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The personal lines giant is making the cuts in a bid to keep its expense ratio down. -
A review of vacancies on the company’s website found at least 18 insurance roles advertised.
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Spruce partners with lenders and real estate companies to offer title insurance to homebuyers.
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The action comes as Spinnaker moves to carry 100% of the underwriting risk for Hippo.
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Other investors involved in the fundraise include InsurTech specialist FinTLV and existing investor and (re)insurance capacity provider Munich Re.
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Three shareholder complaints maintain the merger proxy statement was misleading.
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The carrier has reportedly hired Goldman Sachs to lead preparations for a listing as early as this year.
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The agreement is part of a $3bn share repurchase program announced in February.
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Progressive’s August results were solid. The firm reported $0.38 in operating EPS, up 11.6% YoY, and recorded a headline combined of 92.6% (down -0.8pts).
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(Re)insurance clients and NGOs plan to use their buying power to push for change in the industry.
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The deal awaits approval from Gainsco shareholders, and is expected to close in early 2021.
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The New York-based InsurTech launched in Amsterdam earlier this year and made its European debut in Germany last year.
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