Insurtech
The insurtech sector is well-positioned despite second-quarter data showing a year-over-year decline in funding, but companies may need to refine their strategies, according to speakers and attendees at the InsureTech Connect conference in Las Vegas last week.
The insurtech sector is well-positioned despite second-quarter data showing a year-over-year decline in funding, but companies may need to refine their strategies, according to speakers and attendees at the InsureTech Connect conference in Las Vegas last week.
An insurtech revolution that started with intentions to wrest business from long-standing incumbents has morphed into more of a collaboration between technology upstarts and established companies.
An insurtech revolution that started with intentions to wrest business from long-standing incumbents has morphed into more of a collaboration between technology upstarts and established companies.
Growth and change were key topics of discussion Tuesday morning at the 2022 InsureTech Connect conference, as speakers mused about the ways technology has influenced the commercial insurance sector.
Growth and change were key topics of discussion Tuesday morning at the 2022 InsureTech Connect conference, as speakers mused about the ways technology has influenced the commercial insurance sector.
Bermuda-based insurer and reinsurer SiriusPoint Ltd. said Wednesday it has teamed with Insurate, a newly launched insurtech managing general agent to offer workers compensation insurance to companies with above-average safety performance.
Pie Insurance, an insurtech specializing in workers compensation insurance for small businesses, said Wednesday it raised $315 million from investors to fund its growth and expansion into new lines of business.
Mergers and acquisitions activity in the insurance sector was strong in 2020 despite COVID-19 and is expected to remain robust in 2021 as rising commercial insurance rates bolster earnings, making insurers attractive targets, and deployable capital remains abundant, analysts and others say.
Next Insurance Services Inc. has raised $250 million in new funding, the Palo Alto, California-based insurtech said Wednesday.
Pie Insurance Holdings Inc. has raised $118 million in Series C funding with investments from Allianz X, the investment arm of Allianz SE, and Acrew Capital Management Co. LLC leading the round, the insurtech firm announced Thursday.
Online claims software provider Snapsheet said Thursday that it has raised $30 million in Series E2 financing.
A putative class action securities lawsuit was filed Friday against auto insurtech company Root Inc. and its directors and officers after its stock price dropped dramatically following an analysts negative report.
James Camerino, former chief operating officer of Everest Re Group Ltd., has joined Jersey City, New Jersey-based insurtech firm Buckle Agency LLC as head of strategic partnerships.
Hippo Enterprises will go public through a $5 billion merger with a blank-check firm backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a sign of rising interest in the fast-growing insurtech sector.
Aon PLC is collaborating with Relm Insurance Ltd., a Bermudian specialist insurer, and Nayms Ltd., an insurtech platform for cryptocurrency investors insuring crypto risk, to offer coverage for cryptocurrency companies.
Mergers and acquisitions activity in the insurance sector was strong in 2020 despite COVID-19 and is expected to remain robust in 2021 as rising commercial insurance rates bolster earnings, making insurers attractive targets, and deployable capital remains abundant, analysts and others say.
A blank-check firm, backed by AmTrust Financial Services Inc. CEO Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.
The insurtech sector continues to attract funding as high-profile initial public offerings such as Duck Creek Technologies Inc.s last August, which raised more than $400 million, provide momentum for the sector, investment and industry sources say.
As insurtech companies continue to go public or be acquired by strategic buyers, some insurtechs have become acquirers themselves, creating another pathway for funding in the growing sector.
Global investment in the insurtech sector hit a record high of $7.1 billion in 2020, up 12% from 2019, according to Willis Towers Watson PLCs quarterly report on the sector.
Core Specialty Insurance Holdings Inc. said Thursday it has made an underwriting arrangement with Celerity Pro, an insurtech professional liability and cyber risk underwriter backed by a Munich Reinsurance Co. unit, to provide directors and officers liability insurance for the U.S. management liability market.
Funding for technology companies focused on the insurance industry will likely be robust this year and into 2022 as so-called insurtech companies mature, according to a recent report and other industry sources.