InsurTech

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.

The insurance technology provider is expanding across the UK, DACH and France, after it reported a 71% increase in revenue in 2022.

She will be responsible for providing strategic guidance for the organisation.

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%.

The InsurTech Corridor helps UK InsurTechs to prepare for entry into the US market.

A regional focus has been adopted for the first time, with Lloyd’s Europe sponsoring efforts to tackle cyber and climate underinsurance.

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.

The homeowners’ InsurTech reported that it has received approximately 6,800 claims associated with Hurricane Ian to date.

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.

The fundraise comes after the company raised $180mn of Series A funding last year.

Ferian Re will be capitalized by an investor group led by BDT Capital Partners

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.

Innovation Group specialises in business process and claims management solutions and will continue to operate independently.

The executive, who had worked at the AI-driven platform for over four years, announced his departure on social media.

The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016.

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.

InsurTechs with diversified teams and deep-rooted technology are more likely to survive the current funding drought, according to MS&AD Ventures’ Jon Soberg.

The company becomes the latest InsurTech to cull staff as a result of financial challenges.

The newly created role is part of Corvus’ efforts to expand internationally.