News in numbers
Verdict InsurTech gathers the most important industry news in recent times, including some startling figures
$1.5bn
American investment firm Centerbridge Partners is set to finalise its acquisition of a majority stake in health insurance marketplace GoHealth. The deal will be worth approximately $1.5bn.
Undisclosed sources familiar with the development told Reuters that the deal is expected to be announced as early as Monday.
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$45m
Vouch Insurance, a Munich Re-backed platform that offers business insurance for start-ups, has raised $45m in a Series B funding round led by Y Combinator Continuity.
Concurrently, Vouch also announced its entry into Californian market where it will offer digital insurance coverage to start-ups.
With the latest investment, the insurtech has raised a total of $70m in funding so far from SVB Financial Group, Ribbit Capital, Y Combinator, Index Ventures, and 500 Startups.
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20 year
Fi Life has added a 20-year level term life insurance policy to its current suite of life insurance policies. This level term policy is underwritten by Tokio Marine Life Insurance Malaysia Bhd.
The level term policy complements Fi Life’s existing yearly renewable term life policy which has been available since 2015, according to the company.
In a 20-year level term policy, premiums for the level term policy are fixed and guaranteed for the next 20 years. With a yearly renewable term policy, premiums increase slightly every year with the policy-holder’s age.
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$35m
CyberCube has raised nearly $35m in a Series B funding round led by re/insurance linked investments provider Hudson Structured Capital Management (HSCM Bermuda).
Besides HSCM Bermuda, the round was also joined by the company’s existing investor ForgePoint Capital.
As per the terms of the funding agreement, HSCM Bermuda founder and managing partner Michael Millette will gain a set on CyberCube’s board.
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$100m
OneConnect, the fintech business of China-based insurer Ping An Insurance, has filed an initial public offering (IPO) in New York to raise $100m and list its shares on NASDAQ stock exchange.
Through the IPO, the fithech company aims to raise $100m; however, it is a placeholder amount that can potentially change.
According to a Bloomberg February report, OneConnect previously planned to list its share in Hong Kong to raise around $1bn at a valuation of approximately $8bn. However, it changed its mind and opted for a New York listing.
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Top Stories
MRI Software snaps up Multifamily Insurance Partners
MRI Software, a US-based software solutions provider to the real estate industry, has purchased Multifamily Insurance Partners for an undisclosed sum.
The acquisition will enable MRI Software to offer renters insurance coverage to clients who own and manage apartments.
Following the completion of the transaction, the acquired business will operate as MRI Multifamily Insurance.
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MetLife to buy digital estate planning firm Willing
American insurance major MetLife has agreed to purchase digital estate planning service provider Bequest, which does businesses as Willing.
Willing ‘s value-added services enable users to write legally valid wills as well as prepare estate planning documents online.
Since it started functioning in 2015, the company has supported over half a million families to prepare legal documents including trusts, wills, and powers of attorney.
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Chesnara to buy term life and savings policies portfolio in Netherlands
UK-based specialist insurance business Chesnara has agreed to buy a portfolio of life insurance business in run-off from the Dutch branch of Belgian-owned Argenta Bank-en Verzekeringsgroep.
Chesnara is acquiring the Dutch portfolio of term life and savings policies through its Netherlands-based closed book operation, the Waard Group, in a cash deal worth €29.15m.
Nearly 44,000 term and savings policies will be transferred to Waard Group as per the terms of the transaction.
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Allianz Insurance teams up with Plastic Surgeon for sustainable claims
Allianz Insurance has joined forces with Plastic Surgeon to bring-about targeted repairs for sustainability improvements and decreased materials wastage.
The company noted that more than a quarter of a tonne has been saved from landfill since the start of the project.
With the help of a personalised reporting platform, brokers and customers can track repairs online. The claims will be reported to Plastic Surgeon who will be responsible for contacting the client within four hours of instruction.
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Acturis Group acquires Add Value Assurances in France
Acturis Group, a UK-based SaaS provider of insurance technologies, has snapped up the commercial eTrade platform Add Value Assurances in France.
The acquisition, whose financial details were not disclosed, marks the foray of Acturis into the French insurance market.
Established in 2013, Add Value Assurances’ eTrade platform is being used by more than 3,000 brokers in France along with numerous insurers and similar brands.
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