InsurTech
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Processing and product innovation companies are also in the cohort.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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The funding will allow the firm to release Yurty, a digital care app.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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Artificial Labs undertook the Lloyd’s Lab accelerator programme in 2020.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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Business will continue as usual, with the PlacingHub platform still expected to go live in January, the technology firm said.
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The new trade organization seeks to promote responsible use of technology, collaborate with regulators on consumer protection and make insurance more available, affordable and accessible.
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Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.
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Panellists said that key benefits from AI could be in interpreting documents and even helping to mitigate softening market conditions.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
-
In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
-
Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
-
The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The additional investment makes this the largest ever Series B round for an InsurTech, according to the firm.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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The company also said that it has secured the replacement of all reinsurance on its ongoing portfolio of business through third-party reinsurers and an affiliated reinsurer.
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Melissa Collett served as executive director for professional standards at the CII, where she spearheaded the Digital Ethics Companion.
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Renew Risk will be hiring cat modellers and climate scientists, as it expands its proposition to help insurers understand the risks of insuring renewable energy infrastructure.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
-
The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
-
The UK has the highest number of InsurTechs per capita among all major world economies, a new report from McKinsey has found.
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Fronting companies typically hold premiums in reserve meaning that credit exposure to letters of credit on Vesttoo transactions should only be required in the event of deteriorating losses.
-
The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
-
It emerged last week that Steve Hearn was leaving Ardonagh, which he joined through its acquisition of Corant Global.
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The platform will connect MGAs with capacity from a wide range of providers.
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Insurers are looking ahead to possible fallout from issues such as cyber risks and the impact of AI on the workforce, while still seeing these new trends as opportunities to capture.
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The company’s platform allows for the sharing of high quality, standardised data across the insurance value chain.
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The partnership will give Lloyd’s Lab members access to expand operations in Dubai.
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Costin left Piiq Risk Partners in November 2022 after nearly three years at the aviation broker.
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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.
-
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.
-
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
-
Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
-
In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
-
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.
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She will be responsible for providing strategic guidance for the organisation.
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For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.
-
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
-
The InsurTech said it had raised its per occurrence limit by 32%.
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The InsurTech Corridor helps UK InsurTechs to prepare for entry into the US market.
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A regional focus has been adopted for the first time, with Lloyd’s Europe sponsoring efforts to tackle cyber and climate underinsurance.
-
London carriers were bullish on the opportunity ahead and suggested new ways of working will continue to evolve.
-
Artur Niemczewski has held leadership roles at WTW, Marsh, Asta and DXC.
-
Cover Genius has grown GWP to nearly $1.1mn a day since its last funding round in September 2021.
-
The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.
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Often regarded as the destination for tech start-ups, IPOs no longer have the same attraction for UK InsurTechs, due to market volatility and the performance of their listed US counterparts.
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The fundraise comes after the company raised $180mn of Series A funding last year.
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Ferian Re will be capitalized by an investor group led by BDT Capital Partners
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After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.
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Innovation Group specialises in business process and claims management solutions and will continue to operate independently.
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The executive, who had worked at the AI-driven platform for over four years, announced his departure on social media.
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The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016.
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It is understood that the company is being advised by boutique investment bank Stonybrook.
-
Personal lines InsurTech Lemonade’s net loss rose by 22% to $67.9mn during Q2 from a $55.6mn loss in the same period last year, as its net loss ratio jumped 10 points to 90%, fueled by the strains of inflation.
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InsurTechs with diversified teams and deep-rooted technology are more likely to survive the current funding drought, according to MS&AD Ventures’ Jon Soberg.
-
As partner at major InsurTech investor Anthemis, Ruth Foxe Blader explained to Insurance Insider why venture capitalists are pumping the brakes on InsurTech funding.
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The company becomes the latest InsurTech to cull staff as a result of financial challenges.
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The newly created role is part of Corvus’ efforts to expand internationally.
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The funding round has increased the InsurTech’s post-money valuation to $4.5bn.
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Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.
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Allianz will back Coalition’s US and UK cyber programs.
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A report from Mapfre and other stakeholders including Mundi Ventures said there remains a $6tn opportunity to unlock in the sector.
-
The InsurTech has tapped talent from Aon, McGill and Talbot as it expands.
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The funding round led by Force Over Mass Capital will trigger a hiring spree at Artificial Labs and fuel the development of its automated underwriting platform.
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More than 10% of the largest 200 carriers are “digital laggards”, a study shows.
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The funding will be used to expand its team and support the development of new and existing products.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Openly completed its first significant catastrophe excess of loss placement, with a diverse panel of reinsurers across London, Bermuda and the US.
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Amid concerns around increased digitalisation in the insurance sector, the PRA will soon publish a discussion paper on new measures.
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Lloyd’s announced back in March that it had appointed Schroders Solutions as a partner for its new investment platform.
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The InsurTech (pronounced Signus) provides clients with the ability to securely connect and collaborate with brokers, insurers, vendors and policyholders.
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The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics.
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Marine and energy-focused MGA Thomas Miller Specialty has partnered with Send Technology Solutions to streamline and automate its operations using the InsurTech’s software.
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Gallagher Re’s Global InsurTech report showed that more capital is being channelled into earlier-stage funding rounds.
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Mulsanne must pay £1mn to Marshmallow in the next two weeks, with the remaining balance subject to a cost assessment process.
-
With the Lloyd’s Lab in its fourth year and poised to welcome cohort eight to its incubator, Insurance Insider examines its impact so far.
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The incoming UK and Europe head, with more than 20 years' experience, was most recently was head of M&A at Canopius.
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The US firm is looking at expanding across Australia, Canada and the UK after securing new investment.
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Neosurance will use the investment to advance product development and accelerate international growth plans.
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After listing on the London Stock Exchange, Ondo is looking to expand its water-leak detection technology in the UK and Scandinavia and across more US states.
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The incoming regional MD will be responsible for growing Duck Creek’s presence both in EMEA and on a global scale.
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The insurance investment fund’s Brandon Baron will join Layr’s board of directors.
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New treaty placement elements on the Adept platform will provide structured data exchange functions throughout the placement process.
-
A panel of underwriters and parametric experts explored the product’s scope for expansion during an InsurTech Insight panel.
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The embedded insurance specialist for the cargo market now plans to accelerate the development of its proprietary smart technology.
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Brian Kirwan, Douglas Min and Omar Ali have been appointed as general managers of Europe, Korea and the UAE, respectively.
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The acquisition includes AIS’s flagship BAIL, which provides automated assessment and analysis of motor accident liability.
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It has also appointed Tim Spencer as head of sales for the UK and Ireland.
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Co-founder and current CEO Niels Thone will become chief growth officer as Amir steps into his new role.
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The insurer will now seek an investigation into the impact of the information misuse.
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Seyna has now raised EUR47mn to date and will deploy the funding to launch the InsurTech’s platform across Europe.
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The company said that it was creating a new product for customers underserved by traditional insurers.
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The firm will now accelerate plans to expand in the US, its major target market, as well as Germany, Australia and Japan.
