Hippo, an Israeli-founded insurtech company, has announced the layoff of 70 employees, accounting for approximately 10% of the company’s workforce. The decision was made “to further drive efficiency and increase focus on strategic priorities,” according to the company. The layoffs are effective immediately, and the company says it “expects the majority of the affected employees… Continue reading Another Round of Insurtech Layoffs: Hippo Reduces Workforce by 10%
Tag: Insurtech
Despite 2Q Loss, Lemonade Shares Surge
Insurtech company Lemonade posted another high loss in the past quarter, but with one billion dollars in cash and a promise to freeze investments in new projects, investors recognize a light at the end of the tunnel. The company published on Tuesday its results for the second quarter of 2022 and stated that “in the… Continue reading Despite 2Q Loss, Lemonade Shares Surge
Gallagher Re Reports Global InsurTech Investment Shows Signs of Slight Recovery in 2Q
Gallagher Re’s ‘Geographic Trends and Regional Idiosyncrasies’ takes a look at the EMEA region through an InsurTech lens. In addition to profiling various InsurTech businesses, clients and individuals, this report provides its readership with the most current InsurTech investment data and view on the general market. Key findings: InsurTech is showing signs of a small… Continue reading Gallagher Re Reports Global InsurTech Investment Shows Signs of Slight Recovery in 2Q
Insurtech Noldor Announces $10M Seed Funding Round
Noldor, an insurtech redefining how carriers, reinsurers and reinsurance brokers connect with program data to optimize performance, recently closed on a $10 million seed funding round from a group of well-established insurance investors. According to CEO John Horneff, Noldor’s seed funding positions the company for long-term growth in using data to deepen relationships between coverholders… Continue reading Insurtech Noldor Announces $10M Seed Funding Round
ReSource Pro Acquires Boston-based InsurTech Startup towerIQ
ReSource Pro, a market leader in business process solutions for the insurance industry, has successfully completed its acquisition of towerIQ, a P&C insurance focused technology platform designed to streamline workflows and capture the market’s most valuable data. The addition of towerIQ will deliver on ReSource Pro’s core mission of insurance transformation by allowing ReSource Pro… Continue reading ReSource Pro Acquires Boston-based InsurTech Startup towerIQ
Insurance Start-Ups Face Credibility Crisis in Brutal Tech Rout
“Forget everything you know about insurance,” was the brash tagline on a banner adorning the New York Stock Exchange when Lemonade went public in July 2020. The message captured the confidence that propelled the US insurance start-up and its peers, including Hippo and Root, on to the stock market at valuations far above those of… Continue reading Insurance Start-Ups Face Credibility Crisis in Brutal Tech Rout
SageSure Secures $375 Million Senior Credit Facility
SageSure, a leading managing general underwriter and insurance technology innovator, has secured a $375 million senior credit facility from funds managed by the U.S. Direct Lending and Alternative Credit strategies of Ares Management Corporation. Proceeds of the transaction will be used to refinance SageSure’s existing bank facility and to support strategic growth initiatives. “SageSure continues… Continue reading SageSure Secures $375 Million Senior Credit Facility
Top InsurTech Funding Rounds, January 2022
There were 41 funding rounds in the insurtech sector between Jan. 1 and Jan. 31, 2022, according to a review by Digital Insurance. What follows is a selection of the funding rounds. A portion of the data was sourced from Crunchbase. Accelerant $193 million, private equity round, Jan. 12 Description: Data platform for underwriters Round… Continue reading Top InsurTech Funding Rounds, January 2022
Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M
Accelerant, the insurtech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, today announced it has raised in excess of $190 million at a $2 billion pre-money valuation led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures, and others. Existing majority investor Altamont Capital Partners also participated… Continue reading Data-fueled Insurance Platform Accelerant Announces Growth Funding Round in Excess of $190M
Next Insurance Hires Former Airbnb Executive as CFO
Next Insurance Inc., a startup that provides insurance to small business owners, has hired a former executive from Airbnb Inc. as its new chief financial officer. Teodora Gouneva took over as CFO of the Palo Alto, California-based company last month after serving as vice president of finance for Airbnb for about two years, where she… Continue reading Next Insurance Hires Former Airbnb Executive as CFO