Lloyd’s invests in AI startup
Who’s involved: Lloyd’s of London and Layr, a US cloud-based commercial insurance platform for small businesses
What’s happening: Layr has secured an investment from Lloyd’s to further develop its artificial intelligence solution. The size of the investment by Lloyd’s was not disclosed
Significance of development: The investment follows Layr’s successful trial in the Lloyd’s Lab. This gave Lloyd’s the opportunity to test Layrs’s cloud-based service, which aims to provide faster access for small businesses looking to purchase liability insurance
Timeline: On 29 April, Lloyd’s Lab started working with a second cohort of 12 teams selected from more than 250 applicants. The 10-week programme will run until 3 Jul
Admiral acquires two Spanish price comparison websites
Who’s involved: UK-based insurer Admiral Group, private equity firm Oakley Capital and Spanish digital brokers Rastreator and Acierto
What’s happening: Admiral Group has agreed to form a joint venture with Oakley Capital to acquire Rastreator and Acierto
Significance of development: Peter Dubens, managing partner at Oakley Capital, said Rastreator and Acierto have developed strong positions in the still maturing Spanish comparison market and are “well-placed to achieve further growth”
Timeline: Completion of the deal is subject to merger control clearance by the EU Commission, as well as the approval of the Directorate-General for Insurance and Pension Funds in Spain
Indio Technologies raises $20m
Who’s involved: Indio Technologies, an insurance technology company that aims to streamline the business insurance application process; and venture capital firm Menlo Ventures
What’s happening: Indio Technologies has secured $20m in series B funding. The funding round was led by Menlo Ventures with participation from 8VC
Significance of development: The funding round is to fuel product development and digital innovation in property & casualty insurance
Timeline: With immediate effect. Founded in 2016, Indio Technologies has raised over $30m in total funding
WorldCover raises $6m in round led by MS&AD
Who’s involved: WorldCover, a provider of climate insurance to smallholder farmers in emerging markets; MS&AD Ventures, the corporate venture arm of Mitsui Sumitomo Insurance Japan; and insurance-linked securities investment manager Nephila Capital
What’s happened: WorldCover has completed a $6m series A funding round led by MS&AS Ventures along with Y Combinator, Western Technology Investment, the Gates Foundation’s Catalyst Fund, J.P. Morgan and others. Nephila Capital is providing reinsurance capital to WorldCover through its Lloyd’s syndicate
Significance of development: The funding will allow WorldCover to continue roll-out of its drought cover in Ghana, Uganda and Kenya and expand into Asia and Latin America
Timeline: With immediate effect. Founded in 2015, WorldCover has proven its potential with a payout to three-quarters of policyholders in Kenya this year when crop yields fell below 70% of the long-term average in the southeastern region