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The addition of Martyn Holman comes after several substantial appointments to the company's leadership team last year.
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Syndicate 3456 is the second Lloyd’s launch announced this year, following MIC Global last week.
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The company will use the funding to invest in new software hires and expansion in Hong Kong and Madrid.
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The raise would come after an oversubscribed $210mn Series A in 2021.
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The supply-chain InsurTech is also broadening the scope of its Lloyd’s syndicate.
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Oliver Delvos will lead Corvus’s office in Frankfurt, Germany, which is slated to open later in 2022.
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The cyber insurance CEO said his company wrote $55mn in premiums in 2021.
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In his new role, David Marock will support Previsico’s executive team grow the UK business.
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The total funding more than doubled, with InsurTechs raking in $15.8bn across 563 deals compared with $7.1bn across 377 deals the year previous.
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The round was led by global technology giant Tencent and saw participation from SV Angel and Hawktail.
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International CUO Kyle Bryant declined to specify when the company would be up and running but said it was in advanced discussions and “quite confident” of landing a deal soon.
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The new platform was developed in collaboration with the London market and Ecliptic’s recently launched Inov8ionLab.
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The InsurTech will now broaden its data, analytics and risk exchange services to new partners in lines beyond the SME space.
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With this deal, Corvus said it becomes the first cyber InsurTech to acquire a London underwriting platform.
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The Series A funding round was led by Mercia Asset Management.
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Sources said there are already four cells in line to join the platform in early 2022.
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The start-up can now expand operations in new territories to help farmers recover from extreme climate events.
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The fund will focus on later-stage investment in companies already known to Eos.
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The system is designed to streamline connections through APIs between brokers and carriers.
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The InsurTech has extended its $210mn once more, adding an undisclosed amount to its record-breaking Series A.
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The significant increase in planned premium will be interpreted as a vote of confidence in the low-cost, follow-only model from Lloyd’s.
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Inov8ionLab will be a collaborative space offering expertise to help the London market achieve technological change.
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After its record Series A funding round in the summer, the InsurTech platform has hired AIG’s UK CFO.
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As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
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Greenlight CEO Simon Burton described title insurance as the perfect example of an inefficient marketplace with high expense ratios.
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Shah will be based out of Bermuda, where the firm has incorporated Kettle Re and is preparing to fundraise for a balance sheet carrier.
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The insurance marketplace aims to bridge the gap between insurance and capital markets.
-
Willis’ latest InsurTech briefing shows how a small group of InsurTechs are securing the lion’s share of investment via $100mn-plus mega-rounds.
-
New funding could address long-standing industry challenges and help the market’s move to digitisation, according to a letter from six trade bodies to the UK Treasury.
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The aim of the new “digital factory” technology is to improve typical processes such as claims audit and management.
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The insurance product provided by Armd and OneAdvent is underwritten by RSA.
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The investment will be used to develop Humn’s data capabilities, grow commercial teams and drive European expansion.
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Munich Re’s venture capital arm Munich Re Ventures has closed a $500mn Munich Re Fund II to invest in early-stage companies.
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The partnership will open up Verisk’s data and analytics services to Hug Hub’s clients.
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InsurTech UK has signed an agreement that will open up access for start-ups to Gibraltan officials.
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Trade body Insurance Europe has warned the Prudential Regulation Authority (PRA) that the temporary regime enabling EU reinsurers to trade in the UK will close before they know which of the Solvency II reforms will be taken forward.
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The specialist political and credit risk broker BPL collaborated with Euler using an API provided by Whitespace.
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Plus the winners of the Insider Honours and all the top news from the week.
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The firm is also planning a windstorm version for Florida hurricanes.
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The growing trend of InsurTech MGAs looking to transition to balance sheet companies has exposed the shortcomings of the MGA InsurTech model, TigerRisk president Rob Bredahl has said.
-
Increasing cat losses, combined with social inflation, put ESG and climate change at top of the mind even as the market sees strong growth, says Guy Carpenter’s John Trace.
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With more than 20 years in the industry, Mat Maddocks has worked for a variety of companies including Chubb, Aon and Convex.
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The InsurTech secured A$68mn from Sompo Asia, with more from existing investors.
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InsurTech Superscript has partnered with Amazon to offer a monthly subscription insurance service for Amazon Business members.
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A total of 33 managing agencies have entered into agreements directly on the Tremor market.
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Singapore-based EDBI and Madrid-based Mundi Ventures are the latest investors in the unicorn InsurTech.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology.
-
A report from the company said the pandemic had exposed dissatisfaction with the convenience of existing coverage.
-
The new platform will use the internet of things to embed various functions, from underwriting to claims.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
-
A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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The Insurtech employs AI to build a more diverse set of customers and thereby provide more competitive rates.
-
Sequel will add the company to its ‘digital ecosystem’ and said its investment would speed up the expansion of Ignite’s platform.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
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He will also sit on its executive committee and will be responsible for leading Ki’s technology strategy and execution.
-
China’s insurance and banking regulator is stepping up its scrutiny of online insurance companies, its most recent move to maintain control over the country's fintech sector, according to a report by Reuters.
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Eigen Technologies, which helps insurers and brokers extract and digitise data from various sources, hopes to accelerate growth with new investment in the London market.
-
Willis’s Quarterly InsurTech Briefing shows investments raised more in H1 this year than the whole of 2020.
-
The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
-
The deal follows Bolttech’s $180mn Series A funding round this month.
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A subsidiary of MS&AD Insurance Group has invested in the US small business insurer, not long after a funding round hiked its valuation to $4bn.
-
The companies say the aim of the partnership is to operate a trade credit insurance market via the Walbing platform.
-
In his first consultancy role since leaving MRDP, Mark Dennis will be advising for an investor whose only current insurance investment, according to its website, is in Bought By Many.
-
In an exclusive interview, CEO Julian Teicke described ambitious plans for more than 70 product launches by the end of 2022, and why he doesn’t need to consider IPOs right now.
-
Investors including Faering Capital, Sequioa Capital and IIFL Alternate Asset Managers have committed funds to the insurer, which is backed by Fairfax India Holdings.
-
The carrier says several leadership changes will help position the insurer for further success.
-
The UK specialist technology firm that helps carriers deploy pricing models is looking to North America and Bermuda as key expansion areas.
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The executive has worked for Ergo, Direct Line and Generali.
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The company is reducing the limits it offers to $5mn, non-renewing accounts with more than $100mn in revenues, and only quoting new business for accounts with less than $10mn in revenue.
-
UK-based Flock has been working on a partnership with the Japanese carrier’s UK arm to create insurance products that reward fleet drivers for safer driving.
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John Przedpelski was executive vice president and global head of distribution and partnerships at Innovisk, an investor in Vindati.
-
Tractable has raised $60mn in its Series D funding round, fuelling a global expansion – including into markets where it will help carriers assess property damage.
-
The investor projects GWP at its largest portfolio company to rise by almost a third this year.
-
Investors in London-based insurer include specialist InsurTech backer Mundi
-
InsurTech’s staff each receive share options worth €5,000.
