Cyber specialist Axio gets investment from Fin, IA Capital and NFP VenturesCyber risk management software-as-a-service company Axio has secured funding from Fin Venture Capital as well as insurance-focused investors IA Capital Group and NFP Ventures.
Ascot picks Phinsys to transform Lloyd’s syndicate finance functionCPPIB-backed Ascot has worked with automation software provider Phinsys to implement an accounting and finance platform for its Lloyd’s operation to streamline the syndicate’s financial processes.
Insurtech Buzzvault shutters MGA business as funding round hampered by Covid-19Munich Re-backed personal lines insurtech Buzzvault has shuttered its MGA business and stopped writing new policies in the UK following a stall in its latest funding round as a result of the Covid-19 pandemic.
Lemonade files for IPO, reveals multi-year quota share detailsHomeowners and renters insurtech Lemonade has filed for a proposed initial public offering (IPO) of its common stock on the New York Stock Exchange under the ticker symbol “LMND”, while revealing the structure of its reinsurance programmes.
Aegis reports “record” e-trading usage as Covid-19 forces market onlineLloyd’s managing agency Aegis London’s online quote-and-bind platform Opal handled over $5mn of net premiums in May as the use of electronic trading within the London market continues to boom during the coronavirus lockdown.
Lloyd’s warned of downside to tech revolutionLloyd’s underwriters and brokers have cautioned the market that it must not lose sight of the importance of face-to-face negotiations even as it embraces electronic trading and innovations such as the proposed virtual underwriting room.
Insurtechs and E&S players among fastest growing US P&C insurersAn analysis by S&P Global Market Intelligence has revealed the fastest growing insurers that file statutory statements, with insurtechs Lemonade and Root and E&S players Ategrity and Trisura among the top ten.
Root branches out into homeowners with Homesite partnershipAuto insurtech Root has launched a homeowners insurance product in a partnership with American Family Insurance affiliate Homesite.
Property risk insurtech Betterview raises $7.5mn in new fundingSoftware platform Betterview has raised $7.5mn in new funding from Guidewire Software and existing investors including Nationwide, EMC Insurance Companies and Maiden Re, bringing its total capital raised to $17mn.
Sirius-backed Pie to form and buy insurers after $127mn capital raiseWorkers compensation insurtech Pie Insurance is to use most of the proceeds from $127mn of new financing and capital commitments to form and purchase licensed insurers.
AI insurtech Clara Analytics raises $25mn in Series B fundingClara Analytics, a provider of AI technology for commercial insurance claims handling, has closed $25mn in Series B funding, bringing its total funding to $36.5mn.
UK auto insurtech By Miles raises £15mUK auto insurtech, whose policies are underwritten by a panel of insurers including Axa Insurance UK and Tradewise Insurance, has closed a £15m ($18.3mn) Series B funding round.
Hiscox backs £1.8mn Series A investment round in BikmoSpecialist cycle insurance firm Bikmo has secured £1.8mn ($2.2mn) in its first Series A funding round led by the Development Bank of Wales (Banc) and London-listed Lloyd’s carrier Hiscox.
Insurtech EIS launches insurance platform in the UKInsurtech EIS has launched its coretech platform and entered the UK market with an insurance product designed to help domestic insurers offer a new generation of insurance products and services.
HSCM and Scor support States Title’s $123mn Series C roundHudson Structured Capital Management (HSCM) and Scor Global P&C Ventures have both given their support to States Title’s $123mn Series C financing round.
Cyber insurtech Coalition raises $90mn in series C fundingSan Francisco-based cyber insurance start-up Coalition has raised $90mn in a Series C funding round, bringing its total funds raised to $125mn.
Insurtech Urban Jungle raises £2.5mn in seed fundingInsurtech start-up Urban Jungle has raised £2.5mn ($3.06mn) from technology-focused venture capital firm Eka Ventures and a host of high profile private investors in a seed funding round.
AkinovA completes first parametric weather trade with RKH and DescartesAkinovA, the broker-focussed electronic trading platform, has completed its first parametric wind trade in a move the insurtech says will open up a channel for other similar weather-related deals on the platform.
Canopius backs insurtech Delos on Cali property coverProperty insurtech managing general agent Delos Insurance Solutions has announced an insurance product backed by Canopius to offer protection to low-risk homes within California wildfire regions.
RSA and Zego ramp up cover for van fleetsGig-economy focused insurtech Zego has expanded its partnership with RSA to provide flexible cover for van fleets.