LOOP renews reinsurance program led by same reinsurers as prior

LOOP, a Public-Benefit Corporation and Artificial Intelligence-powered auto insurer, has successfully renewed its reinsurance program and will go into effect for an extended 15-month term.

The renewed program is led by the same tier-one reinsurers and carrier as the expiring and was oversubscribed on all dimensions, LOOP stated.

It features the same level of quota share protection as the expiring coverage.

Additionally, according to the announcement, the variable ceding commissions are projected to be roughly equivalent to those enjoyed under the outgoing agreements.

Carey Anne Nadeau, LOOP co-CEO and cofounder, commented: “Some of the world’s largest and most respected reinsurers choose to stake their capital on the belief in our mission and the performance of our business

“These partners allow us to operate in a very capital light mode, and focus our resources on expanding our customer base across geographies, while harnessing our predictive modelling capabilities to get ever better at matching risk to rate.”

To support its focus on building fair, equitable, and affordable insurance based on how and where people drive, the Texas-based insurer raised $21 mn in a Series A financing round in 2022.

This was co-led by Foundry Group and 01A, the fund of former Twitter CEO Dick Costolo and COO Adam Bain. It also included the participation from existing investors in Freestyle VC, Blue Fog, Uprising Ventures, and Concrete Rose, and joined by strategic new investment from New Voices Fund and Earn Your Leisure.

Rap icon and avid angel investor Nas also participated. This round came just nine months after the close of LOOP’s $3.25 mn Series Seed financing.

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