-
New funding round led by EQT Growth nets pet InsurTech a $2bn valuation.
-
The company can now deploy $30mn for expansion across the US and Europe.
-
The Julian Teicke-led InsurTech confirms 2020 revenue of $143mn.
-
The vehicle would need to raise in excess of £200mn if the proposed listing rules go into effect.
-
The week also saw further reshaping in contingency and marine markets, and Insurance Insider’s InsurTech conference.
-
The amount of special purpose acquisition company (SPAC) capital currently available points to a continued elevated period of InsurTechs using SPACs as a means to go public, according to a panel of investors in the sector.
-
Root’s reinsurance buyer Espinoza said that reinsurers had been receptive and appreciative.
-
Draper Esprit, Astanor Ventures, Lowercarbon Capital, Future Positive Capital and Time Ventures participate in financing round.
-
The company is working with Zurich to help speed up the claims-payment process.
-
The appointment comes as the InsurTech works to expand its presence in London and Zurich.
-
The Tremor CEO spoke to Inside P&C recently, offering an inside look at his company’s Panorama platform.
-
The index tracks 18 innovative US insurance companies that have listed in the last 10 years.
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Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
-
Existing investors Crosslink Capital and IAG Firemark Ventures also participated, along with RPS Ventures.
-
About $2.55bn was raised across 146 deals between January and March, with both numbers the highest since record began in 2012.
-
The volume of deals also reached a record high of 146 over the period, up by 42% compared with the prior quarter.
-
Participants in the IPO will purchase American Depository Receipts, securities linked to a Cayman Islands holding company Waterdrop Inc.
-
The cohort reflects four focus areas of climate change and decarbonisation; geopolitics; data and models; and claims support services.
-
Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
-
The London company will use the funding to expand into new territories, develop new products and improve distribution.
-
Paul Prendergast and Peter Bermingham founded the business in 2016 and will stand aside for managers at owner CPP Group.
-
The report said that key themes would be embedded insurance and data and analytics.
-
The initiative is designed to improve trading efficiency and reduce data double-entry.
-
The panel will ‘guide’ the business and help speed up the digitisation of the insurance industry.
-
Insurance penetration in India represented 3.76% of GDP in 2019.
-
The new funding round values the InsurTech at $1.75bn.
-
The InsurTech has also hired Amir Massoudi as global chief revenue officer.
-
$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.
-
The commercial motor specialist raises $150mn from a consortium of investors.
-
The new recruit is a former global corporate CEO at Zurich.
-
Chancellor Rishi Sunak announces the extension in his budget.
-
The venture plans to target auto cover before using M&A to expand into other lines.
-
The fourth quarter, while down on Q3 and a year earlier, was the sixth-highest three-month period since tracking began in 2010.
-
The takeover last year was a significant piece of InsurTech M&A.
-
The fund will invest in global "growth-stage” InsurTech and FinTech companies.
-
The InsurTech could be merged into Reinvent Technology Partners, as Metromile prepares to go public in a similar transaction, Bloomberg reports.
-
The latest of a cohort of start-ups will focus on specialty lines syndicated on a global basis through Lloyd’s.
-
The newcomer was previously CEO for client and country management at Axa XL.
-
The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
-
Companies with strong brands still fall down on “traditional success criteria”, the InsurTech head says.
-
Fourth-quarter funding recovers to $2.1bn, but remains 17% lower than the previous quarter.
-
The automated follow-only syndicate aims for integration with broker platforms this summer.
-
Marine insurance and reinsurance are target business areas, the project partners said.
-
RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
-
The UK carrier says the alliance will improve its access to start-ups.
-
Flock said the capacity could be used to cover anything from drone cargo deliveries to flying taxi passenger flight.
-
Swiss Re pegs China as one of the fastest growing insurance markets in the world.
-
The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
-
The InsurTech was locked in a dispute with Deutsche Telekom over whether it owns the copyright to the use of magenta.
-
Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
-
The licence will permit expansion across the EU after the Brexit transition period ends.
-
The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
-
The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
-
The client tool will provide real-time data on pricing, profits and claims.
-
The pact is Tremor’s first integration with a global broker.
-
The Swiss carrier’s digital white-label arm becomes the German InsurTech’s main investor.
-
The company has signed up two car subscription firms as its first clients.
-
The InsurTech is one of several carriers hoping to attract older customers.
-
Six “mega-rounds” made up 69% of the total, including Ki, Next Insurance and Hippo.
-
JAL Ventures led the funding round at the distribution platform.
-
Tech innovators would be forgiven for looking at our industry and wondering how so little about the way it operates has changed in the past two decades.
-
The portfolio of InsurTech partnerships will now be overseen by the company’s specialty businesses in the US and UK.
-
BHL Holdings once again leads the financing at the business insurance InsurTech.
-
Deal volume also spiked by 41% and included several high-profile transactions.
-
The new entity will begin accepting risks on 1 November.
-
Employees will get a £2,000 remote working budget, as the InsurTech provides rotating office space around Europe and regular off-site meetings.
-
The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.
-
Funds will be used to expand in Southeast Asia, India, US and Europe.
-
The commercial lines-focused InsurTech will use the round to improve its platform features.
-
The US tech giant has participated in three rounds at the Indian start-up, which is valued at around $500mn.
-
The New York-based InsurTech launched in Amsterdam earlier this year and made its European debut in Germany last year.
-
Wefox CEO Julian Teicke says the successful IPO has calmed investor worries about the sector.
-
Waterdrop has been valued at nearly $2bn in the funding round.
-
Other InsurTechs are likely mulling IPO options and are garnering more investor interest, according to a report.
-
The former Aon Global and RFIB chair is the latest big name at the InsurTech.
-
The accelerator programme will focus on data and models, new insurance products and markets and Covid-19 response.
-
In June the 180-year-old insurance services business picked former Axa Corporate Solutions CEO Rob Brown as CEO.
-
Brokers at Marsh, Aon and Epic have all been using the platform, which has been deployed on around eight renewals so far in 2020.
-
CEO Dan Preston says the initiative is part of the company’s strategy to expand into the third-party claims administration sector.
-
The InsurTech provides customisable small business insurance and is eyeing international growth.
-
The funding will be used to meet international demand which the platform said had been “well ahead of expectations”.
-
The global InsurTech chief warns of a potential “emotional reaction” towards the sector if the IPO experience at the renters’ carrier sours.
-
The second quarter recorded $1.56bn in funding across 74 deals.
-
The former InsurTech CEO also joins the casualty reinsurance leadership team.
-
The MGA becomes an early InsurTech casualty of the pandemic era as its parent pulls the plug.
-
Evercore is understood to be advising the InsurTech company on the upcoming series F round.
-
A round-up of recent news on insurance technology initiatives and start-ups.
-
This week the team looks at the consequences of Lemonade's highly successful IPO and the implications for the InsurTech's prospects.
-
The German InsurTech is now operating at a profit and envisages an eventual IPO, its founder says.
-
Investor appetite may not return to “full capacity” for another 18 months, the Flock CEO predicts.
-
The Japanese investor provides new funding as well as buying up existing stock.
