Frontier Risk sequred $3 mn seed+ round to underwrite cannabis risk
Frontier Risk closed of a $3 mn seed+ round, bringing investors from the cannabis and insurance sectors to build the industry’s first tech-enabled insurance ecosystem
News
Natural catastrophe losses reach $417 bn, with $154 bn insured
Gallagher Re has estimated global economic losses from natural perils in 2024 at $417 bn. The insurance industry covered $154 bn, leaving a $263 bn protection gap
Insurtech Naked sequred $38 mn to drive insurance transformation in South Africa
Naked, a South African insurtech firm, has raised $38 mn in its Series B2 funding round. This represents the largest insurtech investment in Africa
Insurtech ManyPets reports £33 mn loss for FY 2024
Pet insurtech ManyPets announced a net loss of £33 mn for the year ending March 31, 2024. This marks a significant improvement from the £67.5 mn loss reported the previous year
Vichai Srivaddhanaprabha’s family files record £2.2 bn claim over helicopter crash
The family of Vichai Srivaddhanaprabha, former Leicester soccer club owner, filed a historic fatal accident claim in England following his death in a helicopter crash in 2018
54% of insurers expect traditional roles to require advanced technical skills – RDT poll
A recent poll by RDT reveals that 54% of insurers expect traditional roles to require advanced technical skills due to increasing automation and digital transformation
Embedded insurtech Tint announced 7x growth
Insurtech Tint announced 7x growth in 2024, marked by significant expansion across its core markets and the launch of mbedded insurance solutions
Allianz UK strengthens commercial digital trading team with key appointments
Allianz UK has announced a series of hires and promotions within its commercial digital trading team, underlining its commitment to driving profitable growth
Chesnara acquires £1.5 bn portfolio from Canada Life Insurance in UK
Chesnara, a European life and pensions consolidator, has acquired a closed portfolio of unit-linked bonds and legacy pensions totaling 17,000 policies
PIC completed a £24 mn full buy-in of the Holophane Retirement Benefits Scheme
PIC has completed a £24 mn full buy-in of the Holophane Retirement Benefits Scheme, securing pension benefits for 95 pensioners, dependents
InsurTech startups to compete for £50,000 in Norton Rose Fulbright’s Insurathon
Global law firm Norton Rose Fulbright has launched the eighth annual Insurathon, a competition aimed at supporting start-ups and scale-ups driving innovation in insurance technology
Supply chain insurtech Overhaul secures $55 mn for AI and strategic expansion
Overhaul, a supply chain risk management and intelligence provider, has raised $55 mn in equity funding. The round was led by Springcoast Partners
Aviva and Direct Line Insurance anticipate £250 mn in one-off integration costs
Aviva and Direct Line Insurance Group anticipate £250 mn in one-off integration costs for their proposed £3.7 bn merger
North Carolina Court of Appeals reverses $29 mn judgment against Penn National Insurance
The North Carolina Court of Appeals overturned a $29 mn judgment against Penn National Security Insurance Co., ruling the insurer did not breach
Insurtech Rainbow secured $8 mn in a Series A funding led by Zigg Capital
Insurtech Rainbow, a managing general underwriter (MGU) specializing in business insurance, has secured $8 mn in a Series A funding round led by Zigg Capital
Africa Specialty Risks launched Africa Specialty Risks Mauritius as a Lloyd’s company
Africa Specialty Risks (ASR), a prominent (re)insurance group targeting Africa and the Middle East, has launched Africa Specialty Risks Mauritius as a Lloyd’s service company
DARAG acquires run-off portfolio from wefox Insurance
DARAG Group, a prominent legacy acquirer, has agreed to purchase a run-off portfolio from wefox Insurance AG. The portfolio includes motor damage, third-party liability
LA Wildfires to trigger record losses without immediate rating impact on (re)insurers
Fitch Ratings states these losses are unlikely to impact the ratings of property and casualty (P&C) (re)insurers due to strong capital buffers, diversified risk exposure
West P&I Club to acquire full ownership of Nordic Marine Insurance
West of England (West) P&I Club has announced plans to acquire full ownership of Nordic Marine Insurance, pending regulatory approvals
US Government plans to spend $9.2 tn on Medicare Advantage payments
The US Government plans to spend $9.2 tn on Medicare Advantage (MA) payments over the next decade
AXA become a founding patron of the Louvre Museum’s new Department
AXA Mutuelles d’Assurance has become a founding patron of the Louvre Museum’s new Department of Byzantine Arts and Eastern Christianities
