InsurTech and innovation

Marsh insurtech Torrent teams with Palomar for new flood offering

Marsh’s Torrent Technologies has partnered with Palomar Specialty Insurance Company in a move which will provide the flood-focused insurtech’s Write-Your-Own (WYO) carrier clients and agents with a suite of new admitted flood insurance offerings.

Lemonade earned premium more than doubles in Q3 but revenue falls

Lemonade has revealed it is gearing up for a foray into life insurance, as the insurtech reported third quarter results that included a 6 point loss ratio improvement, a 104 percent increase in gross earned premiums and a 6 percent fall in revenues compared with the third quarter of 2019.

CoreLogic board points to multiple potential rival bids above Senator-Cannae offer

CoreLogic’s board of directors has reaffirmed its “laser-focused” commitment “on value maximisation” as it continues its strategic review in the wake of Senator and Cannae’s bid for the firm and ahead of a crucial shareholder vote next week.

CoverHound sale is a sign of the times in insurtech

More acquisitions of insurtechs will follow Brown & Brown’s deal to buy CoverHound, as companies stuck in the middle of a funding gap assess their futures.

Brown & Brown buys insurtech CoverHound

Brown & Brown has acquired substantially all of the assets of CoverHound, a digital insurance marketplace for individuals and small businesses.

MediaAlpha: The unicorn hiding in plain sight

There has been plenty written about insurtech valuations, as a trio of heavily hyped IPOs created combined market cap of close to $15bn this year. But last month a profitable, low-key success story floated with little fanfare to generate huge returns for its backer White Mountains.

Lou Iglesias on Covid-19, hard market conditions, new capital, and growth opportunities

In today’s episode of The Best Policy podcast, we are joined by president and CEO of Allied World, Lou Iglesias.

HCI shares up 10% in Friday trading as CEO outlines TypTap growth goals

HCI’s share price was trading up more than 10 percent in lunchtime trading on Friday as investors responded positively to the company’s third quarter results and bullish comments from CEO Paresh Patel on the growth prospects of technology-driven subsidiary TypTap Insurance Company.

Cowbell and Lockton’s Mylo target SME cyber distribution with tie-up

AI-driven cyber insurtech Cowbell has teamed up with Lockton’s digital-only broker Mylo in a move designed to further broaden the SME-focused platform’s reach.

Growing insurtech funding gap to fuel M&A: Willis Re’s Johnston

Insurtech trends to watch in coming months include the widening funding gap spurring further M&A, more companies looking to take advantage of a possibly closing window for IPOs and big tech making its presence known in the space, according to Willis Re’s Andrew Johnston.

UK insurtech Marshmallow hits $310mn valuation after $30mn raise

Marshmallow, a UK insurtech set up in 2018, has raised $30mn in a series A round, according to TechCrunch.

Cowbell targets manufacturing and construction with Prime 250 add-ons

Artificial intelligence-driven cyber insurtech Cowbell Cyber has added endorsements to its recently launched Prime 250 admitted offering aimed at the manufacturing and construction sectors.

Patra names UFG’s Rheem chief data officer

Insurance technology-solutions provider Patra has named UFG executive Jane Rheem as chief data and analytics officer.

Root shares recover to offering price after drop on debut

Shares of Root opened down almost 4 percent in its debut on the Nasdaq this morning before recovering to its offering price of $27, which valued the personal lines insurtech at $6.7bn.

Root prices IPO at $27 a share for $6.7bn valuation

Auto insurtech Root has priced its initial public offering at $27 a share – above the range provided last week – raising $724mn at a valuation of over $6.7bn.

Insurtechs raise $2.5bn in record quarter as funding gap widens: WTW

Insurtech funding set a record in a third quarter that included six mega-rounds of over $100mn and a resurgence of early-stage deals, but also a widening of the mid-tier funding gap for investments in the $20mn to $50mn range, according to Willis Towers Watson (WTW).

Insurtech PA ISC launches real estate property investor program

Two Sigma-backed tech-driven program administrator Integrated Specialty Coverages (ISC) has launched an investor property program with A rated capacity to write property and liability policies, led by recently hired executive Gareth Jelley.

Growing the Pie

There have been predictions that insurtech evolution will see many successful start-ups swallowed up by incumbent carriers as they look to further digitize. But a series of carrier acquisitions suggests increased travel in the other direction too as distribution insurtechs display an eagerness to go head-to-head with established insurers.

Pie’s new acquisition arm buys American Sentinel

Pie Carrier Holdings - set up earlier this year by workers compensation insurtech Pie with backing from Gallatin Point Capital and Sirius to purchase licensed insurance companies - has agreed a deal to buy American Sentinel from LD Investments.