-
The Tech Nation Insurtech Board and Insurtech UK fear dwindling backing for the sector.
-
A round-up of recent news on insurance technology initiatives and start-ups.
-
Metabiota, Praedicat and Dialogue selected for pandemic project.
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A round-up of recent news on insurance technology initiatives and start-ups.
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A round-up of recent news on insurance technology initiatives and start-ups.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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The strategy of “growth for growth’s sake” has changed and the bottom line will be increasingly important, market observers said.
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A round-up of recent news on insurance technology initiatives and start-up ventures.
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While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
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The InsurTech specialist says the most successful firms often pivot towards a broader customer base.
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The carrier will offer workers’ comp cover through the digital portal.
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The CoverWallet CEO and co-founder says a smaller number of start-ups will receive a greater proportion of funding.
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InsurTech details fac, proportional and per-risk cover in IPO filing.
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The company, which shelved tentative IPO plans last year, said the offering is subject to market conditions.
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Pie split its investors into two groups: growth-hungry VCs and those investors prepared to finance a balance sheet.
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Root grew gross written premiums by 85 percent in Q1 to $144mn, according to statutory filings.
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CEO Macia said the closure was "not a criticism of our technology, team or mission".
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The fronting carrier will allow the MGA to extend its geographical reach.
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The Sirius-backed InsurTech will look to buy up shell entities to expand.
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The InsurTech space is likely to see falling valuations and less availability of early-stage funding, panellists at InsiderTech London said.
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The company digitalises the title underwriting and real estate settlement process using artificial intelligence.
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The Digital Partners CEO says funding struggles among small InsurTechs present acquisition opportunities for the carrier’s larger partners.
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The Everest Global Markets CEO said that AI was an “enabler” rather than a replacement for people.
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Backers include Tokio Marine and Direct Line Group.
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The syndicate would use a concept for automated placement developed by the former CTMA CEO.
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Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.
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A roundup of recent news on insurance technology initiatives and start-up ventures.
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The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.
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FTV Capital leads the round, with existing shareholders CommerzVentures, Munich Re Ventures and Octopus Ventures participating.
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AIG will recognise an impairment charge of $210mn in connection with shutting down the InsurTech.
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Total funding for the quarter was $922mn, with US taking more than half of the deals.
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A roundup of recent InsurTech news through 30 April.
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Edward Creasy becomes executive chairman of Charles Taylor.
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McGill and Partners will introduce marine clients to the Colorado start-up.
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Munich Re has also temporarily stopped underwriting Jetty policies.
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Montemayor also sits on the board of the insurance-focused private equity fund Black Diamond.
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A record number of risks were placed on the platform last week, as companies continue trading remotely.
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He was previously a treaty reinsurance managing director at Aon.
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A roundup of InsurTech news from 24 March to 3 April.
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Anna Sagar ponders the need for cultural and commercial imperatives to coincide before e-trading can achieve greater prominence in the insurance sector.
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Key technologies such as artificial intelligence and machine learning will help drive savings and benefits in insurance and improve the interface between customers and insurers, says Shahid Safdar.
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A round-up of InsurTech news from 13 March to 20 March.
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Premiums more than double, while the unit's net loss shrinks from the prior-year period.
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A run-down of developments in InsurTech from the past week.
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The intermediary is targeting expansion into the insurance, reinsurance and mortgage insurance sectors.
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Munich Re's move to pull back capacity to Hippo comes as reinsurers are looking more cautiously at InsurTechs.
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The fund will focus on Series B onwards, evolving from pre-seed and Series A.
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The company will use the money to expand in the US.
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The investment is part of a “seven-figure” seed round.
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The investment, which brings total fundraising to $55mn, will be used to expand into fresh markets.
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Digital Risks, which focuses on the small and medium-sized enterprise market, said it is growing by 25 percent month-on-month.
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Acrew Capital led the round, with Munich Re Ventures also participating.
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The consultant urges incumbents to connect with big tech super-gatekeepers.
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The latest fundraising exceeds the cumulative $14.3mn raised previously, according to Crunchbase.
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The company makes its Nasdaq debut.
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Nine cedants including Allianz and Generali were involved in the pilot.
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The digital notice of loss product allows customers to report accidents online or through an app.
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The MGA is backed by (re)insurance capacity from Markel, through the carrier’s Nephila insurance-linked securities fund.
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The series C fundraising round was led by Accel and joined by other investors including Weatherford Capital.
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Despite a record $2bn funding quarter, early-stage funding volumes decreased year on year.
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In total, 184 InsurTechs have failed over the last three years.
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The executive told the Insider London conference that big tech was now a bigger threat than start-ups.
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The series B round also featured capital from MS&AD Ventures, Portag3 Ventures and 8VC.
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The cyber and emerging risks specialist makes its second acquisition in six months.
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The InsurTech scans satellite data to provide underwriters with data on the risks facing 90 million properties in the US.
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David Carter has 30 years of industry experience and has worked at Travelers and The Hartford.
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Chris Downer is also joining the fund, with Tom Hutton acting as senior adviser.
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The fundraising brings its total backing to around $45.8mn, according to Crunchbase.
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The position is the former Zurich EMEA chief’s third non-executive InsurTech role.
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Jeff Greenberg’s private equity firm joins CapStreet on the shareholder roster at the records retrieval specialist.
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The former Zurich EMEA CEO takes on a second InsurTech position in addition to her non-executive role at Trov.
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The company announced a $50mn Series C investment round led by Omers Ventures.
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American Family Ventures and Cox Enterprises were among co-investors.
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The Insurance Insider looks back to some of the standout pieces of the last 12 months.
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The brand’s retirement slated for next year is emblematic of a broader shift in InsurTech.
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The startup also offers up to $4mn of general liability cover online and sells business owner policy packages.
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CEO Julian Teicke said the new hub will become the “most interesting and most profitable” part of their business.
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Arceo.ai hires John Soughan, Michael Phillips of Allianz Global Corporate & Specialty (AGCS) and Sam Lisi, a product manager at Beazley.
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The former Zurich EMEA CEO adds another non-executive role.
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The Canadian pension fund makes its first foray into InsurTech with the investment in the Berlin company.
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The product features fixed payment for a terrorism event within the insured’s post code, irrespective of physical damage.
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The funding is understood to give Apax a small partial exit from its three-year-old majority shareholding.
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A past industry critic of Root has shifted to a more optimistic view of the company’s future.
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The motor insurer also attracts investment from new backers RTP Global, Breega and Digital Horizon.
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Donavan’s arrival follows the appointment of former Aspen Insurance CEO Mario Vitale as president in September.
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Chile riots exposure, premium growth at Lloyd's, MS Amlin departures, and more.
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Will InsurTech eat itself?
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New filings show the InsurTech is expanding far faster than either Lemonade or Metromile but its losses have almost doubled.
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The home insurance InsurTech will use the funding to expand into Massachusetts, Pennsylvania and Tennessee.
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The company has raised $70mn since it was founded less than a year ago.
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The purchase reflects the broker’s stated acquisition strategy of buying complementary businesses and services and of expanding digitally.
