Avi Ben-Hutta

1 week ago | coverager.com | Avi Ben-Hutta

Progressive released its financial results for May, ending the month with a combined ratio of 86.9% and net income of $1 billion. Year-to-date, Progressive’s net income stands at $4.6 billion and combined ratio sits at 86%. The insurer had ~37 million policies at the end of May, an increase of 16% compared to May 2024. During the month, Progressive added around 349k policies to its overall count. Since the beginning of the year, Progressive added 2 million policies to its overall count.

3 weeks ago | coverager.com | Avi Ben-Hutta

Mexican digital auto insurer Crabi raised $13.6 million in a Series A funding round co-led by Kaszek and Ignia, with participation from 30N, Redwood, Carao, Azuro and Newtopia. The startup previously disclosed ~$13 million in funding. Launched in 2019, Crabi operates as a fully licensed insurance carrier, offering a digital experience through its platform and partners.

3 weeks ago | coverager.com | Avi Ben-Hutta

Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocals managed by Kin Insurance, published their financial results for the first quarter of the year. Kin Interinsurance Network, which primarily writes in Florida, reported $118.6 million in written premiums for the quarter, a 17% increase compared to the same period last year. The reciprocal had a net underwriting loss of $8.2 million, a 29% decrease compared to the same period last year.

3 weeks ago | coverager.com | Avi Ben-Hutta

Based on two job openings, home insurance startup Openly is getting into the car insurance space. The startup is hiring claims professionals “to spearhead the design, implementation, and leadership” of its new auto claims team. Founded in 2017, Openly offers coverage in 24 states in partnership with Rock Ridge and MS Transverse, and it also owns a licensed carrier. The startup generated $360 million in written premiums in 2024.

1 month ago | coverager.com | Avi Ben-Hutta

GM National Insurance Company, the licensed carrier that’s part of General Motors, releases its Q1 2025 results, ending the period with $9.5 million in written premiums, compared with $2.6 million in Q1 2024. The carrier generated premiums in 14 states, up from 3 in the same quarter last year. The company ended the period with a net underwriting loss of $15.4 million, a 19% increase compared to Q1 2024. The carrier had a gross loss ratio of 138.4% and an expense ratio of 173.5% in the quarter.