Capital raising

HSCM-sponsored SPAC Kairos confirms pricing of $240mn upsized IPO

A new Hudson Structured Capital Management (HSCM)-sponsored special purpose acquisition company (SPAC) – Kairos Acquisition Corp – has increased the size of its initial public offering by 20 percent to raise $240mn.

Will further capital raises in 2021 end market hardening?

While it appears likely that new capital diluted rate increases to some degree at 1 January, the question remains as to whether 2020’s raises – as well as any additional capital injections that follow in 2021 – will stop further market firming at upcoming renewals.

London market carriers begin 2021 buoyed by capital injections

In contrast to previous periods of post-loss capital raising, over the past year the London market has been a meaningful recipient of fresh capital keen to capitalise on the hardening specialty and reinsurance markets, analysis by The Insurer shows.

Premia forms $265mn+ legacy sidecar Elevation Re

Bermudian run-off specialist Premia Holdings has raised over $265mn in initial commitments from third-party institutional investors to fund a newly formed sidecar to provide collateralised reinsurance support as it targets opportunities in the fast-growing segment.

2021 poised to be the year of the (re)insurance SPAC

The final weeks of 2020 saw a flurry of formations of new (re)insurance-focused special purpose acquisition companies (SPACs), which means the so-called blank check (cheque) shell corporations look set to play an even more prominent role in the sector next year, according to analysis by The Insurer.

Cohen & Co’s latest SPAC raises $250mn in IPO

INSU Acquisition Corp III – the third in a recent series of Cohen & Co sponsored special purpose acquisition companies - has completed its upsized initial public offering and raised gross proceeds of $250mn.

Openly raises $40mn in Series B round

Boston-based homeowners insurtech Openly has closed a $40mn Series B fundraising round, led by Advance Venture Partners.

B3i closes funding round with Türk Reasürans backing

Industry blockchain initiative B3i has closed a Series B funding round with Turkey-based reinsurer Türk Reasürans coming on board as a new investor.

Intact to issue C$600mn of debt to help fund RSA deal

Intact Financial has announced plans for a C$600mn ($468.7mn) debt issuance to help fund its share of the RSA acquisition.

Blank cheque insurance acquirer Delwinds raises $175mn in IPO

Delwinds Insurance Acquisition Corporation – led by former Tiberius executive Andrew Poole – has priced its initial public offering of 17.5mn units at $10.00 per unit.

Fidelis completes $185mn raise taking 2020 fresh capital to $1.3bn

Richard Brindle-led Fidelis has raised an additional $185mn of debt and equity capital in the fourth quarter, taking the carrier’s total capital raised in 2020 to $1.3bn.

Swiss Re’s iptiQ leads $30mn Getsafe investment round

Digital insurance company Getsafe has closed a $30mn Series B funding round led by Swiss Re’s digital platform iptiQ.

(Re)insurer capital raises could reach $22bn in 2020: Willis Re

Full-year capital raising across the (re)insurance sector could reach $22bn, according to Willis Re, with an estimated $19bn raised to date.

Epic and JenCap parent Galway recaps with Harvest Partners to fuel growth

Private equity firm Harvest Partners has agreed to take a majority interest in Galway, the vehicle established earlier this year to house US retail broker EPIC and wholesaler JenCap and bring together the investments of their respective backers Oak Hill Capital and The Carlyle Group.

Fidelis raises ~$250mn retro sidecar to target dislocated market

Richard Brindle-led Fidelis has raised circa $250mn to launch a retro sidecar that will offer structured aggregate coverage to buyers, The Insurer understands.

Intact completes C$3.2bn capital raise ahead of RSA acquisition

Canadian insurer Intact Financial Corporation has completed its previously announced C$3.2bn ($2.4bn) capital raise to fund the acquisition of UK insurer RSA.

Hippo secures $350mn Mitsui Sumitomo capital investment

US homeowners insurtech Hippo has secured a $350mn investment from Mitsui Sumitomo to fund its product roll out across additional US states.

IAG completes A$650mn placement for Covid-19 BI claims

Insurance Australia Group (IAG) has successfully completed a A$650mn ($478mn) fully underwritten institutional placement following the ruling against Australian insurers in a business interruption (BI) test case last week.

$800mn Inigo is a vote of confidence in London and Lloyd’s CEO John Neal

Aspen, Arch, Axis, Endurance, the short-lived Goshawk Re, Montpelier Re, Platinum and Olympus Re. The above companies were all launched in the immediate aftermath of the 9/11 attacks to take advantage of the rapidly hardening specialty and reinsurance markets post-2001.

Inigo confirms $800mn equity raise as names Howard Davies chairman

Richard Watson’s specialty (re)insurer Inigo Limited has confirmed it has secured $800mn in capital from firms including JC Flowers & Co, Stone Point, Enstar, the Qatar Investment Authority, Caisse de dépôt et placement du Québec and Oak Hill Advisors.

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