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Who could have guessed that the antics of a high-flying real estate CEO would become a stumbling block for the InsurTech space?
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Surround executive Kate Terry blamed the capacity drought on an earlier generation of start-ups during an event in New York.
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The ILS firm led the fundraising round at the data and analytics business.
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The round was led by Palm Drive Capital.
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The "Hundreds" product will have a $100mn limit excess of $100mn, and cover 100 named perils.
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The company claims to be the first UK InsurTech to secure authorisation in its own right.
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The startup is a digital MGA that helps businesses sell insurance on through their own websites.
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Adrian Turner will report directly to CEO Andrew Yeoman and replaces John Colwell.
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The company models surface water flooding in real time.
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The funding was led by the public-private InsuResilience Investment Fund with Barn Investimentos also participating.
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The InsurTech’s co-founder Shai Wininger says the telecom’s actions evoke a ‘Disney villain’.
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Travelers will use AI to extract risk information from documents submitted by brokers
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The report showed record levels of funding but also emerging geographies, a changing funding composition and renewed B2B focus.
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Is the much-vaunted collaborative approach by the (re)insurance and tech industries working out as planned?
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Overall InsurTech funding for the first nine months outstrips the 2018 total, the broker says.
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The regional scene continues to mature, receiving more attention from foreign investors and InsurTechs alike.
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His comments came shortly before Munich Re raised the curtain on its latest $250mn investment, Next Insurance.
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The Series B round brings fundraising to date to almost EUR17mn.
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James Nash and Jon Hancock among speakers at Guy Carpenter Baden-Baden reinsurance Symposium yesterday.
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The drone insurance start-up will initially insure flights for the UK, Belgium and Sweden and Finland.
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The machine learning company counts Chubb and RenaissanceRe among its customers.
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Most InsurTech startups will probably fail, the Starr chairman and CEO predicted.
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The Bavarian carrier is slated to remain an investor in the InsurTech after the reinsurance change at 1.1.
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The Lloyd’s chairman suggests the post will enhance, rather than detract from, his work at the Corporation.
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InsureTech Connect in Las Vegas felt frothy.
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Fronting insurer became the paper provider to three InsurTech and E&S businesses, Inshur, Openly and Orchid in the last month.
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The Series C round implies a “unicorn” valuation for the InsurTech of over $1bn.
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A survey found that only a third of carriers are working with “ecosystem partners”.
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The company set up its innovation lab last year in a bid to bring new technology to the broking landscape.
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The French reinsurer is providing paper to support bundled homeowners and auto policies underwritten by the InsurTech.
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John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
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"We’ve got skills, capital, distribution and knowledge” to maintain dominance, the executive said.
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Listing plans are “definitely in our future”, CEO Dan Preston said.
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Risk Exchange is one of several new industry initiatives launched in a bid to speed up placements and cut expenses.
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The president of Allstate personal lines opened the InsurTech Connect conference in Las Vegas on Tuesday.
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The commercial insurance technology investor counts Lockton among its investors.
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The Sompo and Munich Re-backed startup is planning to focus on business partnerships.
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Previous reports said OneConnect had planned to IPO in Hong Kong.
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The new platform will work with Google and target sectors such as the shared economy.
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Robert Houlihan has been recruited from Mercury to serve as chief insurance officer.
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The InsurTech also raised $37mn in a funding round led by Founders Fund.
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As any representative of the market will proudly tell you, (re)insurance is a relationships business.
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DropIn founder Louis Ziskin explains how his InsurTech can slash claims costs and curb fraud.
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The round was led by StageOne Ventures and Mundi Ventures.
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The Series A funding round is led by Ignition Partners and Canaan Partners.
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Later-stage and larger financing rounds take the H1 investment tally to $3bn.
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Next Insurance’s Sofya Pogreb said the Palo Alto-based InsurTech’s portal can now be used by brokers.
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Ali Safavi has been involved in investments in at least 38 InsurTech start-ups.
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Root has confirmed that the round was at a valuation of $3.65bn.
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The Shenzhen-based broking platform handled GWP of about $130mn last year.
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The round was led by Anthemis and included WR Berkley, Nephila Capital and Markel.
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The world in which we live is increasingly measurable, and will only become more so over time.
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The investor supplies more than £40mn ($49mn) of growth capital following the telematics company’s acquisition of IMS last year.
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Twelve more syndicates have joined the consortium, which is designed to tackle emerging risks.
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The company becomes the first P&I club to use the InsurTech’s Quest Marine system.
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The carrier will provide Floridian homeowners insurance online, by phone or via email.
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The addition of China Pacific Insurance Group comes weeks after IRB Brasil Re’s $3.9mn investment.
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Carrier begins trading on e-platform after Lloyd’s carriers smash digital placing target.
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The IoT Observatory director said investors are desperate to back start-ups that promise to disrupt the distribution chain.
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The deal marks what will likely be one of XL Innovate’s final investments.
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The latest fundraise comes after the auto carrier entered the Californian market.
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CEO and Co-Founder Alex Timm said the company needs someone who can focus on managing growth.
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Co-founder Niall Barton will move from the CEO role to executive chairman.
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Bought By Many, Evari, Floodflash, Sherpa, So-Sure and Worry+Peace will join a trade mission to promote the UK InsurTech sector.
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Greenlight Re Innovations and three other investors participated in the round
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The investment is the 12th by the innovation unit since it was founded last year.
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A new platform will cover policy sales, claims, customer management and business intelligence.
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The Brazilian reinsurer will become the blockchain initiative’s only Latin American investor.
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The trade credit InsurTech’s policies were previously underwritten by Great Lakes Insurance, with whom it partnered in 2017.
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The EY-backed InsurTech is the world’s first marine insurance blockchain platform
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Insurers are expressing increased interest in innovation but are still being held back by legacy systems, says Damion Thompson.
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A group of 11 start-ups will focus on developing ‘ecosystem’ for the market.
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This publication highlights four major trends from the Willis Towers Watson Q2 InsurTech briefing.
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Participants in The Insurance Insider’s 2019 technology roundtable said there was a danger of the sector over-engineering solutions.
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The InsurTech founded by MIT scientists raised $500mn from heavy-hitter Softbank in December.
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The company will use the grant to launch invoice insurance and a trade credit scoring product in France and Germany.
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The Series D funding round values the MGA at over $1bn, crossing the unicorn threshold.
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The carrier’s Syndicate 3000 will provide the MGA with capacity for disgrace insurance written using new risk assessment technology.
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The new venture streamlines underwriting by scraping data on liquor license violations.
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The formerly named Fractal Industries funding round was led by investment firms Cannae Holdings Inc and Motive Partners.
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InsurTech Gateway Australia will be led by entrepreneur Simon O’Dell and backed by private equity investor Envest.
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Company already has a presence in the Netherlands, US and Chile
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James Birch joins from Hambro Perks, where he led the establishment of the InsurTech incubator in 2017.
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Venkat Krishnamoorthy will take on the newly created role on 5 August.
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The investment is the carrier’s largest in a start-up.
