Layoffs have begun to hit the insurtech sector as both Slice Labs Inc. and Bold Penguin Inc. moved to reduce staffing this week.
Tech-driven insurance startup Lemonade Inc. filed for its U.S. initial public offering on Monday, looking to take advantage of a recent recovery in the market after the coronavirus crisis slammed the brakes on new listings.
More insurtech deals were completed in the first quarter, compared with the year-earlier period, but overall funding declined 54% to $912 million amid the coronavirus pandemic, according to Willis Towers Watson’s Quarterly InsurTech Briefing released Monday.
Cover Whale Insurance Solutions Inc. has been approved as a coverholder at Lloyd’s of London and is working with Lloyd’s syndicates to provide commercial auto coverage for trucks in the U.S., the Rancho Santa Margarita, California-based insurtech broker said in a statement Monday.
Insurance company Brit and Google Cloud are together launching the first digital Lloyd’s of London syndicate, accessible from anywhere and at any time.