Coverager’s Week in Review: Nov 27- Dec 2, 2023

Top Stories

I. Cuts at Cruise

General Motors is scaling back its financial commitment to its self-driving car unit, Cruise, by a significant amount in 2024 compared to 2023. This move comes in the wake of the California DMV revoking Cruise’s operating permits and halting its autonomous vehicle activities, coupled with the departure of Cruise’s co-founder and CEO, Kyle Vogt.

Originally, the plan involved launching a ride service in San Francisco and three additional cities, as well as conducting tests in various markets. However, the focus has shifted to primarily developing the driverless vehicle operation in a single city. Cruise is now prioritizing the restoration of trust with regulatory authorities, first responders, and local communities.

II. New Entrants

HCI Group, encompassing home insurance, IT services, real estate, and reinsurance operations, has announced that its reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), received authorization to operate in Florida. CORE, starting February 2024, will take over approximately $75 million in policies from Citizens Property Insurance Corporation.

Meanwhile, Markel’s subsidiary State National, the largest US program services carrier, is expanding into the UK market from January 1, 2024. Collaborating with Markel International Insurance Company, they will establish a program services division in the UK targeting specialty commercial lines.


  1. F&G (Des Moines, IA, US) – On November 29, 2023, F&G secured $345 million through Post-IPO Debt. The company specializes in Life & Health insurance, Term Life, and Annuities.
  2. Lassie (Stockholm, Sweden) – Lassie raised $25.2 million in a Series B round on November 28, 2023. They operate in the Property & Casualty sector, focusing on Pet insurance, with investments from Balderton Capital, Felix Capital, Inventure, Passion Capital, and Philian Invest.
  3. Patriot Growth Insurance Services (Fort Washington, PA, US) – On November 28, 2023, the company obtained $500 million in Debt Financing. It offers services in Property & Casualty, Life & Health, and Benefits, with funding from Antares Capital and Golub Capital.
  4. Inszone Insurance (Rancho Cordova, CA, US) – Inszone Insurance received an undisclosed amount in Private Equity funding on November 27, 2023. Their focus areas include Personal Auto, Home/Property, Property & Casualty, Small Business, Life & Health, and Benefits, backed by BHMS Investments and Lightyear Capital.

Strategic Investments

  1. Revela
    • Date: 11/29/2023
    • Amount: $9M
    • Stage: Series A
    • Industry: Real Estate
    • Location: Detroit, MI, US
    • Insurer Investor: Assurant Ventures
  2. Champion Iron
    • Date: 11/29/2023
    • Amount: $230M
    • Stage: Post IPO Debt
    • Industry: Mining & Metals
    • Location: Toronto, Canada
    • Insurer Investor: Societe Generale
  3. Zomato
    • Date: 11/28/2023
    • Amount: $400.3M
    • Stage: Post IPO Secondary
    • Industry: Internet
    • Location: Gurgaon, India
    • Insurer Investor: Societe Generale
  4. Pillway
    • Date: 11/28/2023
    • Amount: $7M
    • Stage: Series A
    • Industry: Health
    • Location: Brampton, Canada
    • Insurer Investor: Sun Life Financial

Capacity Partners

  1. Bondaval & Great American Insurance Group: Great American Europe will provide capacity to Bondaval, an insurtech company specializing in digital payment default protection for major corporations like BP and Shell.
  2. Distinguished Programs & Covington Specialty Insurance Company: Distinguished Programs offers D&O, EPL, and Fiduciary Liability products through Covington Specialty, a subsidiary of RSUI Group.

Embedded Insurance

  1. Assurant & Zippy: Assurant’s home insurance is integrated into Zippy’s manufactured home lending platform.
  2. Boxx Insurance & Nova Southeastern University: BOXX will offer cyber protection education services and cyber insurance services to Levan Center.
  3. Urban Jungle & Amazon: Amazon added Urban Jungle to its Amazon Insurance Store.
  4. Allianz Direct & ING Group: Allianz Direct has partnered with ING Group in the Netherlands, offering services to companies and entrepreneurs.
  5. Breeze & Barrington Freight: Barrington Freight now offers Cargo insurance from Breeze for international shipping and freight forwarding.

Technology Partnerships

  1. Zurich UK & WhatsApp: Zurich introduced video service Hello Zurich and WhatsApp messaging for claimants, reducing average claim settlement times to 13 minutes.
  2. Miller Insurance Services & OpenAI, Microsoft: Miller launched MillerMo, an AI tool offering assistance, proofreading, content generation, translation, data analysis, and software development.
  3. AXA UK & Synectics Solutions: AXA partnered for enhanced fraud detection using Synectics’ tools and National SIRA data.
  4. Group 1001 & Coalesce Automation: Group 1001 is collaborating with for annuities process streamlining.
  5. MAWDY & Blink Parametric: MAWDY deployed Blink’s parametric solutions for policyholders with disrupted flights, offering lounge access or cash payout.
  6. Marsh & Microsoft, OpenAI: Marsh introduced LenAI, an AI tool enhancing productivity with internet search, document work, calculations, and more.
  7. CloudCover & Zones: Zones to deliver CloudCover’s cybersecurity platform, offering XDR/SASE security-as-a-service.


  • Aviva plans to acquire Canadian insurance MGA Optiom, which offers vehicle replacement coverage, from Novacap for £100 million.
  • Poodle Holdings plans to acquire Pets Best from Synchrony, which in turn, anticipates making a profit of about $750 million after taxes from this transaction.
  • JAB plans to acquire Embrace Pet for $1.5 billion.
  • Blackstone plans to acquire pet services marketplace Rover for $2.3 billion.
  • USI plans to acquire the insurance brokerage of BOK Financial.