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The Catlin and Brand-led start-up strikes its first InsurTech partnership.
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The platform offers on-demand insurance to commercial drone pilots.
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Talks are underway between the Silicon Valley firm and venture investors over the next raise, at a valuation of over $1bn.
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Something I saw after hours in the office before heading home last night brought me right back to my youth.
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The Corporation worked with managing agents and the LMA to develop the tool.
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The nature of partnerships between InsurTechs and incumbents is changing, according to attendees and speakers at the DIA Amsterdam conference.
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Nearly 200 farmers are enrolled on the platform.
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Paolo Cuomo has a remit to develop Brit’s response to the Future at Lloyd’s initiative.
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The Hiscox CEO was speaking on the third anniversary of the foundation of electronic trading platform PPL.
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Lemonade co-founder and CEO Daniel Schreiber has warned that for insurers “longevity isn’t the same as immortality”.
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Mizzi succeeds Ed Pulkstenis, who will transition to a new role.
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The round was led by Alven and Portag3 Ventures, bringing total funding to date to EUR15mn.
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Wrisk CEO Barton says the company will focus on B2B2C tie-ups.
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Talk of disruption may have cooled but some old disruptive ideas are finding that their time may have finally come.
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Daniel Schreiber argues that incumbents’ assets are beginning to look like liabilities
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Rather than shying away from its potential rivals, Sapiens wants to work with InsurTechs to support the insurance industry.
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The two firms have invested in the InsurTech’s latest funding round.
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Third Point Re and White Mountains have also given financial support to the start-up.
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Unless you are a consultant, or an InsurTech peddling a cure-all piece of software, AM Best’s plan to introduce an innovation scorecard into its rating process may sound alarming.
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Lemonade faces a challenge in building a direct channel in a broker-dominated market
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Facial recognition software is used to see if customers are “telling the truth”, Lemonade’s Sagalow told InsiderTech New York.
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The gig economy insurance start-up will use the funds to build operations across Europe.
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The San Francisco-based InsurTech launched in the UK in 2016 with Axa Insurance UK.
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Partner Martha Notaras will pursue projects outside of XL Innovate.
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A large technological vacuum created after years of neglect is at the heart of InsurTech’s recent rapid growth, delegates heard at InsiderTech New York.
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A fourth, more complex product will be offered to the market in the fourth quarter, Attune CEO James Hobson told InsiderTech New York.
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Start-ups continue to find the regulatory environment in the US an obstacle, delegates at InsiderTech New York were told.
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‘We won’t all be killed by dragons’, the StarStone Group chairman says.
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The Santa Monica start-up has raised $23.1mn to date.
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The round was led by venture capitalist fund True Ventures with participation from Underscore VC.
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The executive points to the aviation market and China as areas of opportunity.
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The partnership envisages InsurTechs participating in trade missions, among other joint initiatives.
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The InsurTech incubator aims to raise as much as $38mn.
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The local business will be led by former Takaful Emarat executive Shahid Safdar.
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The InsurTech has established European headquarters in Amsterdam.
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Cusano joins the insurance giant as chief business and technology operations officer, General Insurance on 1 July.
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Charlotte Halkett joins from Buzzmove where she built and launched its home insurance product Buzzvault.
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Uwe Schoberth will work on tightening relationships between Blackboard and brokers.
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The AI-powered insurer’s backers include Earlybird Venture Capital.
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The broker also establishes a growth board to support organic innovation.
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The pledge follows a distribution tie-up with marine startup Concirrus last year.
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Now that InsurTech funding seems to be on a distinctly downward trajectory, where will the backing for innovation come from in the future?
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The arrangement will allow drivers to buy and amend insurance on an app, and reward them for safe driving.
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If I told you that it was possible to underwrite a cyber policy with one single piece of data, I’d wager that you’d either laugh in my face or tell me I was mad.
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Guidewire chief marketing officer joins the InsurTech’s board
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Pikl provides insurance for the sharing economy, including home and landlord cover for Airbnb hosts.
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The former RMS CEO spoke Wednesday at a marine industry conference.
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The money will be used to expand the company’s on-demand cover to e-scooters and other specialised forms of mobility.
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The companies aim to improve specialty reinsurance cover using Internet of Things data.
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The Fractal policy will provide insureds with all risks coverage from multiple carriers in a single policy.
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InsiderTech London speakers call for a new mindset when it comes to data sharing.
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The transaction cements an earlier underwriting relationship.
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Is the easy money phase of InsurTech over?
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The state’s new insurance commissioner, a former journalist, wants the state to lead the nation in insurance tech start-ups.
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The financing from backers including Nationwide and State Auto brings the Chicago-based InsurTech’s funding to date to $71mn.
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Vertafore said today it would combine its Sircon software platform with Vue’s broker systems.
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The AFL chairman says the market must retain its edge for specialist risk while preparing for the future.
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Axa XL CEO Greg Hendrick says the fund remains a "core strategic capability".
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The two reinsurance brokers are supported by Everest Re and RenaissanceRe.
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InsurTech Planck is working with Republic Indemnity on AI pricing
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The regulator forged the InsurTech initiative in July.
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This publication highlights four major industry trends to come out of the Willis Towers Watson quarterly InsurTech Briefing.
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The P&C segment also attracts the highest number of transactions ever.
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The UK’s impending exit from the EU has facilitated a sea change in the government’s understanding of the London market, the LMG CEO says.
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Three will be a “significant asset” of Berkshire Hathaway in 10 to 20 years.
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A firm that helps insurers underwrite pharmaceutical liability risk has seen rapid growth and is expanding into property-related issues.
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Nine retail brokers will distribute SkyWatch.AI products.
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The company looks to digitise commercial insurance broking.
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Tetlow left Hiscox in December 2018 after 13 years in Bermuda.
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Andrew Shaw will take the reins at the Valar Ventures-backed company.
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Tech is coming for insurance – just not in the way we thought.
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Twelve start-ups will join the accelerator program, with two focusing on Lloyd’s specifically and the other 10 on market-wide solutions.
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Ferber was previously chief information officer at ICAT.
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The company has raised £4.2mn so far.
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The EQT Ventures-led investment takes the InsurTech's funding to date to about $40mn.
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Founding CEO Daniel Schreiber said InsurTech firms were “better at the art and science of underwriting risk” than traditional carriers.
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The InsurTechs are promising to launch more collaborations across fintech.
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The funding round was led by VC funds Anthemis Group and Menlo Ventures, bringing total funding to $4mn.
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The InsurTech is planning to open European headquarters in Amsterdam after landing $300mn in funding round.
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Latest funding round brings total financing raised to $42mn.
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The consultant says potential backers in the sector have become more nervous.
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The InsurTech has raised $3.85mn from investors including the specialist AI fund.
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SoftBank injects more cash into the Daniel Schreiber and Shai Wininger-led InsurTech.
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The New York-based company uses technology to help SMEs search, buy and manage insurance online.
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The broker will always be with us
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The future of insurance lies in the application of artificial intelligence across the value chain.
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The company is partnering with Scor to provide capacity for its credit insurance policy.
