Sector Updates

Buckle, a digital financial services company aimed at the gig economy, has bagged a $15m upsizing for its term loan.

InsurTech Tractable will collaborate with Black Widow, a vehicle imaging capture platform, to transform automotive sales with more transparent insights into a vehicle’s condition.

Global insurance broker Acrisure is to acquire Managing General Agent (MGA) platform Volante Global.

Elephant Insurance, a digital-first auto insurance company, has partnered with Smart Choice, a network serving independent insurance agents.

Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, has agreed to acquire automotive finance and insurance provider AUL Corp.

Blink Parametric, a CPP Group Insurtech, has partnered with MNK Re, a specialist Lloyd’s of London insurance and reinsurance broker to expand its offerings.

KYND, a provider of cyber risk management technology, has extended its partnership with insurance and reinsurance broker Howden Broking.

Penelope, which facilitates retirement saving plans for small and medium-sized businesses (SMBs) and entrepreneurs, has raised $21m in pre-seed funding.

InsurTech startup Layr, which uses artificial intelligence and machine learning to help brokerages and agencies manage their small commercial books, has raised $10m in Series A funding.

The Latin American InsurTech ecosystem is in its early stages compared to other regions, which means the market opportunities for insurers and InsurTechs are vast. A middle-class population that is demanding more digital services, coupled with global advances in technology, is creating a perfect storm in enabling growth in the region.