{"id":941,"date":"2023-01-07T09:00:48","date_gmt":"2023-01-07T14:00:48","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=941"},"modified":"2023-01-08T13:58:43","modified_gmt":"2023-01-08T18:58:43","slug":"3-things-01062023","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-01062023\/","title":{"rendered":"3 Things – Skyward IPO, Mitsui\/Transverse, Assurant API & Root Missing $9.5M"},"content":{"rendered":"

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Hello Friends!\u00a0 Happy New Year!\u00a0 We hope everyone enjoyed the holiday break with friends and family.\u00a0 It is good to be back and this week had plenty of news to follow including the Skyward Speciality IPO launch, Mitsui \/ Transverse acquisition close, Assurant launching API platform for partners and Root misplacing $9.5M of marketing funds.\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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Skyward IPO and Mitsui Close<\/strong><\/p>\n

Continuing actions started in 2022… Skyward Specialty, who had previously filed an S-1 for an IPO, announced that January 13th their\u00a0public shares will available<\/a>.\u00a0 It is an interesting time for an IPO with the current stock market volatility however there should be demand for this fundamentally strong upstart insurance company.\u00a0 They have a veteran executive team and appear to be adding new talent for LOBS and distribution opportunities.\u00a0 Mitsui Sumitomo (USA)\u00a0completed the acquisition<\/a>\u00a0of fronting insurer Transverse.\u00a0 The combination will expand Mitsui\u2019s platform in North America and ability to connect insurance capital to risks throughout a variety of distribution channels and ecosystems.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Assurant Launches Embedded Platform<\/strong><\/p>\n

Another\u00a0embedded play was announced<\/a>\u00a0this week with Assurant.\u00a0 They are launching a platform that will allow partners create protection programs for devices, phones and other F&I products. The platform features APIs to integrate into the point-of-sale for these products.\u00a0 They are hoping to have partner turn this on and let the cash machine start working.\u00a0 It should play well in the product space they are in.\u00a0 It also follows similar moves that Chubb, Zurich and others have made in recent months.<\/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 Misplaces $9.5M<\/strong><\/p>\n

As if things haven\u2019t been tough enough for Root lately, it was reported in an SEC filing that a senior\u00a0marketing employee allegedly redirected $9.5M<\/a>\u00a0of payment inappropriately.\u00a0 They expect to have to write off most of this amount and are saying it will not affect their results.\u00a0 Last year they cut their marketing spend drastically among other major cost cutting moves to turn the tide towards profitability.\u00a0 Tough news as we await their earnings report next month looking to see if their cost cutting moves will help with the needed turnaround.\u00a0 The last thing they need is scrutiny from the SEC and a reckoning may be coming as the stock price again approaches dangerous territory of trading under $1.00\/share.<\/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 Stay safe in this world, take care of each other and good luck!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 Happy New Year!\u00a0 We hope everyone enjoyed the holiday break with friends<\/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 - Skyward IPO, Mitsui\/Transverse, Assurant API & Root Missing $9.5M - 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-01062023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Skyward IPO, Mitsui\/Transverse, Assurant API & Root Missing $9.5M - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Hello Friends!\u00a0 Happy New Year!\u00a0 We hope everyone enjoyed the holiday break with friends\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wikifri.com\/3-things-01062023\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikifri\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-07T14:00:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-08T18:58:43+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-01062023\/\",\"url\":\"https:\/\/www.wikifri.com\/3-things-01062023\/\",\"name\":\"3 Things - 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