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State Farm, the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies.
In spite of recent news that InsurTech startup financing dipped earlier this year, an online small business insurance company that sells industry-specific policies just raised $29 million in Series A funding.
The deal is part of an ongoing effort by insurers to forge innovative partnerships that can help bring the power of technology to insurance services worldwide.
Bedrock Leasing Corp. filed its complaint to collect on part of the $10 million policy it held with Lexington Insurance Co. after a contractual two-year window for doing so had expired.
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