Insurtech Companion Protect sequred $20.3 mn in Series A extension
Companion Protect, a Kansas City-based pet health administration company, announced it has closed a $20.25 mn extension round from Series A investors
News
Leader of major insurance fraud ring pleads guilty after years on the run
William Oldham Mize, the leader of a Washington state insurance fraud ring, pleaded guilty after orchestrating a scheme that defrauded carriers of $6.77 mn
Savvy Wealth raised $26.5 mn in Series A led by Canvas Ventures
Wealth management startup Savvy Wealth has raised an additional $15.5 mn as part of its Series A round, bringing the total raised to $26.5 mn led by Canvas Ventures
AXA acquired Gruppo Nobis, a retail P&C insurer in Italy
AXA announced an agreement to acquire Gruppo Nobis, a retail P&C insurance company in Italy with a diverse distribution network
ERGO generated a result of €535 mn in H1 2024
Munich Re generated a result of €284m (250m) in its ERGO field of business in Q2 and €535m (470m) in H1. Insurance revenue from insurance contracts issued in Q2 rose
Munich Re achieves profit of €3.8 bn in H1 2024
Munich Re generated a net result of €1,623 mn in the second quarter of 2024 and €3,763 mn in H1 2024. Insurance revenue from insurance contracts issued rose
Allianz robusted operating profit of €3.9 bn for Q2 2024
Allianz has reported a robust operating profit of €3.9 bn for Q2 2024, a slight increase from €3.8 bn in Q2 2023. All segments of the company contributed to this result
California FAIR Plan Association will expand home insurance coverage
The California FAIR Plan Association is set to expand its insurance coverage, particularly benefiting homeowner and condo associations
Aon reported Q2 2024 results: total revenue increased 18% to $3.8 bn
Aon reported results for the three months ended June 30, 2024. Net income attributable to Aon shareholders decreased 9% to $2.46 per share
Earthquake struck off Japan’s southern coast, prompting a tsunami
A powerful earthquake struck off Japan’s southern coast, prompting a tsunami advisory from the Japan Meteorological Agency
Insurtech Lemonade’s Q2 2024 results: IFP increased by 22% to $839 mn
Lemonade, a leading insurtech company, has announced its financial results for the second quarter of 2024. In Force Premium (IFP) increased by 22%
AM Best upgraded Financial Strength Rating and Credit Ratings of Lloyd’s
AM Best has upgraded the Financial Strength Rating and the Long-Term Issuer Credit Ratings (Long-Term ICR) of Lloyd’s
Florida Department of Insurance approved 410,628 property insurance policy takeout requests
Citizens Property Insurance Corp. will reduce its business after Florida Insurance Commissioner Michael Yaworsky approved 410,628 policy takeout requests
Wildfire & flooding caused $354 mn in insured losses in Nova Scotia (Canada)
Wildfire and flooding caused more than $490 mn CAD ($354 mn) in insured losses over a two-month period last year in Nova Scotia
Cyber insurtech Inscora raised $2 mn in pre-seed led by Luge Capital
Montreal-based cyber insurtech Inscora has raised $2 mn in funding led by Luge Capital, with participation from Desjardins Capital, Accelia Capital
Startup Chaiz raised $3.7 mn in seed round
Austin-based startup Chaiz, the first comparison marketplace for extended car warranties oversubscribed $3.7 mn seed funding round
Boost Insurance announced a new funding from BHMS Investments
Boost Insurance announced a new equity investment from BHMS Investments, a private firm specializing in middle-market insurance and related businesses
Israeli travel insurtech Faye raised $31 mn in Series B funding
Israeli travel insurtech Faye raised $31 mn in Series B funding, bringing its total funding to $49 mn
Global insured losses from natural catastrophes to reach $60 bn in H1 2024
Frequent small to medium events caused global insured losses from natural catastrophes to reach $60 bn in the first half of 2024, according to Swiss Re
The U.S. insurance employment increased to 3 mn
The U.S. insurance employment increased by 46,800, consistently staying above the 3 mn mark. The industry surpassed this threshold earlier in the year
PERILS estimated final insurance industry loss for the Kahramanmaras Earthquake
