InsurTech and innovation

Mobility insurtech Voom adds Claro's Coyne as head of insurance

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

AI-driven insurtech Federato raises $40mn in StepStone-led Series C

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.

Hippo cuts Q3 net loss by 84% to $8.5mn as closes in on Q4 profitability

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.

Gallagher Re: Insurtech Q3 funding totals $1.38bn as AI investments gain momentum

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.

Insurtech 9M VC funding down 7% YoY to $3.2bn: Mapfre

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.

Cowbell’s Western sales leader Bibeau among quartet of exits at cyber insurtech

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, Cyber Risk Insurer can reveal.

Wildfire insurtech Kettle hires Root’s Espinoza as new CEO following founders’ exit

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, The Insurer can reveal.

Root shares surge ~70% in after hours trading after first net income profitable quarter

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.

Joyn working on fundraise for Jan reboot after SiriusPoint capacity relationship ends

SME-focused E&S insurtech Joyn is working on securing additional funding for a January re-launch, after pausing writing business following the discontinuation of its capacity relationship with SiriusPoint in September, The Insurer can reveal.

Branch raises $51mn Series D led by American Family Ventures, HSCM Ventures

Branch has raised $51mn in a Series D funding round led by existing investors American Family Ventures and HSCM Ventures, as the personal lines insurtech targets profitability in 2025 and expansion into life insurance, The Insurer can reveal.

Cowbell chief marketing officer Collins latest senior executive to exit insurtech

Cowbell’s chief marketing officer Andrea Collins has resigned from her role after a year and a half with the company to take up another post elsewhere, the latest significant senior departure from the insurtech, Cyber Risk Insurer can reveal.

Claims insurtech Agentech raises $3mn in seed funding round

Agentech, an AI-driven solution for insurance claims, has completed a $3mn seed round in 30 days.

US insurtech Herald closes $12mn Series A funding round

Boston, Massachusetts-based Herald, a digital infrastructure provider for commercial insurance, has closed a $12mn Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures.

Layr names Floodflash’s Hara as CEO

Small business-focused insurtech Layr has appointed former Floodflash executive Mark Hara as CEO.

Embroker partners with Everspan to digitise insurance through Embroker's ONE platform

San Francisco-based insurtech MGA Embroker has partnered with specialty property and casualty insurer Everspan in a move the parties say will enhance the digital insurance experience.

Trucking insurtech Nirvana boosts capacity with MS Transverse partnership

San Francisco-based Nirvana Insurance has agreed a partnership with hybrid fronting carrier MS Transverse Insurance Company that the commercial trucking insurtech said provides a “boost in capacity”.

Counterpart adds Relay’s Smith as digital distribution director

Counterpart has hired Jim Smith as director of digital distribution to advance the management liability insurtech’s digital initiatives and drive continued growth through its APIs.

Agencies-focused insurtech Covu raises $12.5mn in Series A funding

Covu, which provides AI-native services for insurance agencies, has completed $12.5mn in equity and debt financing as part of the first tranche of its Series A funding round.

MIC Global seeks to become coverholder of Greenlight Re’s Syndicate 3456

Digital micro insurance provider MIC Global has said it intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456, in a move designed to leverage both firms’ collective resources to drive greater innovation at Lloyd’s.

Hyperexponential expands into reinsurance market with treaty pricing model

London-based insurtech Hyperexponential has unveiled its first templated reinsurance model for treaty reinsurance.

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