Layoffs at Branch
According to Coverager sources and social media posts, there has been a round of layoffs at Branch. Based on information we obtained, 186 employees were let go.
According to LinkedIn, the company currently has a workforce of about 480 individuals, which represents a 35% increase over the previous year. However, a company’s size is frequently a vanity indicator when it comes to insurance metrics. After all, Branch Insurance Exchange recorded $9.5 million in net premiums earned ($20.7 million in net premiums written) in 2022 with $13.6 million in losses, which translated to a loss ratio of 143.3%.
Founded in 2017 and live since 2019, Branch is a personal lines insurer available in 37 states that offers home, auto, umbrella, renters and term life insurance. P&C products are underwritten by Branch Insurance Exchange, Everspan Group, and General Security National Insurance Company. Term life is underwritten by Assurity.
It raised close to $230 million from several insurer-investors including SCOR, HSCM Bermuda, and American Family Ventures. Branch’s valuation reached over $1 billion after its most recent investment round, a $147 million Series C, which took place a year ago.
We reached out to Branch for a comment.