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"Everyone knows Red Lobster. What we're focused on now is translating that awareness into relevance, and into visits."
– Red Lobster CEO Damola Adamolekun. |
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Sponsored |
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Tesla has released the Q3 2024 financial results for its insurance carriers.
Tesla General Insurance, which offers coverage in Nevada, Oregon, and Virginia, ended Q3 with $35.7 million in written premiums, an increase of 94% compared to the same period last year. Year-to-date, the carrier reported a net underwriting loss of $5.6 million and a combined ratio of 118%.
Tesla Property & Casualty, which offers coverage in Colorado, Maryland, Minnesota, Texas, and Utah, ended Q3 with $117 million in written premiums, an increase of 144% compared to the same period last year. Year-to-date, the carrier reported a net underwriting loss of ~$22.5 million and a combined ratio of 121%.
In Q3, Tesla's third carrier, Tesla Insurance Company, began writing business in California. The carmaker first offered coverage in California and other states through a fronting arrangement with State National and for December 31, 2023, State National reported $387 million in written premiums produced by Tesla. During the quarter, Tesla Insurance Company reported $45 million in written premiums and a net underwriting loss of $14 million.
Overall, Tesla's carriers reported a net underwriting loss of $42 million for the first nine months of 2024. |
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Newly launched |
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NuSureCo Insurance Company, a newly launched insurance carrier, has appointed nearly 50 agencies, including First Connect Insurance Services and Goosehead Insurance.
Founded in 2024 and based in Houston, Texas, NuSureCo specializes in niche insurance products on admitted paper across the state. Its current offerings include a vacant home policy with a builders' risk endorsement and minimal underwriting requirements.
Additional appointed agencies include RBI Insurance Agency, LLC, Integrity Advisors Agency, LLC, BN Cornerstone Insurance Agency, Inc., Miller, Webb, McCrea & Associates, Inc., Mark Rafail Insurance Agency, Inc., Donavon Flegeance Insurance Agency, Inc., Hawk's Bay Insurance Group Inc., DW Insurance & Financial Services, Inc., G & H Financial Insurance Services Inc., and B&L Insurance Agency, LLC—all located in Texas. |
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💰 |
Konsileo, a UK-based commercial insurance broker, has raised £8 million to accelerate its expansion across the UK. The fundraise is a mix of debt and equity financing.
The company has grown to employ 160 people and in the last 12 months it placed ~£60 million in written premiums on a run-rate basis. |
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Financial highlights |
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🦎 |
"Love them - in two days I have quotes $320k in commercial auto and they are killing it. So far so good!"
"We just got them. So far their rates are really good. Their quoting system is annoying though. It's easy but slow."
Independent agents & GEICO.
Speaking of GEICO, the CMO is leaving. |
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