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Backed by Coalition’s platform, CIC will begin quoting its admitted cyber products in some states starting March, with a national roll-out expected throughout 2023. -
The funding will be used to extend the distribution of its advanced commercial and high-net-worth flood insurance products, and to further hone its technology platform.
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The commercial InsurTech has initiated a search to find the next CEO.
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It is understood that most of the cuts affected employees in the sales and marketing division.
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AmFed’s Pie Development alleges that Pie co-founders Dax Craig and John Swigart misappropriated trade secrets which led to the founding of the InsurTech.
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Slide has sent a notice to agents that it is accepting new policies on its legacy admitted HO3 product.
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In tandem, Gregg Davis and Rob Glanville will join the cyber InsurTech as independent directors.
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The funding round was led by Bling Capital, and included angel investors such as Vantage Risk CEO Greg Hendrick and CRC Insurance president Garret Koehn
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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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The InsurTech said it had raised its per occurrence limit by 32%.
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The new funding, which brings the company's total raised to more than $30mn, will be used to further enhance its technology platform and data capabilities.
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