

Acrisure and Tulco

Acrisure buys Tulco’s AI insurance business to deploy insurtech at scale

2020-07-29T15:03:00+01:00

Fast growing intermediary platform Acrisure has bought artificial intelligence (AI) specialist Tulco’s insurance practice in a move it says will allow it to bring best-in-class data science, AI and machine learning capabilities to the insurance brokerage industry.

Jupiter, Liberty Mutual and MS&AD

Jupiter welcomes new funds from Liberty Mutual and returning investor MS&AD

2020-07-29T12:59:00+01:00

Data and analytics insurtech Jupiter Intelligence has raised additional capital from Liberty Mutual and MS&AD as the platform looks to expand its operations and push on with its product development to enable at-risk infrastructure to get a better understanding of the possible implications they face from climate change.

Phinsys – Lloyd's

Phinsys adds Moore and Toran to management team

2020-07-28T10:06:00+01:00

Lloyd’s Lab participant Phinsys has continued to scale up its operations with the addition of William Moore and Michael Toran to its senior management team.

Insurtech

Q2 insurtech funding surges 71% over Covid-hit Q1: WTW

2020-07-28T07:22:00+01:00

Insurtech funding rebounded strongly in the second quarter but deal count was significantly down, as investors shunned seed and angel deals in favour of supporting later-stage fundraisings, according to Willis Towers Watson.

Lemonade share price

Lemonade shares drop 6.4% after analyst says it is overpriced

2020-07-28T00:28:00+01:00

Lemonade’s share price fell 6.4 percent to close at $73.00 in trading Monday after analysts initiated coverage on the renters insurtech with a wide range of expectations, including Goldman Sachs analyst Heath Terry slapping it with a sell rating and $44 price target.

Duck Creek

Duck Creek targets $200mn IPO

2020-07-27T14:06:00+01:00

P&C software provider Duck Creek has set out plans to raise up to $200mn in an initial public offering (IPO).

II-Cars-ClaimGenius

Auto insurtech Claim Genius raises $5.5mn in series A round

2020-07-24T19:26:00+01:00

Claim Genius, an insurtech offering vehicle damage assessment solutions using AI, has closed $5.5mn in a series A funding round, following a $2.3mn seed round in 2018.

II-Branch

Insurtech Branch set to unveil reciprocal exchange BIX

2020-07-23T07:27:00+01:00

Insurtech Branch is following up its recently closed Series A funding round by launching a reciprocal exchange platform that will be reinsured by Scor, The Insurer can reveal.

Branch, Hudson Structured and Scor

HSCM and Scor support Branch’s $24mn Series A funding round

2020-07-22T15:39:00+01:00

Home and auto insurtech Branch has closed a $24mn Series A funding round that was co-led by Hudson Structured Capital Management (HSCM) and which also saw Scor Global P&C make an inaugural investment in the platform.

II-Marrikel-web

Former Deutsche Bank ILS duo unveil Marrikel reinsurance platform

2020-07-21T20:34:00+01:00

Marrikel, founded by James Karim and Frederik Eloff, has launched a web-based reinsurance placement platform and signed its first broker licensee.

Hippo

Hippo closes $150mn round as it prepares for 2021 IPO

2020-07-21T14:00:00+01:00

Hippo has closed a $150mn series E financing round that values the homeowners insurtech at $1.5bn.

Coverly

Insurtech Coverly closes for new business

2020-07-21T10:40:00+01:00

Insurtech start-up Coverly is closing down and will no longer offer small business insurance.

II-PolicyBazaar

Indian insurtech Policybazaar eyes 2021 IPO

2020-07-20T20:53:00+01:00

Policybazaar is planning to go public in 2021 at a valuation of more than $3.5bn, its CEO and co-founder Yashish Dahiya has told Bloomberg News.

II-Arceo

Cyber insurtech Arceo.ai names Beazley’s Pruzinsky US CUO

2020-07-16T13:10:00+01:00

Cyber insurance start-up Arceo.ai has continued to build out its team of cyber insurance talent with the appointment of Charles “CJ” Pruzinsky as executive vice president and chief underwriting officer for its US operations.

Brendan McManus – Pib Group

PIB swoops for online property broker UKinsuranceNET

2020-07-15T10:39:00+01:00

UK broker consolidator PIB Group has made a move into the online insurance distribution space through the acquisition of specialist commercial property insurance website UKinsuranceNET.

II-Broker

BrokerTech Ventures adds four carrier and wholesale partnerships

2020-07-10T22:44:00+01:00

BrokerTech Ventures, a broker-led investor group and accelerator programme for insurtech innovation, has added Cincinnati Insurance, RT Specialty, Amerisure Mutual and AmWINS as partners.

Andy Rear – Digital Partners

Munich Re watching accumulations as Digital Partners continues investments

2020-07-09T19:56:00+01:00

Despite pulling capacity from Hippo and Jetty, Munich Re remains committed to its Digital Partners platform amid a greater awareness of how quickly accumulations can mount across the broader group due to the rapid growth of some of its insurtech-focussed underwriting partnerships.

Whitespace – Lloyd's

Whitespace customers pass 100 as pandemic spurs e-trading use

2020-07-07T12:48:00+01:00

Electronic trading platform and PPL rival Whitespace has added Lockton Re and Carbon Underwriting to its growing list of customers which has surpassed 100 in the ten months after the platform’s launch.