TMK deploys Metromile AI for claims on $13bn auto bookTokio Marine Kiln (TMK) has licensed US carrier Metromile’s proprietary artificial intelligence (AI) claims handling platform across its $13bn auto insurance book.
Greenlight Re non-renewed Windhaven after reducing exposure with retroGreenlight Re had ceded a significant portion of its exposure from failed Windhaven Insurance to the retro market before non-renewing its reinsurance of the Florida non-standard auto (NSA) insurer last summer.
Cali DoI calls for motor affinity group discount reformCalifornia’s Department of Insurance has proposed regulations to change the way affinity discount schemes are offered by motor insurers, to remove the so-called “redlining” that affects less affluent customers in the state.
Buffett protégé Combs to replace Roberts as Geico CEOVeteran Geico CEO Bill Roberts will stand down from the position at the start of 2020 with Berkshire Hathaway investment manager Todd Combs replacing him.
Florida auto insurer Windhaven placed into rehabilitationErstwhile Greenlight Re counterparty Windhaven Insurance Company, a Florida writer of non-standard private passenger insurance coverage, has been placed into rehabilitation amid allegations of under-reserving.
Marmalade names Markerstudy’s Thompson underwriting directorYoung driver insurance provider Marmalade has appointed motor intermediary Markerstudy’s head of schemes, Gary Thompson, as underwriting director.
FCA dual pricing review may drive up short-term PL rates: Canaccord GenuityFindings from the UK Financial Conduct Authority (FCA) review into the “loyalty penalty” could have the opposite effect in the personal lines market and drive up rates in the near-term, analyst Canaccord Genuity predicts.
XL Innovate leads Zendrive’s $37mn series B roundRoad safety data company Zendrive has raised $37mn in Series B funding led by XL Innovate.
Root raising $350mn in series E funding round – reportRoot Insurance, which last week appointed a CFO and a capital markets leader from GE, is reportedly raising $350mn in a series E funding round, giving the auto insurtech a $3.65bn valuation.
Plymouth Rock to acquire motorcycle specialist Rider InsuranceBoston-based Plymouth Rock Assurance has agreed to acquire New Jersey’s motorcycle specialist Rider Insurance Company, subject to regulatory approvals.
Kemper to move $16mn collector vehicle book to HagertyUS insurer Kemper has entered into a marketing agreement with Hagerty to transfer its $16mn Classic Collectors book to the classic car insurance specialist and its underwriting carrier.
UK motor insurance hits 33-year high in 2018: EYUK motor insurance books posted a net combined ratio (NCR) of 94.8 percent last year, making 2018 UK motor’s best performing year since 1985, according to EY analysis.
Tesla to make acquisition before launching Markel-fronted insurance productElon Musk has revealed that electric car maker Tesla will launch its new insurance product, to be fronted by State National, once it completes an acquisition.
California Casualty working with KBW on potential saleCalifornia Casualty has appointed investment bank KBW to evaluate strategic alternatives that could lead to a sale of the US regional carrier that operates as a reciprocal exchange, The Insurer can reveal.
Safe Auto files for $50mn IPOUS personal auto insurer Safe Auto has filed for an initial public offering, with its S-1 registration statement listing a $50mn proposed maximum aggregate offering price.