Loop renews reinsurance program

Car insurance startup Loop Insurance announced that its reinsurance program has been successfully renewed.

The program is led by the same tier-one reinsurers and carrier as the expiring and was “oversubscribed on all dimensions.”

The program features the same level of quota share protection as the expiring coverage, and the variable ceding commissions are projected to be roughly equivalent to the previous agreements.

The program will go into effect for an extended 15-month term.

“Some of the world’s largest and most respected reinsurers choose to stake their capital on the belief in our mission and the performance of our business. These partners allow us to operate in a very capital light mode, and focus our resources on expanding our customer base across geographies, while harnessing our predictive modeling capabilities to get ever better at matching risk to rate.” – Carey Anne Nadeau, Loop co-CEO and cofounder.