InsurTech and innovation

Policybazaar parent closes up in first week of trading after $760mn IPO

PB Fintech, the parent of Indian insurtech Policybazaar, has ended its first week of trading up over 30 percent on the initial public offering price, although some analysts see limited scope for further gains.

Lemonade names USAA’s Burgess as claims chief

Lemonade has hired Sean Burgess to oversee the insurtech’s claims functions across the US and European Union as chief claims officer.

Canopius’s Vave partners with insurtech Demex on parametric cover

Vave, an algorithmic underwriting MGA launched by Canpoius in June, has partnered with insurtech The Demex Group to offer parametric extreme temperature insurance to commercial properties across the US.

NFP partners with insurtech Loadsure for Canadian cargo/shippers’ cover

The Canadian-based offices of NFP have formed an exclusive partnership with UK-based Loadsure for the insurtech MGA to provide instant and on demand cargo and shippers’ coverage to the broker’s Canadian logistics clients shipping cargo globally.

Wearables maker Kinetic launches Nationwide-backed workers’ comp insurance

Kinetic, a wearable technology provider, has announced a new subsidiary that will act as a program manager offering workers’ compensation insurance through an underwriting agreement with Nationwide’s E&S/Specialty division.

Landlord insurtech Steadily brings funding to $31mn with Series A round

Landlord insurance company Steadily has closed a Series A round that brings its total funding to $31mn, adding to the $3.8mn funding raised a year ago.

Concirrus hires Aon’s MacInnes as chief analytics officer

Marine and motor insurtech Concirrus has further bolstered its leadership team with the appointment of Brian MacInnes as chief analytics officer.

Insurtech Stere names Gallegos as director of business development

Program-focused capacity technology platform Stere has named Abbey Gallegos as director of business development.

Metromile loss ratio jumps 24.9 pts to 81.6% in Q3

Metromile – which last week announced it is to be acquired by Lemonade – has reported an accident quarter loss ratio of 81.6 percent for the third quarter, up from 56.7 percent in the prior year period.

Trade credit insurtech Nimbla raises $7mn

London-based Nimbla, an MGA focusing on the small and medium-sized enterprise trade credit insurance market, has raised £5.1mn ($6.8mn) in a round led by venture fund Fin VC with participation from Barclays Bank.

Root expects premium contraction after Q3 earnings beat

Root’s share price soared following a better than expected third quarter, while the auto insurtech expects its premiums to contract in Q4 and the first half of 2022 as it cuts marketing spend in response to a higher loss trend environment.

Hippo’s McCathron: Partnerships will help accelerate rate improvements

Hippo president Rick McCathron has highlighted that over 20 percent of the homeowners insurtech’s new premium in the third quarter came from its partner channels, and that its new relationships with Ally Financial and Incline P&C will also help it accelerate rate improvements.

Looking under the hood of the Lemonade-Metromile deal

Lemonade’s deal to acquire Metromile was possible because of a slump in the auto insurtech’s valuation since going public earlier this year, and may suggest other insurtech takeovers to come.

Greenlight Re buys into full-stack title insurtech Blueprint

Greenlight Re Innovations has invested in Blueprint Holding Co, a full-stack title insurance company that has a focus on digitalization and integration of technology to reduce costs.

Kin improves Q3 loss ratio to 89.8% while 41% of Ida loss ceded

Sharing information on preliminary results, Kin Insurance has revealed its adjusted loss ratio on the Kin Interinsurance Network was 89.8 percent in the third quarter with Hurricane Ida contributing 25.4 points, as the homeowners insurtech revealed 41 percent of its losses from the storm was ceded to reinsurers.

Root Q3 operating loss almost doubles as loss ratio jumps 12 points

Root fell to an operating loss that deepened to $126.9mn in Q3 2021 with the auto and renters insurtech blaming “industry-wide frequency and severity trends” for an 11.7 point jump in its gross accident period loss ratio to 91.3 percent.

Hippo’s gross loss ratio improves 27 pts to 128% in Q3

Hippo has reported its gross loss ratio improved 27 points to 128 percent in the third quarter compared to the prior year period, while the homeowners insurtech has raised its guidance for full year total generated premium (TGP) after 94 percent growth of that metric in Q3.

ICEYE partners with MIS on flood hazard analysis

Lloyd’s Lab participant ICEYE has partnered with insurtech McKenzie Intelligence Services (MIS) which will provide flood hazard analysis to support property loss numbers provided to the Lloyd’s market via the MIS Global Events Observer (GEO) platform.

Insurtech platform Arbol launches Bermuda MGU with SIG Re capacity

Insurtech platform Arbol has launched a registered insurance agent based in Bermuda to offer parametric reinsurance, with initial capacity provided by SIG Re.

Insurity eyes rapid growth with new strategic private equity investment

Insurity is embarking on a renewed expansion drive having received a strategic growth investment from private equity firm TA Associates that the insurance systems software firm said will help drive the delivery of its configurable, cloud-native, analytical platform. Founded in 1985, Hartford, Connecticut-based Insurity’s customers include 15 of the top 25 property and casualty carriers in the US as well as seven of the nation’s top 10 P&C-focused MGAs. TA had previously invested in Insurity back in 2014, but sold its stake to GI Partners in 2019. Now, with the new strategic growth investment, TA Associates and GI Partners will support the acceleration of Insurity’s growth. Insurity said TA’s new investment “is a testament to the company’s significant momentum and future direction”. “We have always seen Insurity as a company with outstanding growth potential,” said TA’s Harry Taylor and Amit Jain, managing director and senior vice president respectively. “They have built a comprehensive portfolio of offerings from underwriting to advanced data and analytics capabilities, along with a deep commitment to customer success. We are excited to partner with GI Partners and Insurity’s world-class team to help accelerate growth and expansion.” Insurity currently has over 250 cloud-based customers, a 97 percent customer retention rate, and over 50 go-lives in the past year, the company said, with its staff count now north of 1,500. “In the past two years, we have built leading cloud-based and data-driven products, expanded our total addressable market, acquired eight leading companies, and onboarded 16 system integrator partners. Insurity is proud to work with over 500 customers,” said Chris Lafond, Insurity’s CEO. “We are pleased to partner with both TA and our existing investor, GI, as they collectively provide us with greater access to resources to best serve the P&C insurance industry,” Lafond added. GI Partners’ Travis Pearson and Sendil Rajendran, managing director and co-head of private equity, and director respectively, said their company’s continued investment reflects its commitment to the software firm’s growth. “We look forward to collaborating with TA,” Pearson and Rajendran, both of whom sit on Insurity’s board, said. “In 2019, we invested in Insurity due to its differentiated cloud platform, relentless focus on customer success, and a leadership team that is committed to driving innovation in P&C insurance software. “We have now seen Insurity launch new cloud-based software products, seamlessly deliver and implement them across the policy lifecycle, and enable P&C insurance carriers to quickly capitalize on new and emerging opportunities. “Insurity’s products, strategy, and team make it well-positioned for further acceleration,” Pearson and Rajendran added. Lazard is serving as Insurity’s exclusive financial advisor, while Kirkland & Ellis LLP is providing legal counsel to the software company. Goodwin Procter LLP is providing legal counsel to TA.

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