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The seller’s CEO previously noted InsuraMatch had problems with client retention but said annual losses of about $1mn were affordable.
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The share price of the Ohio-based carrier had dropped to $15.26 by midday.
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The CEO said that state-wide expansion would be a “substantial growth lever” for the business. -
The early January close rests on achieving regulatory approvals by the end of December.
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Root’s loss ratio fell 23.5 points to 89.8% in Q3, while its loss adjustment expenses improved 3 points to 9.9%.
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The transaction expands World Insurance’s presence in Connecticut.
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Plaintiffs including State Farm, USAA and Allstate argued the fires were the fault of the US National Park Service.
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In an interview with Inside P&C, Dan Preston said Metromile has a disciplined approach to operational costs and revenue generation.
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MS&AD managing partner Takashi Sato will join the InsurTech’s board of directors.
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The InsurTech will merge with ISNU II in a transaction that values the company at about $956mn.
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The $370mn deal follows the acquisition of Infinity in 2017 and Alliance United in 2015.
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The start-up provides technology to assist carriers with underwriting and claims.
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