Capital raising

IA Capital leads property insurtech Flyreel’s $10mn round

Flyreel has closed a $10mn Series A financing led by insurance investment firm IA Capital Group, which brings the AI-based property insurtech’s total funding to $18mn.

Inigo closing in on Qatari wealth fund, JC Flowers, CDPQ and Oak Hill investment: reports

Richard Watson’s specialty (re)insurer Inigo Limited is on the verge of securing $800mn in capital from firms including JC Flowers & Co, the Qatar Investment Authority, Caisse de dépôt et placement du Québec (CDPQ) and Oak Hill Advisors, according to reports.

Singapore wealth fund GIC backs Convex $1bn raise following Miller buy-out

Singaporean sovereign wealth fund GIC – the soon-to-be co-owner of London wholesaler Miller – has doubled down its exposure to P&C reinsurance by backing Convex’s $1bn recent capital raise.

Convex raises $1bn in fresh equity from Onex and new co-investors

Stephen Catlin and Paul Brand’s Convex has secured an additional $1bn of equity capital, taking the total raised by the carrier to $2.7bn since it launched.

Insurtechs raise $2.5bn in record quarter as funding gap widens: WTW

Insurtech funding set a record in a third quarter that included six mega-rounds of over $100mn and a resurgence of early-stage deals, but also a widening of the mid-tier funding gap for investments in the $20mn to $50mn range, according to Willis Towers Watson (WTW).

Reinsurance start-up Kettle raises $4.71mn in seed funding

Reinsurance start-up Kettle has raised $4.71mn in a seed funding round led by True Ventures, with participation from Acrew Capital, Homebrew Ventures, Anthemis and Inspired Capital.

Broking insurtech Newfront reveals $500mn valuation

Technology-driven insurance broker Newfront has announced it has raised over $100mn of funding to date, most recently valuing it at $500mn.

Floridians look at capital raises and M&A amid surplus and reinsurance pressures

Southern Fidelity is among a number of Florida-based homeowners carriers looking to raise capital or find other solutions to address the impact on surplus from the spate of hurricanes that have hit adjacent states they have expanded into, The Insurer can reveal.

Helios targets ‘insurance-savvy’ investors in bid to complete fundraise

Helios’ founder and CEO Nigel Hanbury said he expected to capitalize on the availability of some “bargain capacity” as well as further limited liability vehicle acquisitions after the company outlined its plans for a £20mn capital raise.

Helios targets £20mn raise to fuel 2021 growth

Lloyd’s investment vehicle Helios is seeking to raise £20mn ($25.8mn) through a share issuance to take advantage of the “attractive opportunities” for growth and shareholder value enhancement in the hardening market.

Auto insurtech Root files for IPO

Root has filed for an initial public offering on the Nasdaq Stock Market under the ticker symbol “ROOT”, a move that follows reports that it was looking to float at a valuation of $5bn to $6bn.

Compre targeting up to $400mn in new capital

Legacy specialist Compre is looking to raise as much as $400mn in additional capital through a Cannacord Genuity-led process as it continues its search to replace backing from PE house CBPE Capital, The Insurer can reveal.

Blank cheque company FG New America Acquisition raises $225mn in IPO

FG New America Acquisition Corp – a blank cheque company set up by TD Ameritrade chairman Joseph Moglia and 1347 Property Insurance Holdings CEO Larry Swets to focus on acquiring insurance and financial services companies – has raised $225mn in an initial public offering on the New York Stock Exchange.

Securitisation insurtech Ledger closes $10mn series A round

Ledger Investing, which is aiming to disrupt the financing of the insurance industry, has closed a $10mn funding round led by AllegisNL Capital.

Slaughter and A-Plan continue Evercore’s active 2020

New York-headquartered Evercore has continued to be the most visibly active M&A (re)insurance sector advisory firm in the Covid-19 fallout with appointments to work on James Slaughter’s start-up venture as well as emerging as advisor to A-Plan on its sale to Hyperion.

Next Insurance valuation tops $2bn as completes $250mn funding round

Small business insurtech has raised $250mn in a Series D round led by Alphabet growth fund CapitalG with participation from insurtech VC FinTLV and existing investor Munich Re.

Root targets IPO at up to $6bn valuation: report

Auto insurtech Root Insurance has hired Goldman Sachs to lead an initial public offering with a targeted valuation of between $5bn and $6bn, Reuters has reported.

Allstate reveals $750mn accelerated share buyback agreement

Allstate has entered into an agreement with Goldman Sachs to buy back $750mn of its outstanding common stock under its $3bn repurchase programme.

Market ripe for new entrants and scale-ups: Stonybrook Capital

The period of distress brought about by the Covid-19 pandemic – as well a sustained period of catastrophe losses and issues surrounding casualty reserves – makes the (re)insurance market ripe for new companies to enter, a report by Stonybrook Capital has said.

Alchemy Partners invests £80mn in Lloyd’s insurer Blenheim

The parent company of Blenheim – White Bear Capital – has secured £80mn of investment from Alchemy Partners which it intends to channel into the development of its MGA business, White Bear Managers.

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