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"The ideal candidate has deep experience driving innovation within the Insurance industry and a proven track record of turning bold ideas into measurable impact."
– CSAA is hiring.
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UK-based insurance intermediary Marshmallow has raised $90 million (half equity, half debt) at a valuation of over $2 billion, according to TechCrunch. The funding will support its expansion beyond car insurance, with plans to enter new categories such as homeowners insurance and to launch its first lending product later in 2025.
Founded in 2016 to offer car insurance for expats, Marshmallow has since grown to insure 1 million drivers. It reported a £1.7 million profit in 2023.
The company has raised $134.82 million to date, excluding the latest round, with coverage underwritten by Marshmallow Insurance Limited and/or Wakam.
In 2021, Marshmallow raised an $85 million Series B and outlined ambitions to expand across Europe and diversify its product offerings. However, beyond adding van insurance and undergoing a rebrand, those plans had yet to materialize.
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New coverage |
Metromile, part of Lemonade, is preparing to launch a new by-peril homeowners product in Texas.
A recent form filing—excluding rate components—introduces landlord-specific coverages and endorsements, including water backup, refrigerated property, and extended replacement cost.
In Texas, Lemonade partners with Homesite as the policy underwriter.
🍋 Side note: Markovits, Stock & DeMarco, a law firm specializing in data breach cases, is investigating claims tied to a breach at Lemonade.
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No coverage |
Hiscox has filed to nonrenew a block of Businessowners policies in Georgia, impacting 81 policyholders, as part of a broader national shift in underwriting appetite.
While the company is not withdrawing from the BOP market entirely, it is exiting select classes of business that include:
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Food and beverage vendors such as food trucks, ice cream carts, and refreshment stands
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Niche retailers including cell phone stores, DVD shops, and appliance outlets
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Pet-related services such as pet daycare, mobile grooming, pet hotels, and supply stores
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Other small businesses like sewing machine and vacuum cleaner stores
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Insurance partners |
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Progressive-backed Octane Lending, which helps individuals finance powersports vehicles, outdoor power equipment, and RVs, has executed an up to $700 million forward-flow facility.
New York Life was the loan arranger and lead investor along with MetLife Investment Management, the institutional asset management business of MetLife, and Equitable. Under the terms of the deal, New York Life has agreed to fund up to $350 million, MIM has agreed to fund up to $200 million, and Equitable has agreed to fund up to $150 million of fixed-rate installment powersports loans originated by Octane's in-house lender, Roadrunner Financial.
"We are delighted to partner with Octane in this landmark forward-flow facility, which provides a valuable investment opportunity for New York Life and will help support Octane's success and expansion. This deal reinforces our commitment to our policy owners by investing in high-quality assets for the stability and growth of our portfolio." – Brendan Feeney, Managing Director and Head of Consumer Asset Based Finance with New York Life.
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Appointed |
Progressive has appointed Volvo Car Financial Services U.S., LLC as an agency partner.
The appointment, effective April 2, 2025, was made by both Progressive County Mutual Insurance Company and Progressive Casualty Insurance Company.
Volvo Car Financial Services, based in Mahwah, New Jersey, has previously worked with Liberty Mutual and several Liberty affiliates, including Liberty Mutual Fire and Liberty County Mutual, dating back to 2018.
As background, Volvo currently redirects customers to Liberty Mutual for quotes: |
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Regional insurer Mutual of Enumclaw has appointed Bob Otis as its new President and CEO.
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Volt Underwriting announced that Chris Haines, one of London's leading underwriters of Ports, Terminals & Logistics risks, has joined the firm to lead its entry into the class.
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Jascha Prosiegel has been appointed Head of Digital Partners within Munich Re Specialty–North America. Digital Partners provides insurtechs and digital distributors with a comprehensive, go-to market partnership, built on the financial strength and expertise of Munich Re.
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