Homeowners' insurance

The home insurance start-up claims the fundraise was made at a $1bn-plus valuation.

The carrier expects to re-emerge after operating as going-concern Anchor.

The parties also signed a release of claims arising from the Vesttoo fraud.

Over $1bn in claims had been paid as of November 30, 2023.

Rates are generally cheaper than the admitted market.

Lamb’s previous position was controller with Kin Insurance.

The insurer said it will continue to renew existing homeowners’ business.

The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.

A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.

Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.

In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.

Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.