Acquires German insurtech Rocket Enterprise Solutions, which offers property claims and underwriting technology.
Announces the digitally enabled managing general underwriter of tailored small business products has raised $12 million in seed funding. The company’s admitted business owner’s policy tailored to the restaurant industry is live in eight states and expected to be available in more than 25 in 2024.
Launches insured carbon credits with climate action platform Cloverly for the voluntary carbon market. Cloverly will offer the insured credits, including Oka insurance, providing reversal and invalidation protections for carbon credit buyers. Cloverly provides customers access to carbon solutions that are vetted by in-house climate scientists.
Acquires Decision Research, a software-as-a-service company offering enterprise rating, reinsurance and other software for the property and casualty market. Decision Research designed enterprise rating for large insurers and a platform for the MGA/MGU market.
Announces $140 million extension of financing agreement with General Catalyst under which it finances up to 80% of Lemonade’s spending specifically related to customer acquisition costs. General Catalyst previously agreed to finance $150 million of such spending from July 2023 through December 2024. The deal extends that through December 2025.
Raises $15 million in Series A funding round for the startup, which uses a generative AI litigation response platform to provide productivity gains and cost savings for the insurance and legal industries. LegalMation says automating high-volume litigation and related tasks is a key consideration for in-house counsel.
Launches in the direct and facultative property market. Multiple insurers use this independent digital exchange for algorithmic capacity to modernize risk syndication. Launch brokers include BMS, Cogent, Consilium, Gallagher and Miller.
Raises $73 million in a Series B funding round for the insurance pricing technology startup. Hyperexponential’s pricing decision intelligence platform, hx Renew, enables insurers to leverage large and alternative data sets, develop and refine rating tools rapidly, and use machine learning to price risks at the portfolio and individual level. The financing will support the London-based company’s expansion into the United States.
Announces a strategic and long-term capacity relationship between the digital MGA and specialty insurer Markel. Foxquilt’s underwriting platform recommends tailored coverage and pricing from its proprietary commercial insurance products and enables online quote and bind for small business and micro-enterprise owners.
Expands to 10 additional states in the United States, including New Jersey, New York, Oregon, South Carolina, Washington and Massachusetts. The U.K.-based provider of parametric flood insurance was already doing business in Florida, Texas, California, Virginia and Louisiana. FloodFlash says it is available in other states but requires minimum premiums.
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