Ondo

InsurTech PLC has become the first UK insurtech to announce its IPO . The company - which recently rebranded from its former identity as LeakBot - specialises in a patented domestic water security system that registers leaks before they become serious , therefore averting expensive insurance damage claims . The news was announced by Spinnaker Acquisitions Plc , the particular purpose acquisition company that completed the acquisition of LeakBot - formerly a whollyowned subsidiary of HomeServe PLC .

Currently , Ondo is partnered with nine blue-chip insurers including Hiscox , Direct Line , and TopDanmark across the UK , Ireland , the US , and Scandinavia , with upwards of 39,000 devices supplied to insurers . It has raised £ 3.4mn through fundraising at 12p per share and will have a market capitalisation ( at the issue price ) of approximately £ 8.2mn .

The company , launched in 2016 , plans to use the investment for partner development , onboarding and delivery , and IT systems enhancement .

� LAYR Insurtech startup Layr has raised $ 10mn in Series A funding round , which was led by HSCM Ventures , with participation from MGV , Sandbox Industries , Flyover Capital , and Hannover Digital Investments � AXA XL AXA XL ' s North America Environmental insurance business has rolled out a tailored Environmental Ecosystem , in order to help clients adopt new technology solutions to manage business risks

� HCI GROUP Florida-based insurtech HCI Group has reported a decrease in net income , from $ 27.6mn to $ 7.2mn over 2021 , despite growing its gross written premiums by roughly a third � UKRAINE

CONFLICT LOSSES Analysts at S & P Global Ratings have looked at a range of potential loss scenarios for insurers arising from the conflict between Russia and Ukraine , with its worst case scenario carrying a potential loss of more than $ 35bn

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