Knighthead Insurance Group acquired Merit Life Insurance
Knighthead Insurance Group has acquired Merit Life Insurance for an undisclosed amount, rebranding it as Knighthead Life
Enstar’s Syndicate 2008 finalizes loss portfolio transfer deal with Atrium Syndicate 609
Enstar Group’s Syndicate 2008 has entered a loss portfolio transfer (LPT) agreement with Atrium Syndicate 609, managed by Atrium Underwriters
Insurtech Relm introduced 3 new AI-focused insurance products
Bermuda-based Relm Insurance has introduced three new AI-focused insurance products to manage risks associated with AI use in business operations
Oklahoma’s Strategic Bitcoin Reserve Act aims to strengthen State’s financial future
Rep. Cody Maynard, R-Durant, has introduced the Strategic Bitcoin Reserve Act (HB1203), a new legislative proposal aimed at making Oklahoma a leader in digital asset investments
Jeju Air crash Boeing 737-800 in South Korea covered by $1 bn insurance policy
Jeju Air’s insurance policy, covering the crash of its commercial jet in South Korea on Dec. 29, provides up to $1 bn in per-event coverage
Insurance Commissioner Ricardo Lara boosts insurance in wildfire-prone regions
California Insurance Commissioner Ricardo Lara finalized a regulation that mandates insurers to expand coverage in wildfire-prone areas while capping costs passed to consumers
Insurtech ICEYE raises $65 mn to advance satellite and ISR technologies
Insurtech ICEYE, the global leader in SAR satellite operations for Earth Observation and persistent monitoring, secured an additional $65 mn in its 2024 growth funding
Insurtech Matic secures $30 mn funding from Vistara Growth
Insurtech Matic Insurance has raised $30 mn in growth funding from Vistara Growth to accelerate its expansion and enhance its technology platform
Marsh McLennan to acquire Fisher Brown Bottrell Insurance for $345 mn
Marsh McLennan Agency (MMA), a subsidiary of Marsh, plans to acquire Fisher Brown Bottrell Insurance, Inc. (FBBINSURANCE) from Trustmark National Bank
Insurtech Kettle appoints Jeff Chen as chief risk officer
Kettle, a wildfire-focused insurtech and managing general agent (MGA), has named Jeff Chen as its chief risk officer to lead risk management and actuarial
Fidelis secures $375 mn Cat Bond for named storm & earthquake risks
Fidelis Insurance Holdings’ Bermuda-based affiliate has finalized a $375 mn catastrophe bond to cover named storms and earthquakes in the U.S.
UK Supreme Court rejects Allianz appeal in COVID business interruption case
The UK Supreme Court has denied Allianz Insurance plc’s appeal in a COVID-19 business interruption lawsuit filed by the London International Exhibition Centre, also known as ExCel
Insurtech Porch converts homeowners insurance business to a reciprocal exchange
Porch Group, a Seattle-based insurtech, has transitioned its homeowners insurance business into a reciprocal exchange. The company aims to use its data-driven approach
Insurance Australia Group secured a catastrophe reinsurance program for 2025
Insurance Australia Group Ltd. (IAG) secured a catastrophe reinsurance program for 2025 and provided up to A$10 bn ($6.25 bn) in coverage
Property catastrophe rates dropped globally during 1/1 reinsurance renewals
Property catastrophe rates dropped globally during the Jan. 1 reinsurance renewals, with the Asia-Pacific region experiencing the largest decline at 7.2%
Fintech Kamino secured $10 mn to expand AI-platform for mid-market CFOs
Kamino secures $10 mn to grow its mid-market footprint, build CFO tools, and scale AI-driven financial insights ahead of 2026
Farm Bureau Insurance partnered with insurtech Akur8 to enhance pricing process
Farm Bureau Insurance Company of Idaho, the largest property-casualty insurer based in the state, has partnered with Akur8 to enhance its pricing process
Lloyd’s CEO John Neal will step down in 2025 to join Aon
Lloyd’s has confirmed that CEO John Neal will step down in 2025 after more than six years leading the world’s largest insurance and reinsurance marketplace
Parsyl raised $20 mn to advance data-powered marine cargo insurance solutions
Parsyl, a technology-driven insurer specializing in complex supply chains, secured $20 mn in Series C funding to accelerate its expansion
Insurtech Root launches driver-based auto insurance in Minnesota
Root Insurance has expanded its auto insurance services to Minnesota, offering over 4 mn drivers a model based on driving behavior instead of traditional demographic factors
AI-driven insurtech Jones secured $15 mn in Series B funding
Jones, an AI-driven insurtech company, secured $15 mn in its Series B funding round led by NewSpring Capital.
