"Since the InsurTech investment peak in 2021, we have continued to see a funding reset," Gallagher Re Global Head Dr. Andrew Johnston said in the firm's latest insurtech funding report. (Credit: Stephen VanHorn/Shutterstock)

First-quarter insurtech funding fell to its lowest point in four years after the industry failed to notch a deal exceeding $100 million for the first time since 2017, according to data compiled by Gallagher Re.

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