InsurTech
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The company is understood to be working with Ardea Partners.
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It is understood that the company needs to secure cash within less than 30 days.
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Farmers is working with Jetty to help ensure a smooth transition.
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The company has retained Tony Ursano’s IAP for the raise.
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Attendees noted the increased presence of service providers and carriers.
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Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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The agency cited the InsurTech’s material underwriting losses in 2023.
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This publication revealed that the company was raising capital earlier this year.
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The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.
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The InsurTech will push for its services segments as main growth drivers.