Skyward Specialty terminates Cowbell capacity deal over dispute concerning underwriting guidelinesSkyward Specialty terminated its capacity relationship with Cowbell in the third quarter of last year after a claim and subsequent underwriting review uncovered instances where the insurtech wrote policies limits exceeding its underwriting authority.
Cowbell confirms $60mn Series C equity investment from ZurichCowbell has confirmed the close of a $60mn Series C equity investment from Zurich Insurance Group, which the insurtech will use to fund the next phase of its expansion.
Zurich to make major investment in cyber insurtech CowbellZurich is making a significant investment in cyber MGA Cowbell, a move that is expected to see the Swiss insurance giant take a significant equity stake and which represents a key cash infusion into the insurtech, Cyber Risk Insurer can reveal.
Applied Systems acquires AI company PlanckApplied Systems, a private equity-backed provider of agency and brokerage management systems, has acquired Planck, a New York-based AI company, in a reportedly $300mn deal.
Cytora adds Guy Carpenter’s Rousseau to advisory boardUK insurtech Cytora has continued the expansion of its advisory board with the appointment of reinsurance industry veteran Laurent Rousseau.
UNC to launch Institute for Risk Management and Insurance Innovation with industry backingThe University of North Carolina at Chapel Hill has given the green light for a new Institute for Risk Management and Insurance Innovation, which has already secured millions of dollars in annual industry support and aims to nurture talent and bring novel solutions to the sector, The Insurer can reveal.
Parametrix secures US retailer $50mn parametric AWS cloud coverageCyber modelling firm and MGA Parametrix and broker Aon have successfully secured $50mn of parametric coverage against cloud outage for an undisclosed US retail chain, with capacity provided by more than seven Lloyd’s carriers.
ABI signs MoU with insurtech association to foster innovation among UK insurersThe Association of British Insurers has penned a memorandum of understanding with Insurtech UK to promote cooperation and information sharing to spur continued innovation across the UK insurance sector.
Insurtech Otonomi launches parametric air cargo delay protection for global shipmentsMGA Otonomi has launched an air cargo delay offering which provides limits of up to $100,000 for each flight transporting cargo, with payouts if arrival is delayed by three hours or more.
At-Bay shuttering distribution platform Relay to focus on InsurSec and MDRAt-Bay is closing down digital distribution platform Relay two years after acquiring the insurtech, a move that comes after the cyber firm took steps to expand carrier participation on the platform and explored a potential sale of the business.
Resilience CEO Hariprasad details cyber insurtech’s “flywheel” to prevent lossesResilience co-founder Vishaal “V8” Hariprasad has outlined his firm’s ambitions to be more than an insurtech, its strategy of applying government cybersecurity know-how to the private sector, and its “integration” of security and insurance to maintain an ultra-low loss ratio.
Resilience parts ways with NA head of claims ComerfordResilience’s North America head of claims Linda Comerford has left the business after less than a year.
Insurtech venture investor Johnson joins Cohen Circle from AmFam VenturesInsurtech venture investor Katelyn Johnson has joined investment firm Cohen Circle as managing partner for its venture investing arm.
Wefox secures €25mn funding to support ongoing restructuringWefox has secured an additional €25mn from its investors to support the next phase of the insurtech’s restructuring, which is set to see the departure of several key executives.
ManchesterStory venture investor Jason Gross joining TruStage, formerly CUNA MutualIndustry veteran and insurtech thought leader Jason Gross is leaving his role as head of platform and investor relations at Iowa-based venture firm ManchesterStory and joining Wisconsin-based insurer TruStage as chief strategy officer.
Latest insurtech start-ups focused on tougher classes than personal lines: II panelThe latest wave of insurtech start-ups has learned lessons from the personal lines-focused businesses launched in the last decade, targeting more difficult segments and honing in on specialisation.
Hiscox’s Kerridge: Insurtech narrative around DTC distribution “magically disappeared”Outgoing Hiscox USA CEO Kevin Kerridge has said that successful direct-to-consumer distribution strategies require “a strong stomach for deep investment” and a long time horizon, observing recent lessons learned from the insurtech sector.
Paris-based actuarial services insurtech Akur8 working on latest fundraiseActuarial services insurtech Akur8 is working on a significant funding round effectively amounting to a Series C, adding to the more than $60mn the Paris-based firm has raised to date, The Insurer can reveal.
Insurtech Ibisa raises $3mn to expand parametric offering in Asia and AfricaClimate insurtech Ibisa has closed a $3mn funding round, with the proceeds set to go towards scaling its parametric insurance solutions for weather-related risks across Asia and Africa.
AV8 Ventures’ Kabir: Niche-focused insurtechs must aim at solving real problemsAV8 Ventures’ head of insurtech investing has said the VC interest in insurtechs is being hampered by a shift towards greater specialisation, making many opportunities in the segment too niche to be viable investments.