Capital raising

Insurtech Coterie raises $11.5mn in new Intact-led funding round

Small business focused insurtech Coterie has raised $11.5mn in Series A-1 financing led by Intact Ventures.

Liberty Mutual and American Family back LeaseLock’s $52mn Series B raise

Real estate insurtech LeaseLock has completed a $52mn Series B financing round that included support from Liberty Mutual Strategic Ventures and American Family Ventures.

Insurtech Seek Now gets SGE funding to expand offering

Inspection insurtech Seek Now is looking to move into new perils beyond hail and wind and build its platform to be able to process one million claims a year after securing significant growth investment from Susquehanna Growth Equity, The Insurer can reveal.

HSCM co-leads $30mn Series B round in DealerPolicy

Hudson Structured Capital Management has co-led a $30mn Series B funding round in automotive retail insurance marketplace DealerPolicy which the insurtech will use to accelerate the development of its platform and grow its team.

TrustLayer completes $6.6mn seed funding raise

Insurtech TrustLayer has secured backing from serial sector investors Abstract Ventures and Propel Venture Partners as well as 20 of the top 100 insurance agencies in the US.

Munich Re backs tech firm Span in $20mn funding round

Munich Re has led a $20mn funding round for San Francisco-based smart home technology start-up Span.

Prudential to demerge US business Jackson as eyes $3bn capital raise

UK insurer Prudential is to pursue a demerger of its US business Jackson in the second quarter of 2021 and has set out plans to raise up to $3bn in fresh equity.

Insurtech funding hits record high of $7.1bn in 2020: WTW

The $2.1bn of global insurtech investment in the fourth quarter meant 2020 ended with a record $7.1bn of funding, up 12 percent over 2019, according to the latest quarterly insurtech briefing from Willis Towers Watson (WTW).

Brookman launches ILS fund manager Gildenbrook

Former head of alternative capital at Axa XL Daniel Brookman has launched his own insurance-linked securities (ILS) focused alternative fund manager with $850mn of assets under advisory as well as a Bermudian collateralised reinsurer.

Deposit insurtech Rhino raises $95mn, considering IPO: reports

Deposit insurance start-up Rhino has seen its valuation soar to $500mn after it completed a $95mn capital raise in an investment round led by Tiger Global Management, with a Bloomberg report indicating the platform is now eyeing an IPO.

Integral ILS reaches $600mn of commitments with New Holland investment

Lixin Zeng and Richard Lowther’s independent ILS fund manager start-up Integral ILS has secured a cornerstone investment from New Holland Capital (NHC) that takes its signed commitments to $600mn.

Beat Capital to surpass $500mn GWP as it expands into 2021’s hardening markets

Beat Capital, the fast-expanding Lloyd’s-based MGA incubator, has joined the likes of Ark, Beazley, Brit Insurance, Convex and Fidelis in supersizing its underwriting limits for 2021, The Insurer can reveal.

Canopius exploring ~£2bn London IPO

Lloyd’s insurer Canopius is understood to be exploring an initial public offering (IPO) that could value the carrier at £2bn ($2.7bn).

Berkshire Hathaway issues $1.48bn in debt

Warren Buffett’s Berkshire Hathaway Inc has issued Eur600mn ($725mn) in senior notes while Berkshire Hathaway Finance Corporation (BHFC) has issued $750mn in senior notes.

Lemonade prices and upsizes public offering

Lemonade has priced an offering of 4.8 million shares of its common stock at $165.00 a share, an increase on the previously announced offering size of 4.5 million shares.

Sixth Street behind $500mn Convex backing; takes capital raised to $3.2bn

Convex has secured $500mn in backing from US investment firm Sixth Street, marking the latest raise for the London-Bermuda carrier since its launch.

ThingCo secures £3mn investment from BHL

London-headquartered telematics insurtech ThingCo has secured a £3mn ($4.2mn) investment from BHL (UK) Holdings, the majority owner of price comparison website ComparetheMarket.

German broker MRH Trowe receives PE investment and unveils Lloyd’s JV

AnaCap Financial Partners has made “a significant growth investment” in top 10 German commercial insurance broker MRH Trowe, which has itself announced the formation of a Lloyd’s broker joint venture with Seventeen Group.

Insight and Oak HC/FT invest in insurtech Groundspeed

Michigan-based insurtech Groundspeed Analytics has announced a series C investment from Insight Partners with participation from existing investor Oak HC/FT to accelerate product development and increase adoption of its software solution.

Liberty and Trisura invest in Canadian insurtech Apollo’s $13.5mn round

Canadian online insurer Apollo Insurance Solutions has closed a $13.5mn series A financing round, led by Gravitas Securities and with Liberty Mutual and Trisura Group among the investors.

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