InsurTech
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Costin left Piiq Risk Partners in November 2022 after nearly three years at the aviation broker. -
The round was led by Tokio Marine and included MetLife Next Gen Ventures, Malaysia's sovereign wealth fund Khazanah Nasional and new and existing shareholders.
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The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.
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The business will have insurance management and reinsurance transformer subsidiaries.
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Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.
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Four of 13 companies selected for the 10th cohort of the Lloyd’s Lab incubator programme will focus on European digital and climate solutions.
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In the aftermath of Silicon Valley Bank’s 11th-hour rescue, InsurTech investors have ramped up systemic risk controls across their portfolios amid a tightening funding landscape
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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
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At the InsurTech Insights Europe event last week, experts explored how AI is on the brink of being commoditised in underwriting.
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The insurance technology provider is expanding across the UK, DACH and France, after it reported a 71% increase in revenue in 2022.