PERILS released its fifth and final loss estimate for the Kahramanmaras Earthquake Sequence on 6 February 2023. This disaster impacted large areas
Insurtech Gradient AI sequred $56 mn in a Series C funding
Gradient AI, a enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has raised $56 mn in a Series C
Insurtech Canopy Connect launched new solution for insurance agencies
Insurtech Canopy Connect, an insurance verification technology provider, launched solution for insurance agencies that addresses gaps in the insurance
Number of M&A deals involving insurance brokers in North America increased by 8%
The number of M&A deals involving insurance brokers in North America increased by 8% sequentially to 120 in the second quarter, according to S&P
Climate & Digitalisation are challenging traditional insurance products
Developments such as climate change and digitalisation are changing risk pools and can challenge the viability of traditional insurance products
AI-insurtech CLARA Analytics launched Claims Document Intelligence Pro
Insurtech CLARA Analytics, a provider of artificial intelligence technology for insurance claims optimization, launched Claims Document Intelligence Pro
Number of successful cyber attacks against UK companies increased by 586%
Successful cyber attacks against UK utility companies surged to 48 in 2023, a 586% increase from seven cases in 2022
Anders Malmström will succeed John Dacey as Swiss Re’s Group CFO
Swiss Re announced today that Anders Malmström will succeed John Dacey as Group Chief Financial Officer as of 1 April 2025
IRDAI grants approval for InsuranceDekho to enter reinsurance broking
Indian insurtech platform InsuranceDekho has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking
CyberCube estimates cyber insurance losses from CrowdStrike outages above $1.5 bn
Insured losses from CrowdStrike outages in the standalone cyber insurance market may reach $1.5 bn, according to CyberCube
Cyber insurers covers of business interruption from CrowdStrike outage
Cyber insurance provides for broad coverage of business interruption resulting from network outage. The trigger for this coverage includes System Failure
Guy Carpenter estimates $35-40bn in add property catastrophe reinsurance purchased
Guy Carpenter’s review from January to July 2024 estimates $35-40bn in additional property catastrophe reinsurance purchased globally due to favorable conditions
AXA announced a €13 mn lead investment in Novocuff’s financing round
AXA IM Alts, a leader in alternative investments and AXA Investment Managers’ alternative business unit, manages over €184 bn ($197 bn) in assets
Chubb’s acquisition of pet insurance MGA Healthy Paws valued at $300 mn
Insurance gigant Chubb announced in April a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent specializing in pet insurance
Alphabet is investing $5 bn in Waymo, a self-driving car unit
Alphabet is investing $5 bn in its self-driving car unit, Waymo. This funding will help Waymo build the world’s leading autonomous driving company
Sixth Street acquired Enstar by total equity value of $5.1 bn
Enstar Group has entered into a definitive merger agreement under which Sixth Street will acquire Enstar, with Liberty Strategic Capital, J.C. Flowers & Co
Insurtech Zebra acquired digital platform Marble
Insurtech Zebra has acquired digital platform for managing and saving on insurance Marble. The acquisition is effective as of July 25
U.S. homeowner’s insurance market suffered a $15.2 bn loss – AM Best
The U.S. homeowner’s insurance market experiencing its worst underwriting results since at least 2000, according to AM Best report
2024 Global private equity fundraising review: capital raised $365 bn
Global private equity fundraising declined in the first half, with capital raised totaling $365.75 bn, according to S&P
US life insurers are expected to report stronger Q2 2024 earnings
Most traded US life insurers are expected to report stronger second-quarter earnings due to favorable economic conditions
Bermuda reinsurer Martello Re raised $935 mn of equity funding
Martello Re, a Bermuda-based life and annuity reinsurer, closed a second round of equity funding, raising $935 mn from existing and new shareholders
District Cover, a benefit insurance agency, raised $7 mn capital
