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The executive previously worked at Citibank, Everest, GNY, and Crum & Forster. -
The executive says pricing increases in lines such as property and GL during the quarter were less pronounced.
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California and Delaware insurance regulators are among those to approve the merger.
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Despite the continuing impact of Covid-19, the insurer’s combined ratio for the period improved by 3.7 points to 88.1%.
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The company raised $31mn in Series A funding from HCSM and Eos Venture Partners last August.
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The rating agency specifically cited the carrier’s consistently high risk-adjusted capitalization in announcing its decision.
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The InsurTech uses computer vision to assess photos of damaged vehicles to increase the speed of claims processing.
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The carrier’s net income for the period rose by 57% to $1.7bn.
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The ratings agency says the mutual insurer’s balance sheet is supported by risk-adjusted capitalization at the strongest level.
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The carrier says the divestment will reduce its GAAP reserves by $23bn.
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“We actually take very little interest in our day-to-day stock price” said the Lemonade CEO.
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The InsurTech is forging ahead with plans to double gross written premiums to around $200mn during 2021.
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