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Not only could raising venture debt become increasingly difficult for the sector, but InsurTech companies could also struggle to access their credit lines.
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In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
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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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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
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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.
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Artur Niemczewski has held leadership roles at WTW, Marsh, Asta and DXC.
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Cover Genius has grown GWP to nearly $1.1mn a day since its last funding round in September 2021.
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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.
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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.
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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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