{"id":751,"date":"2022-01-22T10:30:08","date_gmt":"2022-01-22T15:30:08","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=751"},"modified":"2022-01-21T18:39:32","modified_gmt":"2022-01-21T23:39:32","slug":"3-things-01-21-2022","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-01-21-2022\/","title":{"rendered":"3 Things – Root Layoffs, AFG $120M Cash Buy & Earnings Season – 01\/21\/2022 Begins"},"content":{"rendered":"

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Greetings and Good Wishes to all.\u00a0 We hope you had a great week.\u00a0 It was certainly another interesting one in insurance and we are following Root layoffs, A sizable insurtech acquisition by Great American and the start of earnings announcements.\u00a0 Here are the three things we learned:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Root Massive Layoff<\/strong><\/p>\n

Root Insurance\u00a0laid off 330 employees<\/a>\u00a0on Thursday roughly 20% of their workforce, that is quite a significant number and would seem to be bad news for the public insurtech ‘unicorn’.\u00a0 It does point the a pivot in their strategy of pursuing independent agent and other non-digital channel distribution.\u00a0 Most of the affected employees were inside sales and claims along with a few technical engineers.\u00a0 It was another rough week in the stock market and many of the public insurtechs shares are near bottom.\u00a0 Not surprising given the profitability challenges they have.\u00a0 Ofir Dor at Globes provides further analysis in:\u00a0What happened to the revolution<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Great American Drops $120M in Cash<\/p>\n

American Financial Group parent of Great American Insurance announced the acquisition of insurance AI provider\u00a0Verikai, Inc for $120M in cash<\/a>.\u00a0 They must believe in the power of the technology to help them in the underwriting and risk selection areas.\u00a0 AFG has not invested much in insurtech and this is a pretty big single investment.\u00a0 Verikai is a 4+ year old insurtech and now has a platform to leverage their solution.\u00a0 AFG could use this new asset and keep for themselves or package to sell to others in the industry.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Earnings Begin With Travelers<\/strong><\/p>\n

The first big earnings report for 2021 was Travelers whose news featured record breaking\u00a0Q4 numbers<\/a>\u00a0and an overall profit of $3.662B for the year.\u00a0 Commercial lines powered much of these results while personal lines continue to struggle with a crowded and competitive marketplace.\u00a0 Meanwhile there was another big earnings headline from home insurer startup\u00a0Kin who released preliminary 2021<\/a>\u00a0results.\u00a0 They show 320% growth with over $100M in managed premium but this is all top line and no profitability details were shared.\u00a0 Key will be how their combined ratio looks or are they in the same boat as other public insurtechs?<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Until next week… stay safe, stay productive!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Greetings and Good Wishes to all.\u00a0 We hope you had a great week.\u00a0 It<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Root Layoffs, AFG $120M Cash Buy & Earnings Season - 01\/21\/2022 Begins - Wikifri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-01-21-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Root Layoffs, AFG $120M Cash Buy & Earnings Season - 01\/21\/2022 Begins - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Greetings and Good Wishes to all.\u00a0 We hope you had a great week.\u00a0 It\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wikifri.com\/3-things-01-21-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikifri\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-22T15:30:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-21T23:39:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png\" \/>\n<meta name=\"author\" content=\"Nick Coenen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Coenen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-01-21-2022\/\",\"url\":\"https:\/\/www.wikifri.com\/3-things-01-21-2022\/\",\"name\":\"3 Things - 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