This week in insurance we are following launches and partnerships, IPO and acquisition deals and an interesting earnings report from insurtech. Here are the three things we learned:
- There were notable announcements this week about insurance technology partnerships / offerings. Google launches a bundled cyber product with backing by Allianz and Munich Re, that will provide cover to users of Google Cloud. There was also an exciting partnership formed with two insurance tech providers HazardHub and Sunlight that will provide a strong data set and risk assessing capabilities within a core rating platform.
- In IPO and M&A news this week, there was continued activity highlighted by Hippo’s anticipated SPAC IPO becoming official, the deal will net Hippo a $1.2B in cash to strengthen their balance sheet and fuel growth. Next Insurance acquires digital broker insurance agency AP Intego combining forces to enhance commercial product distribution in embedded platform experiences.
- Lemonade earnings released this week. They continue to keep their loss ratio around 70% but are finding it expensive to launch new products and expand geographically, so the net loss is consistent in spite of growth. The outlook comments and mention of Texas winter storm were viewed as negative outlook. At the end of the week their shares down over 50% from their January all-time high. They are not alone as others stock has fallen killing insurtech high valuations.
Thank you for continuing to follow us and for your feedback is welcome on topics and insights you would like to hear. We will be continuing to scan the industry and send these updates weekly. We are preparing more content to release soon. Stay tuned, stay productive!