InsurTech

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.

Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.

Panellists said that key benefits from AI could be in interpreting documents and even helping to mitigate softening market conditions.

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.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

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.

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.

The additional investment makes this the largest ever Series B round for an InsurTech, according to the firm.

The capacity deal is slated for deals with 10/1 effective dates and beyond.