Shearman-Led Insurance Startup Raises $250M In Funding

Law360 (September 23, 2020, 2:49 PM EDT) — Small business and self-employment insurer Next Insurance said Wednesday it raised $250 million in a Shearman & Sterling LLP-guided funding round that was led by Alphabet’s private equity arm CapitalG.

Palo Alto, Calif.-based Next Insurance Inc. said in a statement that the proceeds from its Series D round mean it has now raised $631 million. The company provides a range of insurance products, in particular for small businesses and self-employed individuals such as general contractors and photographers.

A spokesperson for Next Insurance said the funding would be used for things such as continuing to grow the business, expanding its product line…

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Insurance Technologies Announces Acquisition by Thomas H. Lee Partners

COLORADO SPRINGS, Colo. & BOSTON–(BUSINESS WIRE)–Insurance Technologies, LLC (“InsTech” or the “Company”), a provider of sales and regulatory automation solutions for the insurance and financial services industries, and Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, today announced that they have entered into a definitive agreement under which THL will acquire a majority stake in Insurance Technologies from NexPhase Capital, LP, an operationally-focused private equity firm and sub-advisor to the Moelis Capital Partners (“MCP”) Opportunity Funds. InsTech will continue to be led by its Chief Executive Officer, David Fenimore and the other members of its senior management team.

“We are thrilled to partner with THL, whose deep insurance experience and track record of investing in growth financial technology businesses will be invaluable as we enter the next chapter of the Company’s growth,“ said Fenimore. “We believe this partnership with THL will

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New York’s Treatment of “Arising Out Of” Insurance Exclusions

In this period of economic uncertainty, with seemingly new sources of significant widespread losses appearing weekly, individuals and businesses find themselves increasingly looking to available insurance for relief. Insurance carriers have received more than 60 million claims since March, and previous weekly claim filing records have been surpassed time and time again. With an unprecedented number of claims has come an unprecedented number of coverage denials—many of which are based on exclusions in policies.

For far too many, the receipt of a denial letter that reasonably describes why insurance is not available is the end of the road. However, the burden that insurance carriers have to meet in denying coverage, particularly when they are relying on an exclusion, is incredibly high. Applying this high burden, New York courts have established that certain common insurance phrases, such as “arising out of,” have precise legal meanings which, when applied, can negate a

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Louisiana Agent’s License Suspended for Misappropriation, False Insurance Certificates

A Lake Charles, Louisiana, insurance producer has been issued a cease and desist order and had her license suspended amid an investigation into misappropriation of insurance premiums and the issuing of false insurance certificates to customers.

The Louisiana Department of Insurance (LDI) issued a Cease and Desist Order and Summary Suspension of Producers License to Valerie M. Muse, who the department said confessed to her employer that she had misappropriated insurance premium and issued falsified certificates of insurance to customers.

According to the C&D order, Muse works as a producer at Insurance Unlimited of La LLC. It alleges that she told her employer on Sept. 1 that she had been taking clients’ premium and issuing fake certificates of insurance for the previous year. Muse was arrested by Calcasieu Sheriff’s office on Sept. 8.

Muse has 30 days from the time of service to request an administrative appeal or the above

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NOR MCInfo Relaunches as NIC Insurance Filings, One-Stop Resource for Filing Personal and Commercial Auto Insurance Forms

The MarketWatch News Department was not involved in the creation of this content.

NIC Inc.’s National Online Registries (NOR) Motor Carrier Information Exchange (MCInfo) is now NIC Insurance Filings, a new brand to recognize a wide expansion of services and participating states. NIC Insurance Filings is accessible at www.nicinsurancefilings.com.

NIC Insurance Filings has expanded to include electronic filing services for high-risk personal auto insurance forms SR-22, SR-23 and SR-26 and the addition of the states of Iowa and Washington. Users can now file 16 forms to meet state financial responsibility requirements for intrastate motor carriers, drivers and vehicle owners. The most commonly filed forms in NIC Insurance Filings are Forms E, H and K as well as California forms MCP 65 and MCP 66.

“Our new brand better represents a program that is expanding into a one-stop resource for insurance companies,” said Laura Johnson, General Manager of NIC Insurance Filings.

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Factors and Events That Increase Car Insurance Costs – Press Release

LOS ANGELES, CA / ACCESSWIRE / September 26, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org) has launched a new blog post that presents some unexpected factors that affect the costs of car insurance and what drivers can do to pay less on their premiums.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/why-did-the-price-of-car-insurance-went-up-and-what-drivers-can-do-to-take-control.

It can be frustrating for drivers who have no claims to get a car insurance renewal and see the price go up for no apparent reason. There are many factors that can make the price of car insurance increase. Some factors are related to the things that revolve entirely around the policyholders’ situation, the elements within their control. Other factors are beyond the policyholder’s control.

Some of the most common factors that can lead to an increase in insurance are the following:

  • Claims history and driving record.
  • History of convictions or driving violations.
  • Change of
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