AUSTIN, August 16th, 2021 / -- Loop, the AI-based auto insurance provider, announced today it has closed a multi-year reinsurance agreement led by one of the Top 3 largest reinsurers in the world, rated A+ by A.M. Best, with fronting support by an A-rated carrier. The deal spans across multiple years and multiple states to support Loop’s expansion plans.
"We are incredibly excited to partner with best-in-class reinsurance and fronting partners that share our vision for innovation and underwriting excellence." shared John Henry, Cofounder and Co-CEO at Loop. "This arrangement will provide additional protections for our customers while facilitating the future growth of our business." added Carey Anne Nadeau, Cofounder and Co-CEO at Loop.
Loop, founded in 2020, will launch its flagship private-passenger auto program in Texas this week before entering expansion markets next year. The private-passenger program is the first-of-its kind, removing several rating factors used by traditional carriers and instead using crash data and other measures for more modern underwriting. Loop can alert and steer its customers away from dangerous roads, creating safer communities.
The program will be helmed by Ed Arovas, Loop’s Head of Insurance, with technology led by Ali Salhi, Loop’s Chief Technology Officer.
“Loop has built a program that is a dream come true. A high-tech, direct-to-consumer insurance product that begins with the assumption that people are responsible and desire transparency and personal control with regard to pricing. Loop is the future of insurance.”, as enthusiastically stated by Ed Arovas, Head of Insurance at Loop.
“By approaching the problem from a modern perspective, we are able to meet the rapidly shifting consumer behaviors of today.” says Ali Salhi, CTO at Loop. “We are excited to build a true cloud-hosted, data-driven, and technology powered insurance program together with our partners.”
Loop is a mission-driven insurance company powered by Artificial Intelligence. Loop uses big data to create more equitably priced insurance products, rather than rely heavily on demographics: Insurance built for everyone. To check our prices, join the team, or get in touch, please visit www.ridewithloop.com.
Jasmine Pulido - Media Coordinator