Shefi Ben-Hutta
Editor at Coverager

Coverager’s Week in Review: Dec 3-9, 2023

Written by ChatGPT based on Coverager Data

Top Stories

  • Betterview is being acquired by Nearmap, a company specializing in location intelligence and aerial imagery. Key points include Betterview’s end-of-year target of $17 million ARR and the deal’s valuation at a 7.5x multiple. Betterview, established in 2014 and having raised over $15.5 million, will complement Nearmap’s growth strategy, especially in imagery intelligence for the insurance sector.
  • aha insurance is being acquired by private equity firm Southampton Financial. The agency was established in 2017 and offers online car and home insurance in Ontario, Alberta, and British Columbia.
  • Policygenius co-founders Jennifer Fitzgerald and Francois de Lame stepped down from their executive roles on November 30, 2023. They had launched the digital agency in 2014, with Jennifer as CEO and Francois as COO. This followed the acquisition of Policygenius by Zinnia, an Eldridge-backed insurance technology firm, in April 2023.
  • Tesla Insurance is facing a class-action lawsuit for allegedly using “misleading” collision warnings to inflate car insurance premiums, rather than basing them on actual driving behavior. The case, which will focus on Tesla’s use of a “safety score” that includes collision warnings and driving behaviors like braking and turning, has been allowed to proceed by Judge Brad Seligman of the Alameda County Superior Court. Plaintiff Ricky Stephens from Illinois, who initiated the lawsuit, is seeking reimbursement and an injunction against false advertising. The case is set for an initial hearing in January 2024. This follows a similar lawsuit involving Tesla owner Shawn Schneider, who sued State National Insurance Company over increased premiums due to purported false collision warnings.

 

Investments

  • Athene raised $600M in a post-IPO debt round on December 7, 2023. The company is based in West Des Moines, IA, US, and operates in the Life & Health and Annuities sectors.
  • Mulberri secured $6.8M in a Series A funding round on December 7, 2023. Located in Sunnyvale, CA, US, Mulberri focuses on Cyber, Property & Casualty, Small Business, and Workers’ Compensation insurance. Investors include Altamont Capital Partners, Eos Venture Partners, Hanover Technology Investment Management, and MS&AD Ventures.
  • RGA completed a post-IPO equity round on December 6, 2023, with the amount undisclosed. Based in Chesterfield, MO, US, RGA specializes in Health, Life & Health, and Term Life insurance. Investors involved are Golub Capital and Hudson Structured Capital Management.
  • HCI Group raised $78M through a post-IPO equity round on December 6, 2023. The company, located in Jacksonville, FL, US, focuses on Property & Casualty insurance.
  • Understory garnered $1.5M on December 6, 2023. The Madison, WI, US-based company operates in the Property & Casualty sector.
  • Fairfax raised $400M in a post-IPO debt round on December 4, 2023. This Toronto, Canada-based company works in Property & Casualty, Life & Health, and Term Life insurance.
  • Societe Generale Assurances secured $10.8M in a post-IPO debt round on December 4, 2023. The Paris, France-based company specializes in Life & Health, Term Life, and Income Protection insurance.
  • Carisk Partners engaged in a private equity round on December 4, 2023, with the amount undisclosed. Based in Miami, FL, US, the company is focused on Property & Casualty and Workers’ Compensation insurance, with investments from Elements Health Ventures and Lee Equity Partners.
  • Igloo raised $36M in a Series C funding round on December 3, 2023. The Singapore-based company offers a range of products including Personal Auto, Property & Casualty, Small Business, Pet, Single-Item/Warranty, Crop, Life & Health, Travel, and Accident insurance. Investors include Eurazeo and La Maison Partners.

 

Strategic Investments

  • Mulberri, an insurance company based in Sunnyvale, CA, US, raised $6.8M in a Series A funding round with investors including Altamont Capital Partners, Eos Venture Partners, Hanover Technology Investment Management, and MS&AD Ventures.
  • Nth Cycle, a mining and metals company from Beverly, MA, US, secured $37M in Series B funding on December 4, 2023, from Caterpillar Ventures, Equinor Ventures, MassMutual Impact Investing, and VoLo Earth Ventures.
  • Mine, a cybersecurity firm in Tel Aviv, Israel, raised $30M in a Series B round on December 4, 2023, from Battery Ventures, Gradient Ventures, e.ventures, MassMutual Ventures, Nationwide Ventures, PayPal Ventures, and Saban Ventures.
  • Rosetta Risk Management (RRM) secured an undisclosed investment from Howden Ventures to transition to a construction insurance MGA.

 

Capacity Partners

  • Flock has teamed up with NIG to create a digital, data-focused motor fleet insurance solution, offering a management portal, driving incentives, and workshops. NIG previously backed Flock’s insurance for Onto’s electric car service. Onto, an electric vehicle leasing group in Britain, is currently up for sale following a decision by one of its main backers, Legal & General (L&G), to withdraw additional funding. The company has engaged Deloitte to explore potential sale options or other financing forms to establish a sustainable financial footing. Despite having raised over $350 million for its growth, Onto has been affected by the declining value of electric cars, which impacts its borrowings secured against its fleet. The company provides access to cars from manufacturers like Fiat, Peugeot, and Vauxhall, and has introduced over 22,000 people to electric cars, with 90% of them being first-time electric vehicle drivers.
  • SiriusPoint provides capacity to ProVerity to develop customized solutions for the professional liability market.

 

Embedded Insurance

  • Spot Insurance & Alterra Mountain Company: Guests at Alterra’s North American resorts can now add Spot Insurance for the next three years.
  • Duuo Insurance Services & Univerus Sport & Recreation: Clients of Univerus can now secure event insurance from Duuo through the Univerus software.
  • Nationwide & NFL: Nationwide and the NFL have renewed their multi-year partnership, maintaining Nationwide’s status as an official partner for various insurance types such as home, auto, business, and more.
  • Liberty Mutual & Exectras: Exectras recommends Liberty Mutual for home and auto insurance.

 

Tech Upgrades

  • Chubb has partnered with cybersecurity firm NetSPI to enhance cyber risk profiles for its US and Canadian policyholders, who can now access NetSPI’s security solutions at preferred pricing.