District Cover, a new public benefit insurance agency, has raised over $7 mn from venture capital firms and insurance industry leaders
Hiscox launched a digital Professional Liability product for contractors
Hiscox, a specialist global insurer, has launched a digital Professional Liability product for contractors, including versions for both general contractors
AI-powered technology company IntelePeer sequred $140 mn
AI-powered technology company IntelePeer has sequred $140 mn in new growth funding and debt financing led by Savant Growth
Insurtech Cowbell sequred €55 mn Series C led by Zurich
Cyber insurtech Cowbell has closed a €55 mn Series C equity round led by Zurich Insurance Group, a global multi-line insurer
Liane Hirner (VIG) re-elected for 4-year term on the EIOPA
Liane Hirner, CFRO of Vienna Insurance Group (VIG), secured another four-year term on the Insurance and Reinsurance Stakeholder Group
S&P awarded Vienna Insurance Group an “A+” rating
Standard & Poor’s has awarded Vienna Insurance Group (VIG) an “A+” rating with a stable outlook. This ranks VIG among the top companies in the Austrian Traded Index
Verisk estimates Hurricane Beryl’s insured Losses $2-3 bn
Verisk estimates that industry insured losses to onshore property from wind in the U.S. due to Hurricane Beryl will range between $2 bn and $3 bn
WTW appointed Lucy Clarke as president of Risk & Broking
WTW, a global advisory, broking, and solutions company, has appointed Lucy Clarke as president of Risk & Broking. Adam Garrard takes on the new role
Indian insurtech Plum launched Plum Perks, a healthcare benefits
Indian insurtech platform Plum has introduced Plum Perks, a comprehensive healthcare and wellness benefits suite for employees
Eleos released white paper about Financial Super-Apps
Eleos, a digital provider of income protection and life insurance in the UK, has released its white paper titled “Financial Super-Apps: Rising on the Digital Tide.”
Lemonade’s Giveback brings $10 mn donations across 86 organizations
AI insurtech Lemonade announced its 2024 Giveback, marking the eighth year of donations to various local and global charities selected by customers
US companies suffer $5.4 bn cyber loss from CrowdStrike outage. Impact for (re)insurers
Parametrix estimates the direct financial loss for US Fortune 500 companies (excluding Microsoft) from the CrowdStrike outage at $5.4 bn
Insurtech Juno sequred an $8.5 mn Series A led by Spero Ventures
Insurtech Juno, the US company to offer child disability insurance, has sequred an $8.5 mn Series A funding round led by Spero Ventures
Natural disasters in 1H 2024: $117 bn economic & $58 bn insured losses
Aon estimated of more than $117 bn in economic losses from global natural disasters during the 1H 2024, lower than the 21st-century 1H average
EY highlights a rise in disclosed M&A deals in the UK insurance sector
EY report highlights a notable rise in publicly disclosed M&A deals in the UK insurance sector, increasing from 54 in H1 2023 to 94 in H1 2024
Re/insurers have started implementing the IFRS17 Standard
Most reinsurance and insurance companies have started or are about to start implementing the IFRS17 Standard, a finance transformation and modernization
Moody’s estimates U.S. insured losses from Hurricane Beryl to $2.5-4.5 bn
Moody’s RMS Event Response estimates U.S. insured losses from Hurricane Beryl to be between $2.5 billion and $4.5 billion. This includes damage from wind, storm surge
Verisk introduced ISO Experience Index for insurers
To help insurers, Verisk introduced the ISO Experience Index. This innovative tool modernizes how actuaries analyze risk patterns
Insurtech Otonomi launched Air Cargo Delay Parametric Insurance
Insurtech Otonomi has introduced a new global three-hour Air Cargo Delay Parametric Insurance. This product addresses a critical gap in air cargo insurance
US 30-year mortgage rates reached 7.55% as refinancing and purchase applications declined, raising monthly costs and pushing more borrowers toward ARMs
Google and CoverGo examine how Agentic AI could reshape insurance operations, underwriting, data architecture, governance and human oversight
Mastiffs top the list of the most expensive dog breeds for pet insurance, with annual premiums averaging $2,546, according to Insurify data
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