3 Things – Cyber Ransom, Partnerships & a New USAA – 5/22/2021

Hi All!  This week in insurance we are following cyber ransom, partnership announcements and a ‘new’ USAA.  Here are the three things we learned this week:


Cyber Ransom is Expensive

Ransoms being paid to hackers is a new paradigm in the cyber world.  We learned that CNA paid $40M to regain control of their network after a recent attack, this along with the Colonial Pipeline paying a ransom to a similar hacking entity.  It will be interesting to see how cyber underwriters will adjust how they provide coverage.  Meanwhile, Cyber rates are already increasing as would be expected.


Partnerships and Investments

This week there were partnership announcements that appear to highlight trends: Embedded Insurance:  A B2B digital insurance platform Boost raised $20M in a series B round.  Home Insurers Going Public: Kin in talks to use go public through SPAC led by Shank Tank contributor and Bundling Personal Lines: Two newly public SPAC companies Metromile and Hippo join forces to bundle home and auto for the tech minded consumer.


Buckle Creating the New USAA

This was an interesting read from Buckle CEO, a insurtech that provides rideshare insurance among other things.  He is a former vet and investment banker and has vision for how the industry will transform and evolve with reinsurers having the power to be the true risk takers in the value chain.  Other good insights as well.


BONUS – Digital Transformation without Disruption

A bonus item comes this week from our own Dan Mets, his latest blog discusses digital transformation, in case you missed from our post earlier in the week.  We hope you enjoy!

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