Tagged: insurance

September 11, 2024 @ 9:46 pm By Omar Faridi  |  

Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), announced the launch of its new FintechRisk+ insurance policy, underlining its long-term commitment to provide market-leading coverage and service solutions for fintech companies in an increasingly complex market. Markel’s FintechRisk+ policy provides financial services and… Read More

September 9, 2024 @ 10:34 am By Omar Faridi  |  

In Q2 2024, $1.2 billion was reportedly invested across 106 deals in the insurtech vertical, representing a 27.1% QoQ increase in deal value and a 3.9% QoQ increase in deal count. This, according to an extensive update shared by PitchBook. The research team at PitchBook… Read More

August 29, 2024 @ 9:43 pm By Omar Faridi  |  

The Insurtech 50 is CB Insights’ annual list of the 50 most promising private insurtech companies in the world. This year’s winners are working on everything from AI assistants to embedded insurance. CB Insights has unveiled the third annual Insurtech 50 — a list of… Read More

August 17, 2024 @ 3:00 am By Omar Faridi  |  

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), announced that insurance industry veteran Stephen Moss has been appointed to its Board of Directors. Moss brings three decades of industry experience and “is currently Group Head of Financial Lines and Cyber at… Read More

August 9, 2024 @ 10:40 am By Omar Faridi  |  

Kin Insurance has shared select operating results for the second quarter ended June 30, 2024. Kin finished the second quarter of 2024 “with $151.9 million in gross written premium, bringing the year-to-date total to $264.8 million.” Operating income jumped “from $1.0 million in Q1 to $5.2… Read More

August 1, 2024 @ 9:01 am By Omar Faridi  |  

Lemonade, Inc. (NYSE: LMND) has released its second quarter 2024 financial results. Lemonade notes in its Letter to Shareholders that it remains focused on offering renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in… Read More

July 30, 2024 @ 4:34 am By Omar Faridi  |  

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), announced today that it has closed a $60 million Series C equity investment from Zurich Insurance Group (Zurich), a leading global multi-line insurer. With the $60 million investment, Cowbell plans to “scale operations… Read More

July 29, 2024 @ 11:30 pm By Omar Faridi  |  

CyberCube, the provider of cyber risk analytics to quantify cyber risk, estimates preliminary insured losses from the July 19 CrowdOut event for the standalone cyber insurance market at between $400mn and $1.5bn. The faulty CrowdStrike Falcon Sensor update and subsequent outage – the CrowdOut Event… Read More

July 28, 2024 @ 4:45 pm By Omar Faridi  |  

Applied Systems announced that it has acquired Planck, the Artificial Intelligence (AI) company for the insurance industry. This strategic acquisition will significantly “expand Applied’s AI capabilities, accelerating its vision for the next generation of the digital roundtrip of insurance and creating more value at every… Read More

July 24, 2024 @ 10:14 pm By Omar Faridi  |  

Akur8, the insurance pricing solution powered by transparent machine learning, is pleased to announce that Mutual Capital Analytics, a company that uses data and analytics to help regional insurance companies thrive, has selected Akur8’s Core Platform solution to efficiently build high-performing, explainable pricing models. Developed… Read More

July 17, 2024 @ 6:06 pm By Omar Faridi  |  

‍Akur8, the insurance pricing solution powered by “transparent” machine learning, is pleased to announce its partnership with Millennial Specialty Insurance, LLC (MSI), which is said to be one of the largest non-carrier-affiliated managing general agencies in the United States. MSI has selected Akur8’s Risk and… Read More

July 17, 2024 @ 7:51 am By Omar Faridi  |  

Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, today announced the launch of Buildings and Contents insurance in the United Kingdom. Expanding the company’s home insurance offerings, homeowners throughout the UK can now purchase “extensive coverage for their home and… Read More

July 13, 2024 @ 5:18 pm By Omar Faridi  |  

Bank of Ireland has announced the establishment of a new division – Wealth and Insurance. Bank of Ireland’s wholly owned subsidiaries, Davy (Wealth and Capital Markets) and New Ireland Assurance, will be part of this new division. The Wealth and Insurance division will be “led… Read More

July 4, 2024 @ 4:24 pm By Omar Faridi  |  

‍Akur8, the insurance pricing solution powered by transparent machine learning, is please to announce that LB Forsikring, a Danish P&C insurance company, has selected Akur8’s Core Platform solution to increase their competitiveness. This collaboration will allow LB Forsikring to quickly “adapt their pricing to dynamic… Read More

July 2, 2024 @ 9:05 am By Omar Faridi  |  

Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, announced that its reinsurance program is being renewed. It was reportedly led by the same tier-one carriers “as the expiring treaty and was oversubscribed on all dimensions.” The core of the program… Read More

June 29, 2024 @ 4:07 pm By Omar Faridi  |  

Insurtech wefox, which is experiencing significant operational challenges, is now reporting that the insurance technology company is focused on its restructuring efforts as it receives support in the form of “strong’ investor support. At an Extraordinary General Meeting of wefox Holding AG held recently, all… Read More

June 16, 2024 @ 6:23 am By Omar Faridi  |  

With U.S. auto insurance rates up 11.2% on average during the past year—and insurers still losing an average of five cents “on every dollar of premium they collect—sky-high premiums do not appear to be leveling off anytime soon.” According to the J.D. Power 2024 U.S…. Read More

June 12, 2024 @ 8:23 pm By Omar Faridi  |  

Kin Insurance, Inc. announced that the Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocal exchanges it manages, have completed their reinsurance programs for “the period of June 1, 2024 through May 31, 2025, at favorable economic terms.” Kin’s reinsurance program maintains Kin’s history… Read More

June 7, 2024 @ 1:26 pm By Omar Faridi  |  

NEXT Insurance, a digital insurer transforming small business insurance, announced the availability of its Business Owner’s Policy (BOP), a comprehensive insurance solution designed with the specific needs of small businesses in mind. Building upon NEXT’s AI-powered, proprietary platform and underwriting expertise, NEXT’s BOP offering “enables… Read More

May 23, 2024 @ 10:22 pm By Omar Faridi  |  

The number of U.S. consumers who shopped for auto insurance in Q1 2024 increased by 6% YoY, compared to Q1 2023. This represents a five-year Q1 high and “a continuation of strong growth in shopping observed in Q4 2023,” according to new research from TransUnion… Read More