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The executive has served on the company’s board since 2017 but is looking to focus on venture capital interests. -
The operation will be led by global product VP Mitesh Chauhan, who joined the cyber risk modeling firm from Entrust.
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The cyber MGA promoted Dan Law to chief commercial officer, Theresa Le to chief claims officer and Neeraj Juneja to chief risk offer and finance SVP.
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Led by MassMutual, existing investors Newark Venture Partners and Cameron Ventures participated in the round, along with new investor Aperture VC.
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Inside P&C’s news team runs you through the key highlights of the week.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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CEO Rick McCathron said he is not concerned about reinsurance supply, as the company has multi-year capacity with partners and has improved loss ratios.
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The gross and net losses represented 52 points of the gross loss ratio and 44 points of the net loss ratio.
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The CEO added that Root was in a “very conservative stance” with its loss trend assumption, as the actual numbers seen right now were lower.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company reported a 56.8% improvement YoY in its operating losses along with a 33% decline in auto policies in force.
