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The insurer has been under review with positive implications since March. -
Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The company plans to launch in New York and New Jersey next year.
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The tech could quickly open the door to disruptors, and firms with poor data management will lose out.
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More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.
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Its partnership channel grew three times in new writings year-over-year.
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CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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The company reduced its proportional quota share program from 55% to 20% cession.
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The executive has been with the company for roughly one year.
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The cyber business will continue to operate as a standalone entity.
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The company said the reduction was due to years of steady improvements.
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The Florida homeowners’ InsurTech went public today at $17 per share.
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The carrier is pricing shares at the upper end of the range announced this month.
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This is up from last year’s $1bn protection for its Florida treaty.
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The deal triples Hippo’s new homeowner leads and extends Baldwin’s MGA capacity.
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The Floridian is the third insurance company to go public in 2025.
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The Series C brings the company's valuation to $2.1bn, its highest to date.
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A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing.
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He will also invest in the company.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Nordic operations have capacity provided by Allianz Commercial.
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The sale price represents Elephant’s approximate net asset value.
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The specialty insurance platform has now exceeded $3.1bn in premiums.
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The executive will also oversee premium audit and customer service.
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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.
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The investment values Bolttech at $2.1bn and will enhance its global growth strategy.
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The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.
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The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.
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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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The company also promoted Eric Biderman to general counsel.
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The move comes amid improving conditions in the IPO market for insurance companies.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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The investment will be used to expand its product portfolio and continue global expansion.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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Hippo shares were up 20%, while Root’s shares dropped over 20%.
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Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.
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The InsurTech’s cat weather loss ratio improved by 83%
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Lea is responsible for Embroker’s underwriting practices, including paper and reinsurance relationships.
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A Q3 listing remains a possibility, but the timeline can change rapidly amid storm season.
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A quick round-up of today’s need-to-know news, including Ryan Specialty and Skyward Specialty.
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Annual InsurTech funding volume for H1 was $2.2bn, just below $2.3bn for H1 2023.
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The carrier is looking to grow products with lower cat exposure such as renters and pet insurance.
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A quick roundup of today’s need-to-know news, including AIG's earnings.
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BHMS joins a group of Boost backers that includes Markel, Canopius US and management.
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He will continue to act in his role as COO, global insurance operations.
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The industry is mostly reluctant to raise capital with high interest rates, except for brokers.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
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The program is led by the same carriers as the expiring treaty.
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Launched in 2021, Axis is both an investor and capacity provider.
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Previously, the InsurTech only provided coverage in 15 states.
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The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.
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The offering is an admitted product for SMBs and non-profits.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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The program includes all perils coverage and third-event protection.
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The InsurTech had been pursuing strategic investment options, including a minority stake sale.
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In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.
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Arkin Holdings and Launchbay Capital also participated as new investors.
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AI-centered InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.
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The company raised $7mn in a Series A in January 2021.
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The company is understood to be working with Ardea Partners.
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It is understood that the company needs to secure cash within less than 30 days.
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Farmers is working with Jetty to help ensure a smooth transition.
