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New filings show the InsurTech is expanding far faster than either Lemonade or Metromile but its losses have almost doubled.
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The home insurance InsurTech will use the funding to expand into Massachusetts, Pennsylvania and Tennessee.
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The company has raised $70mn since it was founded less than a year ago.
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The purchase reflects the broker’s stated acquisition strategy of buying complementary businesses and services and of expanding digitally.
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Surround executive Kate Terry blamed the capacity drought on an earlier generation of start-ups during an event in New York.
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The ILS firm led the fundraising round at the data and analytics business.
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The round was led by Palm Drive Capital.
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The "Hundreds" product will have a $100mn limit excess of $100mn, and cover 100 named perils.
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The company claims to be the first UK InsurTech to secure authorisation in its own right.
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The startup is a digital MGA that helps businesses sell insurance on through their own websites.
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Adrian Turner will report directly to CEO Andrew Yeoman and replaces John Colwell.
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The company models surface water flooding in real time.
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