Personal auto
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Although auto insurance rates dipped briefly, the average rate whipsawed 3% since 2020 and up 26% since 2011. -
Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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The business unit will offer new products, including Hagerty Valuation Tools and DriveShare, designed for buying and selling collector cars.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.
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Just over a quarter of shareholders voted to redeem shares as Aldel Financial took classic car underwriter public.
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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.
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The Traverse City, Michigan-headquartered MGA began training Friday after a merger deal with SPAC Aldel Financial, valuing the business at around $3.1bn.
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The classic car MGA had previously agreed on a SPAC merger deal with Aldel Financial.
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the executive will oversee the MGA’s growth strategies, business planning, partnerships and execution, reporting to president of insurance Jack Butcher.
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The Ohio-based InsurTech is also adjusting its prices models to expand modeled coverages and improve segmentation.
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Inflation remains elevated as auto carriers take rate to mitigate the ongoing uptick in severity.
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