LOOP Announces Successful Renewal of Reinsurance Program

AUSTIN, Texas--(BUSINESS WIRE)--LOOP, the B-Corp and AI-powered auto insurer, announced today that its reinsurance program has been successfully renewed. The LOOP program is led by the same tier-one reinsurers and carrier as the expiring and was oversubscribed on all dimensions.

The program features the same level of quota share protection as the expiring coverage, and the variable ceding commissions are projected to be roughly equivalent to those enjoyed under the outgoing agreements.

“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,” said Carey Anne Nadeau, LOOP co-CEO and cofounder. “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 modeling capabilities to get ever better at matching risk to rate.”

The new program will go into effect for an extended 15-month term.