Howden’s research highlights escalating cyberattacks on UK businesses
A new report from Howden reveals that cyberattacks are becoming a growing threat for UK businesses, with 52% of companies reporting at least one incident
Aiccelerate DAO launches to advance crypto and AI integration
Industry veterans from Coinbase, Google, ai16z, and other major firms have formed Aiccelerate, a new Decentralized Autonomous Organization (DAO)
Swiss Re targets $4.4 bn net income for 2025
Swiss Re projects a net income exceeding $4.4 bn for 2025, alongside a goal of growing its annual dividend per share by at least 7% over the next three years
PERILS releases final insured loss report for Australia Christmas Storms
PERILS has released its fourth and final estimate for the industry losses caused by the Australia Christmas Storms that impacted Victoria, New South Wales, and Queensland
British pension insurance deals totaled £45 bn in 2024, with a similar outlook for 2025
British pension insurance deals totaled approximately £45 bn in 2024, with a similar outlook for 2025, according to LCP. The adviser expects buy-in volumes to remain strong
SageSure acquired GeoVera Advantage Insurance Services
SageSure, a managing general agent focused on catastrophe-prone markets, has completed its acquisition of GeoVera Advantage Insurance Services
U.S. states will enforce higher mandatory auto liability insurance limits in 2025
California, Virginia, North Carolina, and Utah will enforce higher mandatory automobile liability limits in 2025 due to previously enacted legislation
Fairfax Financial names Brian Young as Insurance Group President
Fairfax Financial Holdings appointed Brian Young as president of Fairfax Insurance Group, effective Jan. 1, 2025. He succeeds Andrew Barnard
ASIC orders compliance overhaul for Sanlam’s Australian unit over licensing breaches
The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert
Florida Insurance Regulator approves homeowners policy transfers from Citizens
The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp
Sentry Insurance acquired of The General, a non-standard auto insurer
Sentry Insurance announced the successful completion of its acquisition of The General, a leading provider of non-standard auto insurance, from American Family Insurance
Independent Health and Subsidiary’s CEO settle $98 mn Medicare fraud case
Independent Health Association and its subsidiary’s CEO have agreed to pay a $98 mn settlement over allegations of submitting invalid diagnosis codes
OCBC Hong Kong to sell stake in Hong Kong Life for $75 mn
OCBC Bank (Hong Kong) announced it will sell its entire 33.33% stake in Hong Kong Life Insurance for approximately HK$589.3 mn ($75 mn) to Yue Xiu Enterprises (Holdings)
Flood events accounted for $18.2 bn in international Q4 catastrophe losses
Flood events accounted for $18.2 bn in international fourth-quarter catastrophe losses, led by October floods in Valencia, Spain
Terrorism insurance in the U.S. faces TRIA challenges
Authorities have confirmed that a pickup truck used to kill at least 14 people during New Year’s celebrations in New Orleans displayed an ISIS flag
Dataveo launches RFID solutions to enhance inventory management
Dataveo, a French leader in data management and identification solutions, announces the launch of offerings designed to enhance inventory management
Monte Chia raised funding to transform risk management for insurers and businesses
Monte Chia, an Italian insurtech startup, has closed a €500,000 pre-seed funding round. The investment efforts to revolutionize risk management
Insurtech Bikmo raised £4.75 mn funding from Puma Growth Partners
The UK-based cycle insurtech Bikmo has raised £4.75 mn in new funding from Puma Growth Partners. The funds will support its expansion across Europe
Global InsurTech funding rose 19.5% to $5.1 bn, with Q4 driving momentum as deal count and average size increased sharply, marking the first annual increase since 2021
InsurTech moves past disruption narrative, focuses on underwriting, AI, and operational efficiency as funding drops and insurers demand measurable results
The first notice of loss (FNOL) is the starting point for every insurance claim. It sets the tone for the entire claims cycle. And for years, this process has been manual
InsurTech funding crossed a significant milestone in Q2 2025, with $60.8bn raised since records began in 2012. The data reflects the scale of investor appetite over 10Y