"The initiative is called Project Mulberry, and it involves a completely revamped Health app plus a health coach. The service would be powered by a new AI agent that would replicate — at least to some extent — a real doctor." 

– An Apple a day keeps the (real) doctor away.

Claims & coverage

State Farm has provided another update regarding the California wildfire claims and as of March 28, the insurer received more than 12,300 claims and paid over $2.5 billion. 

State Farm's most recent estimate of direct losses from the fires stands at ~$7.6 billion, taking into account both reported and not reported claims. 

Last week, California Insurance Commissioner Ricardo Lara announced that the California FAIR Plan Association has agreed to more than double its existing commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. The agreement will increase the combined coverage limits for the FAIR Plan, under its Division I Commercial Property Program, from $8.4 million to $20 million per location and, under its Division II Businessowners Program, from $7.2 million to $20 million per location. 

"This targeted FAIR Plan expansion helps meet the urgent needs of homeowners associations, affordable housing developers, farmers, builders, and business owners who are being priced out or left without coverage altogether. It is a short-term solution with long-term benefits—providing necessary insurance access while we continue implementing comprehensive reforms to restore a competitive and reliable market in California." – Commissioner Lara.

Lifelong relationships

Rocket Companies, the platform consisting of mortgage, real estate and personal finance businesses, announced a definitive agreement to acquire home loan service provider Mr. Cooper in an all-stock transaction for $9.4 billion in equity value, based on an 11x exchange ratio. 

With this acquisition, Rocket will bring its mortgage recapture capabilities to a combined servicing book of $2.1 trillion across nearly 10 million clients, representing one in every six mortgages in America. 

Mr. Cooper invested in digital insurance broker Matic Insurance in 2017. 

"Servicing is a critical pillar of homeownership – alongside home search and mortgage origination. With the right data and AI infrastructure we will deliver the right products at the right time. That's how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise. We look forward to welcoming Mr. Cooper's nearly 7 million clients." – Varun Krishna, Rocket CEO.

Fintech with benefits

Chime Enterprise, the enterprise division of digital banking startup Chime, announced the launch of Chime Workplace, a "next-generation" financial wellness suite of services available to employers and employees at no cost.

Proceeding

A New Jersey federal court narrowed a trade secrets theft suit brought by AIG against E&S insurance company Dellwood Insurance.

Who remembers?

Remember when Travelers launched its ad series based on real customer experiences, building on the company's 2023 "Who Cares?" campaign—its first brand manifesto centered on the idea that remarkable things happen when people care? 

Now comes the trademark.

🧑‍💻

• The Hartford has restructured its tech and ops leadership, naming Shekar Pannala as CIO and Jeffery Hawkins as Chief Data, AI, and Operations Officer. Both report to CEO Christopher Swift and take over following the departure of former CIO Deepa Soni. 

• Andrew Sullivan officially begins his role as CEO of Prudential Financial today.

💰

XN Captive, a New York-based startup founded in 2023, has raised $11.5 million of a planned $12 million equity round, per its SEC filing. 

The 12-person company helps businesses set up and run captive insurance programs and is backed by Caffeinated Capital, whose portfolio includes AgentSync, Federato, and Rainbow MGA.

🪞Looking new

• RenRe is working on its "R."

• Main Street America Insurance has launched a refreshed brand, now visible across all materials, reflecting its August 2024 shift to focus on helping independent agents protect small businesses under the tagline "We Mean Business."

• Roots, formerly Roots Automation, has rebranded to reflect its shift from automation to broader AI-driven insurance solutions.

Now Hiring

Main Street America, Arch Insurance Group, Berkshire Hathaway GUARD, Galecki Search Associates, GradGuard, Mercury Insurance, Obie, The Hanover, Travelers. View open positions.

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