Hippo

InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.

Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).

Inside P&C’s morning summary of the key stories to get you up to speed fast.

CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.

The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.

As ITC Vegas begins, the Inside P&C Research team explores the discussions needed among InsurTechs to address questions around capital, partnerships, and profitability prospects.

The InsurTech’s stock price was down as much as 9% in after-hours trading following the announcement.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The InsurTech’s investor day presentation highlighted several measures the company is taking to turn its results around, but will they be enough?

The firm told investors it is targeting $420mn-$450mn in revenue by 2025 from $119mn-$121mn in 2022.

Listed InsurTech valuations have taken a battering this year as markets re-price tech stocks.

Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.