IM-GreatAmerican-LuckyTruck-Construction

LuckyTruck launches motor truck cargo product with Great American

2022-12-02T23:07:00+00:00

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.

IM-Counterpart-Aspen-BoardRoom

Counterpart launches miscellaneous PL product with Aspen capacity

2022-12-02T02:55:00+00:00

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 and Pie Insurance

Pie expands into commercial auto with Ford Pro partnership

2022-11-30T18:35:00+00:00

Ford Credit has announced plans to launch Ford Pro Insure, a commercial auto insurance product powered by insurtech Pie Insurance.

Igloo

Insurtech Igloo lifts Series B raise to $46mn

2022-11-30T12:13:00+00:00

Singapore-based insurtech Igloo has raised an additional $27mn in Series B funding, bringing the round’s total to $46mn.

Buckle and Clearcover

Buckle, Clearcover become the latest insurtechs to trim headcount

2022-11-22T16:46:17.913+00:00

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.

IM-SurroundInsurance

Surround raises $2.5mn in seed funding round led by MassMutual

2022-11-21T22:30:00+00:00

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.

IM-Napo-Cats-Dogs

UK insurtech Napo closes £15mn Series A round

2022-11-18T23:53:00+00:00

London-based pet insurer Napo has raised £15mn in a Series A round led by DN Capital.

IM-OmniUs-Berlin

German insurtech Omni:us raises €12mn in Series A extension

2022-11-18T23:52:00+00:00

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.

IM-FloodFlash-MarkHara-Flood

FloodFlash hires Bold Penguin’s Hara to lead NA expansion

2022-11-16T19:40:00+00:00

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.

SEND

SaaS insurance platform Send raises $10mn in Series A round

2022-11-16T15:52:00+00:00

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. 

B3i

Failed insurtech B3i’s IP valued at a lowly CHF50k by Swiss liquidator

2022-11-16T08:33:00+00:00

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.

Michael Lyons and Dima Mnushkin – Swiftly

Swiftly’s small business platform launches with Accelerant E&S BOP policy

2022-11-15T19:15:00+00:00

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.

IM-Vouch-Capsule-London

Vouch takes stake in UK start-up specialist Capsule

2022-11-14T19:52:00+00:00

Start-up focused insurtech MGU Vouch has acquired a stake in UK specialist insurance broker Capsule.

Rick McCathron – Hippo

Hippo may reassess Spinnaker property programs where MGAs “distressed”

2022-11-11T14:27:00+00:00

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. 

IM-Hippo-RickMcCathron-Q3-Results

Hippo retains $4.7mn of $73.1mn Ian loss, Q3 gross loss ratio improves to 128%

2022-11-10T22:16:00+00:00

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.

Anzen

Start-up MGA Anzen gets AmTrust, Greenlight and Everest capacity and completes $10mn seed round

2022-11-10T20:11:00+00:00

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.

Alex Timm Root Q3

Root shares up 24% as CEO says Q3 results show delivery of performance promise

2022-11-10T16:52:00+00:00

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.

IM-Rhino-Ally-ReAlign-Clear-Guy-CentralPark

Rhino charging into 2023 with Ally, ReAlign and Clear Blue on its carrier panel

2022-11-10T04:50:00+00:00

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.

Root

Root to cut workforce by additional 20% as macroeconomic fallout continues

2022-11-10T02:55:00+00:00

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.

IM-GreatAmerican-Hourly-ChefInKitchen

Hourly to act as MGA in partnership with Great American

2022-11-09T21:06:00+00:00

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

Kin Q3 GWP increase slows to 72% as forced to “throttle” growth

2022-11-09T21:06:00+00:00

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 ...

IM-GLOW-SanFrancisco

Small business insurtech Glow closes $22.5mn Series A with Maiden Re among investors

2022-11-09T21:03:00+00:00

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.

Lemonade Q3 results

Lemonade gross loss ratio jumps 17 pts to 94% on Ian and Metromile impact

2022-11-09T15:45:00+00:00

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. 

Templarbit and Boxx

Boxx bolsters cyber threat intelligence with Templarbit acquisition

2022-11-08T08:27:00+00:00

Cyber insurtech Boxx Insurance has acquired Templarbit, a cyber threat intelligence platform.   

Lemonade and ABI

Lemonade joins ABI following UK market entry

2022-11-07T13:14:00+00:00

Lemonade has joined the Association of British Insurers (ABI) following its October launch into the UK personal lines insurance market.

Kin

Kin recruits TWIA’s Fadden as insurtech prepares for next phase of growth

2022-11-03T03:55:00+00:00

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.

Andrew Johnston

Gallagher Re’s Johnston: Many insurtechs will need to go full stack to survive

2022-11-02T15:33:17.52+00:00

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. 

IM-Sienna-Hourly-PaloAlto

Hourly pushes Series A to $32mn after new investment from Sienna IM

2022-11-02T02:20:00+00:00

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.

Roots Automation

Liberty Mutual among investors in Roots Automation’s $10mn Series A

2022-11-01T14:31:00+00:00

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.

Angus McDonald Cover Genius

Cover Genius raises $70mn in Series D round

2022-11-01T13:37:00+00:00

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.