b'TABLE OF CONTENTSAside from venture financings, many insurtechOutside of insurtech financing and investments, we companies raised capital through IPOs and mergershave continued to see a vigorous level of with SPACs in 2021. According to an S&P Globalcollaborations and partnerships in 2021both Market Intelligence analysis, insurance andbetween insurtechs and incumbent insurance insurtech companies raised about $5.4 billion in 19players and between insurtechs and other IPOs in the first three quarters of 2021, representinginsurtechs. Based on CB Insights and publicly the largest amount raised and the largest dealavailable data, these partnerships and collaborations count in at least the last five years. Insurtechhave included, for example, the following:companies that announced or consummatedHSBC Life and dacadoo have announced a mergers with SPACs in 2021 include: global partnership to help customers improve Kin Insurance, a direct-to-consumerand maintain their physical, mental and homeowners insurance technology company,financial well-being.announced a merger with OmnichannelThe AI-enabled insurance platform NOW has Acquisition Corp. on July 19, 2021; partnered with Hiscox on medical malpractice Hagerty, a classic car insurance company,insurance policies for health care professionals announced a merger with Aldel Financial Inc. onon its direct-to-consumer marketplace.August 18, 2021; Farmers Insurance has partnered with SimpliSafe, Doma Holdings, Inc. (formerly known as Statesa maker of home security systems, to make Title Holding, Inc.) (Doma), a digital titlepreventative smart home protection available to insurer and real estate tech company, became ahomeowners in Alabama, Iowa and Ohio.public company through its merger with CapitolAmica, a mutual insurer of automobiles, will Investment Corp. V; and deploy three solutions from the Shift Insurance Hippo, a homeowners insurer, merged withSuite to help ensure customers claims are settled Reinvent Technology Partners Z. quickly, accurately and as fairly as possible. Shift Despite the success of these and other insurtechsTechnology delivers AI-native decision, becoming public companies through merging withautomation and optimization solutions built SPACs, there was a general market decline inspecifically for the global insurance industry.valuations of these new public companies. S&PeDriving, a global provider of digital driver risk Capital IQs SPAC Insider data shows that as ofmanagement solutions, announced that it would September 30, 2021, 85% of the announced SPACbe incorporating Jerry into its smartphone app, mergers were trading below the SPAC IPO price.Mentor, to help commercial drivers save money on This trend has caused concerns for manypersonal car insurance. Mentor users will be able shareholders, securities regulators and marketto access Jerrys customized quotes to bundle commentators. [See Mergers & Acquisitionstheir auto with home and renters insurance. SPACs for further information on SPACs in the insurance industry].MAYER BROWN |121'