SquareTrade – 17 years from founding to exit. SquareTrade was founded in 1999 originally to help online marketplaces including eBay resolve buyer-seller disputes. It pivoted to warranties several years later in 2006 and its exit comes 10 years later.
SquareTrade is Allstate’s second $1B+ transaction for a previously venture-backed insurance company. Esurance was acquired in combination with Answer Financial for $1B in 2011 (though Esurance’s original VCs lost most of their investment in the company).
Using The Cruncher, we frequently come across deals others don’t pick up on. One such a deal this week was for stealth insurance tech startup States Title, which raised $10.2M from Foundation Capital led by Charles Moldow.
The company is led by Max Simkoff, who previously co-founded HR analytics startup Evolv, acquired by Cornerstone OnDemand for $43M in 2014. (See deals from this week below for the filing.)
Q&A: Hannover Re’s Tony Laudato on reinsurers getting closer to startups
Earlier this week, Bloomberg profiled the efforts of Munich Re Digital Partners, which has announced six underwriting partnerships including with Trov and Simplesurance since launching in May. As program head Andrew Rear explained, “The gain for (reinsurers) is to build new business model approaches…by providing capacity to these new firms.”
Munich is not the only reinsurer actively partnering with startups, though.
Hannover Re is announcing its second partnership in life insurance with Sureify, a startup enabling and managing the relationship between life insurers, agents and policyholders through the development of its platform called LifeTime. The partnership also includes a strategic equity investment. We caught up with Hannover Re VP of Partnership Solutions Tony Laudato on how he thinks about reinsurer moves in insurance tech, startup failure and more.