Insurance

A list with the names of about 100 global investors has been shared with the 10 banks working on the deal and the institutions will approach different sets of investors, according to people with knowledge of the matter who asked not to be named as discussions are private.

The acquisition is a win for Lemonade’s recently launched car insurance product. Metromile has a decade of driving data based on its usage-based model and it operates licenses in 49 states, all of which will be merged into a single company, if the deal goes through.

The stay-at-home mandates, school and business closings, and increased remote work arrangements emanating from COVID-19 resulted in a significant decrease in motor vehicle accident frequency in 2020, with that trend continuing into 2021. There are many other, less obvious forces that actuaries and company management should consider as 2021 year-end reserves are analyzed.

Amazon says it isn’t legally culpable because the driver worked for Harper Logistics LLC, one of thousands of small businesses launched in recent years specifically to deliver Amazon packages. By focusing on the key role played by the algorithms, Rana’s attorney, Scott Harrison, is looking to prove that the company controls the operation, managing everything from how many packages drivers must deliver to whether they should be kept on or fired.

Addition Capital, Coatue Management and serial entrepreneur Elad Gil led the funding round in the Mountain View, California-based company, now worth $3.6 billion -- nearly triple the valuation from another round last year.

The shares will be priced in a range of C$19 to C$22 apiece and will be listed on the Toronto Stock Exchange under the symbol “DFY,” Waterloo, Ontario-based Definity said in a statement Monday.

Arity, a mobility data and analytics company founded by Allstate in 2016, has made its nearly 100 million driving risk scores exclusively available on Transparent.ly, a platform for auto insurance marketers to leverage leads and target shoppers.

The funding round was led by AIA Insurance Inc. as Tiki looks to expand into life insurance and plans a U.S. initial public offering.

The move suggests Apple is plowing ahead with attempts to develop self-driving technology, a high-stakes race with automakers such as Tesla. Moore is joining a division known for its secrecy -- Apple has never publicly laid out its car plans -- and frequent turnover. The head of Apple’s car project, codenamed Titan, departed the company earlier this year to lead technology efforts at Ford Motor Co.

In other news: AgentSync acquires Finvera; Cart.com teams up with Extend; SkyWatch launches usage-based insurance with Global Aerospace.

Lynk in June started deliveries to seven European countries including Germany, Sweden and Spain and so far has 29,000 customers -- more than three times this year’s target, Chief Executive Officer Alain Visser said in an interview. About 95% of them are choosing to subscribe rather than buy a vehicle.

There are many important legal issues to consider when operating in the heavily regulated and ever-changing insurance ecosystem. Discussed are some of the key issues to consider when contracting, to demonstrate what is truly important and where insurtechs should focus, whether it concerns program administrator agreements or other types of partnership, master services, or marketing agreements.

About 20 nations have signed on to a deal to stop funding foreign fossil fuel projects -- with a last-minute entry by Italy. But the impact of the accord is undermined by the absence of key countries like China.

The company expects to pay the fine in installments, with a final deal subject to further negotiations with the U.S. Securities and Exchange Commission, the company said Thursday as it reported third-quarter financial results. The agency has been examining claims by a short-seller that Nikola deceived investors about its business prospects.

Five strategies that insurers can use to cut friction from the customer journey as they work towards digitally transforming their business.

Suddenly the metaverse is everywhere. Ok, the concept of the metaverse is everywhere – thanks to Mark Zuckerberg’s October 28 announcement that “Facebook” has become “Meta.”

Lemonade Car, a telematics auto insurance product, is now live in Illinois and will roll out across the U.S. soon.

Success demands an innovation-driven formula with four main components: speed, accuracy, scale and customer experience. To do this and change the economic equation, here are five efficiency strategies recommended by Verisk.

Nationwide’s Sarah Jacobs, vice president of personal lines product development, spoke with Digital Insurance about a recent survey on smart home devices and the future of IoT at Nationwide.

After leaving Aon in 2008, he started Ryan Specialty Group Holdings Inc. and has pursued acquisitions to build the firm into one of the largest of its kind. Chicago-based Ryan Specialty -- with 3,300 employees and a market value of almost $10 billion -- offers products and services to insurance brokers and agents to help protect against risks, including cybercrime and climate-related hazards.