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The bank is among Wall Street institutions sounding a note of cautious optimism as they begin to cover the InsurTech.
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The deal will allow the carrier to expand its provision of theft protection cover and life insurance.
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The insurer’s commercial auto and personal book has grown by 40% annually since 2015.
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The deal includes AAC’s 110-agency strong captive network, which focuses on selling car insurance to Hispanic communities.
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The pending deal is said to value the $3.7bn-premium unit at around the $4bn mark.
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After launching as a flood underwriter, now more than 85% of TypTap’s book is homeowners’ business.
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The start-up is working with CMT to give customers a discount of up to 20% based on how well they drive.
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The civil penalty follows earlier settlements with Lockton, Chubb and nine Lloyd’s syndicates.
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The automaker will begin selling insurance in Arizona in “early 2021”.
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Hover uses computer visualization and machine learning to appraise home repair costs.
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Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.