IPOs

Inside P&C’s news team runs you through the key developments from the last week.

HCI’s suspension of TypTap's spin off amid a punishing market for InsurTechs pressured the company's stock.

The company said on Wednesday that current market pricing for the planned IPO doesn’t reflect the InsurTech’s value.

Hallmark’s board of directors noted significant progress in the firm's underwriting operations over the last 18 months, including a successful loss portfolio transfer and improved underlying results.

Carl Bauer-Schlichtegroll said InsurTechs in the IPO market attracted a lot of investors who did not understand the complexities of the insurance market.

The classic car insurer goes public but might have to pay a price for growth later.

The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.

The Traverse City, Michigan-headquartered MGA began training Friday after a merger deal with SPAC Aldel Financial, valuing the business at around $3.1bn.

After Slide completed a $100mn fundraise, the CEO laid out the InsurTech’s plans to launch in five states at the start of 2022 in an interview with Inside P&C.

AM Best said the ratings reflect Hallmark Group’s balance sheet strength, which the agency assessed as strong.

Monday’s disclosure showed the company had $78.8mn of gross premiums earned in 2020, and $119.4mn earned in the nine months ended 30 September 2021.

Depending on the pace at which others move, the firm could still be the first commercial lines player to trade publicly.