Startup

There’s no denying that working with startups entails risk. Plenty of newer insurtechs have technology that’s too underdeveloped, a value proposition that’s too undefined or leadership that’s too inexperienced to overcome the gauntlet of obstacles that stands between startups and success.

Chubb Ltd. is joining with insurance-tech startup Betterfly for offerings in Mexico, Colombia, Ecuador, Chile and Argentina as the companies seek to tap into under-served Latin American markets.

Today’s clients are looking for financial guidance and product recommendations that account for their entire financial lives. Unfortunately, because of legacy technology in place, most insurance advisors can’t credibly weigh in on the whole picture.

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.

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

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

Marshmallow, a car insurance app which recently became the U.K.’s second black-founded firm to reach a billion-dollar valuation, won’t be working from its current Old Street digs for much longer. It’s moving to a nearby office with triple the space after headcount grew more than threefold during the pandemic and as it plows ahead with expansion plans into Europe.

In other news: Allstate closes $400M sale of New York life, annuity business; USAA partners with Blink by Chubb; Zurich North America implements Chisel AI.

The Palo Alto, California-based company is now valued at $900 million, according to people with knowledge of the matter.