Motor reinsurance
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Rainfall from the hurricane set a single-storm record at 3 feet in North Carolina. -
The carrier has a 19.44 percent share for homeowners' risks and 18.72 percent for private auto.
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F&I has annual revenue of about $10.5mn.
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One analyst believes buying the provider of employee identity protection will help the auto insurer diversify.
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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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Improved underwriting saw the combined ratio fall 11 percentage points to 96.6 percent.
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The deal involves both auto and property lines and will allow QBE to focus on other sectors.
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Founder and chairman Sir Peter Wood to stay on post-deal and reinvest £50mn into the company.
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The legacy carrier and consultancy SOBC Corp have jointly acquired the non-standard auto insurer in run-off.
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The new MGA business will target car clubs and complex “one-off” risks.
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The deal comes after Tokio Marine co-led a $90mn financing round for the InsurTech.
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For now, motor insurers can sleep a little easier.
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