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The sale price represents Elephant’s approximate net asset value. -
The specialty insurance platform has now exceeded $3.1bn in premiums.
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The InsurTech was also removed from under review, negative.
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It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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The funding round valued the company at around $850mn.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.
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The company stopped writing new business last September and lost capacity from SiriusPoint.
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The broker attributed the drop to smaller average deal sizes over the quarter.