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Insurers are now achieving double-digit rate rises, with some loss-hit accounts up 100%.
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InsiderTech Chicago keynote speakers said innovation in SME insurance could attract young talent.
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In her keynote address, the XL Innovate partner laid out 10 predictions for InsurTech in 2019.
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The cloud-based platform uses data analytics and AI to make property risk management more efficient.
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The funds will make this the company’s sixth, seventh and eight investment vehicles.
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The Canopius-backed MGA will pull cover from existing customers on 30 April.
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The Californian home insurer has so far raised $109mn in total.
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A sharper focus on underwriting profitability bears fruit for Lemonade, Metromile and Root.
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The company says it will use the funding to expand its global operations.
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Insurance Acquisition Corporation is led by John Butler who previously worked for Twelve Capital.
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It’s always healthy when a new innovation comes into the market and shakes things up.
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Dieter Berg, who has held senior roles at Munich Re and Swiss Re, takes a non-executive position at the InsurTech.
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InsurTech Metromile hired Paw Anderson as Chief Technology Officer, previously a senior leader of engineering in Uber’s Advanced Technology Group.
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USAA has joined State Auto and CFM Insurance and become the latest carrier to join Roost’s Home Telematics Program (HTP).
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The insurance policies are underwritten by HDI Global.
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The fleet monitoring service is part of an insurance suite for marine underwriters.
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Mutual start-up Portabl and trading platform Akinova are in the batch.
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Finding new markets is an important, and tricky, part of (re)insurance.
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Innovation. Possibly the most ubiquitous (re)insurance buzzword of the past few years and yet many observers complain this industry isn’t doing it enough.
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The ratings agency is seeking comment from the insurance industry on a draft of the criteria.
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The free documents aim to make partnerships between incumbents and InsurTechs more transparent.
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More than a third of the funding comes from two new German media investors.
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The grant will help the start-up develop AI premium-monitoring tools.
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The German InsurTech plans expansion into France and the Benelux region.
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Yesterday, my colleagues Mark Geoghegan and Bernard Goyder outlined the current state of play in the InsurTech space. It’s an excellent read, and I encourage you to make time if you haven’t yet read it.
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The investment is a first for Mubadala Investment Company’s $400mn European Ventures Fund.
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I think several events this week provided perfect reminder of why the next 10-years may be less forgiving than the last decade.
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Carriers are ahead in their use of AI and automation.
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Disruption talk long gone as prize of creating embedded services for incumbents emerges.
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The new technology will allow insurers to track risk accumulations in real time.
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The London-based InsurTech entered the Irish market last year.
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The prominent InsurTech has added two new executives to its senior management team.
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The reinsurer’s new Equarium portal has 30 InsurTechs listed, with more expected to follow.
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Bessemer Venture Partners backs Paris headquartered startup.
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We would all agree that you can’t hold a pre-schooler to the same standards of behaviour as their parents.
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The Dallas-based technology firm digitally distributes auto credit and insurance cover.
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The pay-as-you-drive insurer targets the UK’s 19 million low-mileage drivers.
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InsurTech investments and strategic partnerships continued to grow in the fourth quarter of 2018
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Next Insurance became a licensed carried in 15 states, up from eight at the mid-year mark.
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Transaction numbers declined marginally year on year.
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Led by former Twelve Capital and Hannover Re executive John Butler, the vehicle will look to acquire a company within the (re)insurance and InsurTech space.
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InsurTech investment almost halved globally last year.
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Any successful industry leans on a few core, tried-and-tested concepts which sustain reliable enough returns over time to build a lasting business.
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The InsurTech plans to develop products for the international market.
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The tie-up will use technology from InsurTech firm Parsyl to cut the cost of managing claims.
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Current investors Valar and Ribbit have backed the raise.
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The supplier contract announcement is the ugly duckling of the corporate communications aviary.
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Hiscox led the round, with additional funding from Chubb, Aflac and Japan-based MS&AD.
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The CEO follows in the footsteps of former Lloyd’s boss Beale .
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Excess rarely leads to good decision-making.
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With the adoption of electronic placement and utilisation of PPL in Lloyd’s, there is considerable cause for the industry to celebrate the innovation currently within the sector.
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The MGA has launched a management liability product on its new underwriting platform.
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We all screw up sometimes.
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Shai Wininger and Daniel Schreiber's InsurTech reports a significant loss-ratio improvement, as Q4 premiums fall quarter on quarter.
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The round was led by Guggenheim Partners.
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EHI is starting a new subsidiary, Cerity, to serve as a digital provider of workers’ comp insurance.
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The stock has declined by almost two-thirds in the past year and more than halved since its 2017 IPO.
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The InsurTech has built a digital marketplace for cyber risks.
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The carrier has signed agreements with Element and CoverHound.
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Noblr co-founder Gary Tolman resigned from the White Mountains board to avoid a conflict of interest.
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The platform provides PI insurance for gig economy workers.
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The fundraising total more than quadruples from the prior-year period.
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Intermediaries association Liiba is understood to be a driving force behind the move.
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The combination will have well over $50mn in annual revenue.
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The partnership follows previous deals between the start-up and Hiscox and QBE.
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Carriers hope the new technology will cut the cost of administering claims.
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The InsurTech is already working with Munich Re in the region out of its new Santiago office.
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The InsurTech is providing its cloud services to UK financial services firm Legal & General.
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An additional 88 brokers have also signed up to the delegated authority platform.
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Parades of partners filing out of the Big Four accountancy firms after inappropriate behaviour, a visionary retailer whose signature greeting is a hug if you’re lucky – or a gentle nibble on the ear lobe if you’re not, an even bigger rag-trade titan named in the UK parliament.
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Daljitt Barn follows recent arrival Paul Jardine onto the advisory board of the start-up.
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Often, when I discuss the industry that I work in with friends who have limited exposure to insurance, I receive one of two responses.
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The hire follows a tie-up between the broker and InsurTech.
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The raise was led by Luxembourg-based private investment fund Blamar.
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Leandro DalleMule will serve as general manager for North America at Planck.
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The InsurTech flagbearer's combined ratio improves, but reinsurers bear the brunt of losses.
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‘Tsunami of data’ on commercial property set to raise underwriting performance.
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Data-driven underwriting and customer experience are among the four focus areas Lloyd's is seeking from the applicants.
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The transaction follows Aon’s creation of a business interruption facility to cater for companies heavily weighted towards intangible assets.
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A lot has changed since InsurTech first barged into the collective (re)insurance vocabulary back in the heady days of 2016.
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The InsurTech's co-founder announced plans for the move in a blog post without providing details on timing.
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Graham Brooks, a .406 Ventures partner, will join Corvus’ board in connection with the deal.
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The launch follows the Spanish carrier’s investment in a start-up fund.
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The reinsurer will use the firm’s Quest Marine platform to structure programmes.
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Backer Anthemis notes that sector innovation has largely bypassed construction insurance.
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A new three-year plan targets at least $1.7bn in debt reduction and acquisitions within asset management.
