Gallagher Re’s Johnston: Insurtech layoffs to continue amid “reality check” over capitalInsurtechs will continue to be impacted by a “reality check around where the capital is coming” with investment for the rest of the year likely to remain low compared with 2021’s highs and layoffs continuing, Gallagher Re’s Andrew Johnston has told this publication following the release of the broker’s new insurtech report.
At-Bay launches Markel-backed misc professional liability productAt-Bay has expanded into miscellaneous professional liability (MPL) with a new product backed by Markel, which adds to the San Francisco-based insurtech’s flagship cyber liability and technology errors and omissions coverage.
Pie agrees integration partnerships with Bold Penguin, Talage and TarmikaPie Insurance has announced strategic partnerships with Bold Penguin, Talage and Tarmika that will allow the workers’ compensation insurtech’s policies to be quoted directly on the three commercial insurance platforms.
$2.41bn insurtech investment in Q2 up sequentially, down 50% over Q2 2021Global investment in the insurtech sector hit $2.41bn in Q2 2022, which was 8.3 percent higher than in Q1 but 50.2 percent below 2021’s record-breaking second quarter, according to Gallagher Re’s latest insurtech report.
Tech evolution rather than revolutionIn light of B3i’s recent closure, The Insurer spoke to Igor Best-Devereux, CEO of eReinsure, about the future for insurtech, placing platforms and collaborative utilities…
Counterpart names Berkley’s Kellner product lead, Hanover’s Marler claims headManagement liability insurtech Counterpart has hired Claudette Kellner from Berkley Management Protection as insurance product lead and Eric Marler from The Hanover as head of claims.
Kin’s Conlin: Demotech’s A affirmation highlights staying power in challenged FL marketKin Insurance’s chief insurance officer Angel Conlin has responded to the insurtech having its A financial strength rating affirmed by Demotech by stating the designation “shows our staying power and strong financial position” despite operating in the challenged Florida marketplace.
Famed short seller Chanos calls Lemonade’s view of “unlimited” TAM “utter nonsense”Legendary investor and famed short seller Jim Chanos on Monday described comments by Lemonade CEO Daniel Schreiber that the company has an “unlimited” total addressable market (TAM) as “utter nonsense”.
Vesttoo recruits industry veteran Iinuma to lead new Japan officeVesttoo has made another senior hire as it builds out its global capabilities with the insurtech naming industry veteran Kunihiko Iinuma as general manager of its new Japanese operation.
Kin narrows Q2 operating loss as GPW jumps 187% YoYKin Insurance moved closer to posting a quarterly break-even result after the homeowners insurtech narrowed its operating loss to $2.0mn in Q2 while the fast-growing platform’s gross premium written (GPW) soared to $70.8mn during the period.
Lemonade sells Metromile EBS unit to insurance software specialist EISLemonade has sold off Metromile’s Enterprise Business Solutions (EBS) platform to digital insurance operation EIS as it continues to streamline the auto insurtech’s operations after its acquisition of the business completed last week.
Renters insurtech Rhino writing capacity hits $200mn with AmTrust partnershipRhino has announced a partnership with AmTrust Financial to provide an additional $60mn in premium-writing capacity for its core product offering, bringing the renters security deposit insurer’s total capacity to over $200mn.
MS&D and Altamont among investors in insurtech Mulberri’s $4mn seed roundEmbedded insurance platform Mulberri has raised $4mn in seed funding led by a consortium that includes private technology investment partnership Hanover Technology Management as well as MS&AD Ventures and Altamont Capital Partners.
Lemonade blindsides Metromile staff with 20% job cutsPersonal lines insurtech Lemonade shocked Metromile staff yesterday by revealing it was letting go of 20 percent of its newly acquired workforce who had been led to believe they would be retained, The Insurer can reveal.
B3i confirms plans to liquidate following “unsuccessful funding rounds”Blockchain insurtech B3i has announced that it has officially filed for plans to liquidate according to Swiss law “following unsuccessful funding rounds”, and confirming The Insurer’s earlier reporting.
Lemonade strengthens auto offering after Metromile deal completesLemonade has completed its previously announced acquisition of fellow publicly traded insurtech Metromile in a deal which bolsters the Shai Wininger-co led firm’s auto insurance offering.
Interview: Cover Whale on track for $300mn premium run rate in 2022Commercial auto insurtech Cover Whale is on track for a $300mn premium run rate this year and also has plans to launch a risk sharing vehicle to show alignment with carrier and reinsurer partners, its CEO Dan Abrahamsen has told The Insurer.
Blockchain insurtech B3i to file for bankruptcyIndustry-backed blockchain-based insurtech B3i is filing for bankruptcy, after telling all staff last month that they were being let go and that the company would go into a “solvent liquidation”, The Insurer can reveal.
Lloyd’s Lab’s Gaze to become Innovative Risk Labs CEOFormer Lloyd’s Lab head Ed Gaze is to join Innovative Risk Labs as CEO next month.
Cover Genius buys Romero’s ticket protection unit Booking ProtectEmbedded insurance-focused insurtech Cover Genius has expanded its presence in the ticketing and live entertainment market with the acquisition of Booking Protect from UK broker the Romero Group.