The Zebra Newsroom

Insurance M&As and partnerships: October 2021

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

Amica partners with Shift Technology

Amica, the longest-standing mutual insurer of automobiles, will deploy three solutions from the Shift Insurance Suite to help ensure customers’ claims are settled quickly, accurately and as fairly as possible. Shift Technology delivers the only AI-native decision, automation and optimization solutions built specifically for the global insurance industry. 

Hertz, Uber and Carvana team up 

Hertz just ordered 100,000 Teslas and reached an exclusive agreement to supply Uber drivers with electric vehicles. With this agreement, Uber can rent one Tesla from Hertz allowing the rideshare company to increase the number of rides taken on EVs without having to change its business model. Currently, none of Hertz’ rivals can rent Teslas to Uber drivers. Hertz also agreed to hand off rental cars that the company no longer wants to Carvana. This deal eliminates the discounting necessary when selling vehicles through dealers and wholesalers, making the sales channel more efficient. 

JAB acquires Cardif Pinnacle, Figo Pet Insurance

JAB Holding Co. has taken a majority stake in Cardif Pinnacle, a pet insurance-focused subsidiary based in the U.K., and bought Chicago-based Figo Pet Insurance Inc. The company is targeting the pet insurance industry after building up its pet care division made up of 1,400 veterinary hospitals and clinics across the globe. 

Jerry partners with eDriving

eDriving, a global provider of digital driver risk management solutions, announced that it would be incorporating Jerry into its smartphone app, Mentor, to help commercial drivers save money on personal car insurance. Mentor users can access Jerry’s customized quotes to bundle their auto with home and renters insurance.  

Jim Koons Automotive launches Bundle 

Jims Koons Automotive, one of the 15 largest dealerships in the nation, launched its own insurance agency called Bundle to offer insurance products beyond auto. 

La Banque Postale to buy out CNP

French lender La Banque Postale offered to buy the rest of the shares of CNP Assurances Group for $17 billion, making it the largest takeover of an insurer in 2021. 

Lyft expands partnership with Mobilitas Insurance 

Lyft selected commercial insurance company Mobilitas to offer drivers blanket coverage while they drive on the Lyft platform in seven more states across the U.S. Lyft can now leverage Mobilitas’ regional expertise and ensure that the company has claims handling specifically built for ridesharing and data-driven risk mitigation within the Lyft platform. Coverage is now available across 18 states. 

Microsoft partners with At-Bay cyber insurance 

Microsoft announced its partnership with cyber insurance company At-Bay to collaborate on making and promoting cyber insurance products. Businesses that use Microsoft 365 are eligible for discounts on At-Bay cyber insurance if certain security tools are implemented.  

Neptune Flood acquires Jumpstart Insurance

Neptune Flood, a digital insurance provider, acquired parametric insurtech broker Jumpstart Insurance. Jumpstart started offering earthquake insurance in California in 2019 and has since expanded its product in Oregon and Washington; the company sets a payout amount based on the quake intensity rather than the cost of damage. With this acquisition, Neptune policyholders in those three states will have access to Jumpstart products through the Neptune agent portal. 

Next Insurance launches Next Connect 

Next Insurance launched Next Connect, an embedded insurance solution for small business software ecosystems. Platforms with the solution can give their users the choice of an online experience limited to Next products, or an offline experience to compare products from other carriers with access to a licensed agent. 

Progressive and Fidelity Life announce partnership 

Progressive partnered with Fidelity Life to launch RAPIDecision Life One, a one-year term life insurance product designed for first-time life insurance buyers. No medical exam or phone call is required, and consumers can get a quote by answering five simple questions. Policies start at $7 per month and customers have coverage options ranging from $50,000 to $200,000. 

Rhino partners with Cover Genius 

Rhino, a leading real estate technology company, is entering the renter’s insurance space by partnering with Cover Genius. Rhino’s Renters Insurance Program would allow property managers to offer competitive rates for renters and give renters the convenience of managing their policies in one self-serve platform. 

SimpliSafe and USAA announce partnership

SimpliSafe announced a relationship that will offer USAA members savings on SimpliSafe’s DIY smart home security and professional monitoring systems. Policyholders can choose between two different discounts on SimpliSafe product packages.

Spinnaker Insurance partners with Outdoorsy 

Hippo Insurance subsidiary Spinnaker announced a partnership with Outdoorsy to enter the RV insurance market. Spinnaker will supplement the coverage currently provided by Outdoory and its Roamly Insurance Group unit to create a fully end-to-end RV insurance offering. This suite will feature policies covering RV owners who rent on Outdoorsy or simply own an RV. 

State Farm sponsors Overtime Elite 

Overtime Elite (OTE), a new sports league that offers youth basketball players a better pathway to becoming professional athletes, announced a multi-year sponsorship from State Farm. This makes the carrier the exclusive on-campus home, auto and life insurance sponsor of the league, and will collaborate with the community to build enrichment programs for athletes in the Atlanta area.

Swiss Re partners with Wysa 

Swiss Re announced a partnership with Wysa, a mental health platform, to create a wellbeing app for the insurance industry. With this app, consumers will be able to better track their wellbeing and improve links to insurers’ existing support networks. 

Tesla Auto Insurance expands into Texas 

Tesla launched its own brand of insurance in Texas, with Redpoint County Mutual Insurance Co. as its underwriter. In addition to providing Tesla drivers with standard insurance coverage, the program also offers policyholders an Autonomous Vehicle Protection Package which includes Autonomous Vehicle Owner Liability, Wall Charger Coverage, Electronic Key Replacement and Cyber Identity Fraud Expenses. The car manufacturer aims to have Tesla Insurance in most of the country next year.

USAA partners with CCC

USAA and CCC Intelligent Solutions announced a partnership to launch Recovery Assistant, a mobile auto claims experience app that would quickly and efficiently capture information to accelerate third-party claims resolution. USAA is the first auto insurer to leverage this program. CCC is a leading SaaS platform for the P&C insurance economy and went public this year for $7 billion.

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Jasmine Kim
Jasmine KimB2B Content Manager

Jasmine is The Zebra’s newsroom content writer. With a background in journalism, she reports on breaking news, trends, mergers and acquisitions, and financial reports related to the insurance industry.