New York-based auto insurtech provider Roadzen has executed a memorandum of understanding (MOU) for a partnership to Cimarron Underwriters' nationwide MGA licenses and infrastructure.

Lloyd's insurer Apollo has renewed its partnership with algorithmic underwriting insurtech Artificial Labs as part of its Smart Follow venture.

Cyber insurtech Sayata has let go an undetermined number of staff, including head of partnerships Manny Johl and director of sales Tim Regilio, as a sale process for the distribution platform remains ongoing.

Rental insurtech Steadily announced that it has activated its carrier, Steadily Insurance Company, which has received a financial stability rating of A, Exceptional from Demotech.

JMP Securities has downgraded its outlook for Root to market perform following its recent strong share price rally, while price targets for fellow insurtechs Lemonade and Hippo have been raised.

California-based mobility-focused insurtech Voom Insurance has hired Thomas Coyne as its head of insurance.

AI-powered underwriting platform Federato has raised $40mn in a Series C funding round led by global private markets investor StepStone Group, with participation from existing Federato investors including Emergence Capital, Caffeinated Capital and Pear VC.

Homeowners insurtech Hippo has cut its net loss by 84 percent in Q3 to $8.5mn from $53mn and trimmed its adjusted Ebitda loss by 74 percent to $7.5mn from $28mn, while it improved HHIP’s net accident year loss ratio 22 points to 70 percent.

Rotem Iram, CEO and co-founder of insurtech At-Bay, has called on carriers to “answer that hero’s call” and move to a “third generation” of cyber insurance where they become security partners for customers in order to address vendor vulnerabilities.

Global insurtech funding reached $1.38bn in Q3, the highest level since 1Q23, although funding in the P&C segment declined by 15.4 percent compared to the previous quarter, according to a report from Gallagher Re.

The recent run of departures from cyber insurtech Cowbell has continued, with a quartet of executives resigning in recent weeks, including Western regional VP sales and distribution leader Michael Bibeau,

Although the $3.2bn in insurtech venture capital (VC) funding raised in the first three quarters of 2024 is down 7 percent on the prior-year period, positive trends suggest that there will be a pick up in activity during the fourth quarter, according to Mapfre.

Wildfire insurtech MGA Kettle has hired Root strategy and reinsurance executive Isaac Espinoza as its new chief executive, a move that comes as co-founders Andrew Engler and Nathaniel Manning have moved into advisory roles,

Swiss insurtech Stonestep has announced that a parametric insurance program in Nepal backed by the US Agency for International Development (USAID) made a payout following flooding in September.

Shares in Root surged by nearly 70 percent in after-hours trading after the Ohio-based auto insurtech reported its first quarter of net income profitability and is on track to be profitable on a net income basis for the full-year in 2024.