InsurTech

“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.

There has been no official response from Root, but Inside P&C took a look at the company reportedly making the takeover bid, Embedded Insurance.

The platform will connect MGAs with capacity from a wide range of providers.

The credit facility builds on the funding Slide secured in its $105mn venture-backed Series A round, which closed in November 2021.

The programme was "oversubscribed on all dimensions”, the company said.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

This would be a premium to Root’s closing price on Tuesday of $6.02 per share, which gives the company a market value just north of $80mn, significantly below its peak of roughly $7.5bn.

The Salt Lake City-based InsurTech said Canopius will join Scor, which has been providing underwriting capacity to Measured.

Adir founder Barry Karfunkel will join Precedent's board of directors and serve as chairman of the board.

InsurTechs are still the most heavily shorted among P&C names, though they likely have been beneficiaries of a short squeeze for most of 2023.

InsurTech players shift attention to embedded solutions and MGA/MGU strategies at the Insurtech Insights conference.

Inside P&C’s morning summary of the key stories to get you up to speed fast.