InsurTech

InsurTech funding was down 7.3% from $1.09bn in the prior quarter.

The carrier is consolidating its venture capital activity into asset manager MEAG.

The upcoming Lloyd’s Lab cohort 16 will include a dedicated Irish theme.

The company will continue its capacity partnership with the MGA until 2030.

This will be the 15th cohort of companies to go through the Lloyd’s Lab.

The insurer has been under review with positive implications since March.

Part III of our series looks at where AI is being integrated into underwriting departments.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.

In part II of our series, we look at where AI is being integrated into claims departments.

Plus, the latest people moves and all the top news of the week.

The cyber business will continue to operate as a standalone entity.

The $2.6bn deal provides Ergo with an entry point to the US SME market.

The company said the reduction was due to years of steady improvements.

This is up from last year’s $1bn protection for its Florida treaty.

The man is alleged to have conspired with others to falsify LOCs and collateral letters.

The Corporation is poised to accelerate its investments in start-ups.

He will also invest in the company.

The Nordic operations have capacity provided by Allianz Commercial.

The sale price represents Elephant’s approximate net asset value.

The InsurTech was part of the fourth cohort at Lloyd’s lab.

Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.

Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.

Followers will automatically support primary or excess Inigo quotes.

Hickman has previously held roles at RSA, LV and Axa.

The broker attributed the drop to smaller average deal sizes over the quarter.

Ed Gaze joined the group as CEO in 2022.

The business has appointed Asta as managing agent.

The InsurTech is disposing of some non-core business units.

The 2024 event saw 80 speakers address an audience of over 350.

The minister highlighted London’s critical mass of expertise and tech innovation.

Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.

PPL plans for iterative releases and a production environment by end of Q1 2025.

The streamlined group consists of four brokers and four underwriters.

Mark Hartigan will move to chair following a spell as interim CEO.

The investment will be used to expand its product portfolio and continue global expansion.

Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.

The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.

The market is warned to think about overall ecosystem interactions rather than “digitalising by stealth”.

Annual InsurTech funding volume for H1 was $2.2bn, just below $2.3bn for H1 2023.

A roundup of all the news you need today, including Lloyd’s chairman candidates.

InsurX has grown its capacity beyond £100mn after adding D&F to its existing contingency business.

The company’s investors have also provided EUR 25mn in fresh capital.

Mark Hartigan reportedly backed a proposal to sell parts of the InsurTech to Ardonagh.

The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.

AI is one of three ingredients needed for evolution in the industry, according to McKinsey senior partner.

Since its launch, Bondaval has been operating exclusively as an MGA.

AI-centred InsurTechs in Q1 accounted for 28% of all deals in the Global InsurTech report.

The carrier's UK portfolio will no longer be written with an in-house team.

PPL is facing increased competition as the market opens up.

Processing and product innovation companies are also in the cohort.

The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.

The funding will allow the firm to release Yurty, a digital care app.

Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.

Artificial Labs undertook the Lloyd’s Lab accelerator programme in 2020.

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.

The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.

Business will continue as usual, with the PlacingHub platform still expected to go live in January, the technology firm said.

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.

A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.

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.

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.

Melissa Collett served as executive director for professional standards at the CII, where she spearheaded the Digital Ethics Companion.

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.

The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.

Digital transformation top of boardroom agenda, according to Cytora CEO Richard Hartley.

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.

Issues with faked letters of credit are not limited to one banking provider, sources said.

The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.

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.

The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.

The London market businesses face potential fallout as Vesttoo investigates collateral inconsistencies.