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. The deal, announced on Thursday, comes when the COVID-19 pandemic has forced the insurance sector to rely heavily on technology… Continue reading Hippo to Go Public in $5B Merger with Mark Pincus, Reid Hoffman-Backed SPAC
Tag: Insurtech
Homeowners & Flood InsurTech Company TypTap Raises $100 Million
HCI Group, Inc. subsidiary corporation, TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million. TypTap is an InsurTech company. Its rapidly growing, technology driven… Continue reading Homeowners & Flood InsurTech Company TypTap Raises $100 Million
Commercial Insurtech Bold Penguin Joins American Family
Madison, Wisconsin-based American Family Insurance Mutual Holding Company (American Family) today continued its innovative and collaborative approach to serving customers, this time focusing on small businesses with the acquisition of Insurtech company Bold Penguin. Bold Penguin, based in Columbus, Ohio, is a technology company that simplifies and quickens the often complicated and time-consuming process of… Continue reading Commercial Insurtech Bold Penguin Joins American Family
Tech Startups Want to Sell You Their Life Insurance
Technology startups are ready to challenge traditional life insurers head on. Bestow Inc. and Dayforward Inc. are making the leap to become life-insurance carriers, a move away from a model where startups only sell traditional insurers’ policies. The companies are banking on their versions of online technology for sizing up the risk of insurance applicants… Continue reading Tech Startups Want to Sell You Their Life Insurance
InsurTech Lemonade Posts Q3 Loss
Lemonade Inc. reported a third-quarter net loss of $30.9 million, or a loss of 57 cents per share, compared with a net loss of $31.1 million, or a loss of $2.78 per share, in the prior-year quarter. The company attributed the improvement in net loss to operating expense efficiencies, which offset the reduction in revenue… Continue reading InsurTech Lemonade Posts Q3 Loss
Root Insurance Aims to Show It’s A Different Kind of Insurer with Bubba Wallace Ad
One of the few drivers that people who don’t follow NASCAR can name is Bubba Wallace, and he’s never even won a major race. Of course, he is one of the best up-and-coming drivers in the country, a young, magnetic sports star. But it’s off the track where Wallace has really grabbed headlines, primarily for… Continue reading Root Insurance Aims to Show It’s A Different Kind of Insurer with Bubba Wallace Ad
InsuraGuest Launches BOP Website, with Coverage Underwritten by Crum & Forster
InsuraGuest Technologies, Inc.®, through its wholly owned U.S. subsidiary Insure The People, LLC (“ITP”), is pleased to announce it has launched its new Business Owner Policy (“BOP”) insurtech (insurance + technology) portal, www.InsureThePeople.com. ITP is powered by InsuraGuest’s insurtech platform, which will digitally deliver BOPs to 130+ class codes, including retail, wholesale, mercantile, office and… Continue reading InsuraGuest Launches BOP Website, with Coverage Underwritten by Crum & Forster
TypTap Insurance Company Launches Phase One of Nationwide Expansion
TypTap Insurance Company, a rapidly growing, technology-driven insurance company and a subsidiary of HCI Group, Inc., has launched Phase One of its planned nationwide expansion, which the company first announced in early August. According to the company, Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida:… Continue reading TypTap Insurance Company Launches Phase One of Nationwide Expansion
Bold Penguin Acquires RiskGenius
Bold Penguin, a rapidly growing commercial insurance technology provider, announces today it has entered into a definitive agreement to acquire RiskGenius, a pioneer in insurance document intelligence software. The acquisition will add RiskGenius’s data and analytics products, as well as the team, to Bold Penguin’s existing SaaS platform. This is Bold Penguin’s second InsurTech acquisition… Continue reading Bold Penguin Acquires RiskGenius
InsurTech Root Files IPO with SEC
On Monday, Root filed to go public, adding a second name to the Insurtech IPO rolls in 2020. Lemonade was first out the gate this summer, taking its rental and home insurance business public at an attractive valuation, compared to its revenues and margins as we traditionally understand them. Wall Street was enticed by its… Continue reading InsurTech Root Files IPO with SEC