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No-one will miss London's huge process expense, but traditional placing has always had a romantic attraction for brokers and underwriters.
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Goji is a personal lines insurance agency with a focus on homeowners’ and auto coverage.
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Four executives were added to an innovation team overseen by Chief Information Officer James McGlennon.
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Felicis Ventures and the homebuilder Lennar co-led the funding round for the California-based InsurTech.
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Chesterfield’s James Stevenson urges peers to get educated about technology.
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Growing up, we are constantly encouraged to build good habits into our daily routines to ensure that we get into the right way of doing things early on.
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Munich Re has co-invested in the fraud detection start-up.
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Zeguro also added QBE to its panel of insurers.
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Submissions included ideas for speeding up disaster claims processing and identifying whether a person or a robot is in control of a self-driving car.
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The collaboration with the incubator will expand the reinsurer's exposure to start-ups.
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Axa XL, MS Amlin and Miller are among the companies trialling the PPL rival.
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There seems to be consensus among reinsurers and their broker partners that the industry must be leaner if it is to survive. Technology can certainly play a major part in that ambition.
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The group also said it expects to almost double HDI Specialty size by 2022.
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Azur’s technology platform is also being used to underwrite commercial insurance in the US.
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The multi-year agreement will see the two companies work together to drive the use of Concirrus' Quest Marine platform.
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The investment from a Luxembourg-based VC fund brings total funds raised to $41.9mn.
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The current deputy CEO will lead the specialty broker after Rugge-Price steps down.
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RKH CEO Rugge-Price will move to lead the business as CEO.
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Click2Sure is a digital platform for distributing, managing and purchasing insurance at point-of-sale.
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Flock now writes 25 percent of the UK commercial drone market.
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The executive spent seven years as head of corporate development at Canopius and was previously at Lloyd's.
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The Japanese insurer aims to invest in tech start-ups.
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InsurTech’s very own Burning Man festival.
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Parsyl tracking device to monitor insured goods in $4tn cargo market.
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The expanded agreement makes Willis Towers Watson one of Plug and Play’s “largest and most engaged partners in InsurTech.”
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Is the death of big data nigh?
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The round brings Cover’s total funding to $27mn.
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The investment round was led by Breega Capital.
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The collaboration follows the development of the broker's commercial blockchain for proof of insurance.
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The MMC chief tells delegates at InsureTech Connect that the JLT takeover emphasises the importance of human capital in the industry.
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Travelers currently has around 600 FAA-certified drone pilots working in its claims unit
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InsurTech is still making waves as the industry gathering draws to a close in Las Vegas.
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The gamble for carriers is which InsurTechs to work with and how much skin to put into the game.
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Insurers ignore digitisation at their peril, the CEO of insurance standards body Acord has warned.
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Drones, autonomous cars and blockchain all contribute to the changing face of the industry.
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The New York gathering saw several industry leaders stress the need for (re)insurers to attract young talent to the field.
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Figures in a report to be issued next week may signal an inflection point has arrived.
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Argo is developing useful implementations of emerging technologies such as AI.
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Ed Hochberg reflects on growth through M&A weeks after Marsh’s $6.4bn JLT deal.
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Marsh will work with Salesforce to offer clients system access to verify insurance.
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Slice Labs aims to use the cash to respond to robust demand for its cloud services.
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IQ Capital and Eos lead the round, which takes total funding to £12mn.
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Boost aims to help startups accelerate market entry without involving incumbents.
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The provider of cyber security products works with Boost to add insurance cover.
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The Berlin company's backers include PayPal co-founder Peter Thiel.
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The addition of Whitespace to the list of Lloyd’s-approved e-placing software is a big step forward for the modernisation of the London market.
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The report predicted technology-led change will accelerate over the next few years in the commercial and specialty markets.
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About 60 percent of Lloyd's managing agents are said to have signed up to DA Sats.
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Jason Stockwood said digital entrants will push industry incumbents to get better.
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Risks bound on the system will contribute towards the e-placing targets mandated by Lloyd’s.
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The insurance consultancy says the technology has extended its reach well beyond personal lines.
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Across InsurTech as a whole, 71 companies secured financing in the three months ended June.
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The 24 start-ups will work with a local unit of Mitsui Sumitomo Insurance.
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The Channel Syndicate provides capacity to underwrite the SME invoice protection product.
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Dawn Miller was previously US president and CEO for commercial lines at Axa Insurance.
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Archipelago Analytics will focus on how critical data is captured and moves through the insurance value chain.
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The duo’s arrival coincides with a deal for Wrisk to become the sole UK insurance partner of BMW’s financial services arm.
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Bold Penguin is targeting commercial segments, working with partners such as Hiscox.
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MS Amlin will offer capacity backed by Envelop Risk data analytics and underwriting.
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The artificial intelligence-aided MGA aims to launch a financial lines product this October.
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The creation of GC Genesis follows the broker's foundation of the InsurTech Alliance in August.
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The London market hire comes after the analytics company raised a further $16.5mn in a funding round led by XL Innovate.
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Inter-Atlantic Stonybrook Insurtech Ventures fund aims to raise $100mn by 8 January
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The start-up beats technology giants including Microsoft and Infosys.
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Ten InsurTech firms make the cut from over 200 applicants.
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The buyer's HSB subsidiary will work with the new unit to develop risk management and other solutions for industrial clients.
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As M&A deals go in the insurance industry this year, Allstate’s decision to buy InfoArmor for $525mn in cash won’t go down as a bellwether deal.
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The target recently secured an insurance licence.
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A pair of industry executives use statutory filings to show growth slowed at all 3.
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Brett Sadoff will be the MGA’s head of insurance after running field operations for Hiscox USA.
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The executive will replace David Gittings when his 12-year tenure ends.
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The Japanese company will have 51 percent of the new entity but just one board seat.
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Californians have had a steady diet of wildfires this summer, but something else in the state is burning insurers up.
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Attracting talent is something that is constantly front of mind for many in the (re)insurance industry.
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Root plans to use the additional capital to bring its smartphone-based cover to more US states.
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If you have a market full of horse-riders, you can’t just expect them all to get a driving licence and switch over to motor cars overnight.
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Underwriting rules marked ‘confidential’ or ‘trade secret’ provided no exemption, CDI general counsel writes.
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Tremor’s auction technology matches capacity to bidders to achieve the lowest overall rate
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The latest figures on PPL usage are encouraging, but more than a quarter of Lloyd’s syndicates are still not meeting their target.
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The placing system’s volumes are making people "sit up and take notice".
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The workers’ compensation InsurTech will scale its business and expand its market.
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The InsurTech focused on small business wrote $1mn in premiums in 14 days, down from 400.
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Klauser formerly was an insurance executive at DXC Technology.
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The deal comes after Tokio Marine co-led a $90mn financing round for the InsurTech.
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InsurTechs among the first to embrace the robot revolution.
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The German start-up is close to raising more than $200mn.
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Italy will be the start-up's fourth national base, after Germany, Switzerland and Austria.
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The CEOs meet as Japanese investor SoftBank is set to pump millions into the Berlin-based InsurTech.
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