The Zebra Newsroom

Insurance M&As and partnerships: December 2021

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Here’s a round-up of December 2021’s insurance industry-related M&As and partnerships:

Arbella launches In-Home BOP

Arbella Insurance Group launched a new product for homeowners who conduct businesses from their residences called CYA BOP (Cover Your Assets In-Home Business Owner’s Policy). Designed specifically for home-based entrepreneurs, the product will offer up to $100,000 in business personal-property and liability-protection coverage. 

Buckle widens gig worker insurance eligibility

Shortly after partnering up with MGA company Amwins Specialty Auto, Buckle is now able to offer its rideshare auto insurance product to gig delivery drivers who work for companies like GrubHub, Favor, UberEats and Instacart. This makes Buckle the only insurance company in the country designed to specifically provide gig economy drivers with personal, rideshare and delivery coverage in a single policy. 

Car subscription company enters U.S. market

FINN, a European car subscription platform, announced plans to expand into the U.S. by offering a new vehicle experience. FINN is the first automotive subscription service and offers a broad range of new car makes and models, insurance, maintenance and shorter-term policy options. The company also helps reduce drivers’ automotive carbon emissions by offering an increasing range of electric and hybrid vehicles. FINN’s first cars will be made available in Pennsylvania and New Jersey. 

Chewy enters the pet insurance market 

Chewy announced its partnership with pet insurance industry leader Trupanion to offer an exclusive suite of pet health insurance and wellness plans to Chewy customers. In addition, Chewy will be able to leverage Trupanion’s patented software to pay vets directly, reduce out-of-pocket expenses and increase access to care. Plans and policies will be available for purchase exclusively on Chewy’s website starting in Spring 2022. 

Chubb partners with Betterfly 

Chubb announced a partnership with Latin American insurtech startup Betterfly to offer wellbeing insurance products to under-served areas across the region. Betterfly provides a digital benefits platform for companies to reward employees that have healthy habits and offer policyholders telemedicine, mental health and exercise programs. Through this partnership, the companies will promote each other’s offerings on their platforms and aim to reach 100 million people by 2025.

Cover Genius partners with Ryanair 

Cover Genius is partnering with Europe’s largest airline company Ryanair to offer comprehensive travel protection within the booking flow. Ryanair customers will now have the option to purchase a selection of protection products tailored to their itinerary. 

Goosehead enters life insurance market 

Independent personal lines agency Goosehead Insurance partnered with Ethos Life to enter the life insurance market. Through this partnership, Goosehead clients are able to access the life insurance offering through its digital agent platform and can purchase coverage without a medical exam.

Harley Davidson Livewire goes public 

Harley Davidson announced that it would be taking its electric motorcycle division public through a blank check company, making it the first publicly traded electric motorcycle company in the U.S. 

Kin acquires inactive insurance carrier, plans expansion

Kin Insurance closed a deal to acquire the shell of an inactive insurance carrier that is licensed in 43 states and plans to eventually go public. The company currently targets catastrophe-prone areas and operates in Florida, California, Georgia and Louisiana. With this new acquisition, the carrier plans to expand into more states in the first half of 2022 and rename itself as Kin Interinsurance Nexus. 

Lighthouse enters insurtech market 

Lighthouse, a software platform for landlords and tenants, announced its partnership with Topa Insurance Company to offer security deposit insurance, officially making Lighthouse a licensed insurance provider. Security deposit insurance replaces the need for high sum security cash deposits and makes residential rentals more affordable. This new partnership will allow Lighthouse to simplify the relationship between a tenant and landlord while alleviating the financial pressures tenants could feel when moving into a new home. 

Mercury Insurance partners with Cape Analytics 

Mercury Insurance announced that it is partnering with AI-powered property risk company Cape Analytics. Cape Analytics is a company that uses satellite data to provide carriers with risk insight, especially in assessing wildfire risk, and currently partners with Hippo and The Hartford. With this new collaboration, Mercury Insurance can use Cape’s predictive data to provide customers with the right insurance coverage at the right price and allow the carrier to work with homeowners to reduce their vulnerability to weather events.

Neptune Flood partners with Attune 

Neptune Flood announced its partnership with Attune Insurance, a commercial insurance marketplace, allowing Attune to have access to an instant flood solution with greater and broader coverage than the NFIP under FEMA. Neptune offers coverage limits eight times the level of the NFIP and offers optional business interruption to help businesses during the recovery process after a flood event. 

Toyota launches auto coverage 

Toyota debuted its auto insurance product, Toyota Auto Insurance across five states with telematics-based pricing in the works. This makes the company the third carmaker to enter the insurance business after GM and Tesla. Underwritten by Toggle, Toyota plans to expand the product into more states to empower Toyota drivers to seamlessly use their driving data for insurance discounts.

VYRD Insurance launches in Florida 

Specialty insurer SiriusPoint and insurtech firm bolttech partnered up to develop and launch VYRD, a new insurance company to offer homeowners insurance in Florida. The carrier is expected to offload 42,000 policyholders from Citizens Property Insurance starting in February 2022. This is the first time a new insurance carrier is entering the state in nearly a decade.

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