Capital raising

Ascot looks to expand sidecar and Bermuda reinsurance platform for 1.1

Ascot is set to fundraise for its Canro Re sidecar vehicle and selectively expand its Bermudian reinsurance operations for what it sees as attractive underwriting opportunities, The ReInsurer can reveal.

Saga confirms £150mn capital raise

Struggling over-50s insurance group Saga plc has confirmed its intention to raise £150mn ($192mn) in equity capital, including a £100mn investment from its former owner and CEO, Sir Roger De Haan.

Tremor secures $4mn in financing to fund next phase of growth

Tremor has secured $4mn of additional financing which the programmatic reinsurance marketplace said would be deployed to further enhance its auction capabilities as it confirmed a first placement outside of property reinsurance.

Cohen & Co’s second blank cheque company raises $200mn in IPO

INSU Acquisition Corp II – a blank-cheque company formed by Cohen & Company to acquire or merge with one or more insurance businesses – has upsized its initial public offering for gross proceeds of $200mn.

Alera gets $150mn investment led by Carlyle

Fast-growing US insurance broker Alera Group has secured a $150mn preferred investment led by The Carlyle Group’s global credit platform.

Beat secures Bain Capital backing for dedicated underwriting vehicle

Long duration insurance industry investor Beat Capital Partners has announced a strategic partnership with Bain Capital Credit to create a dedicated underwriting vehicle.

Saga share price surges on back of £150mn equity raise plans

Saga’s share price has risen more than 30 percent in morning trading following the group’s confirmation it was planning a £150mn capital raise to strengthen its balance sheet.

Activist target Saga in bid to raise £150mn

Former Saga chief executive Roger De Haan is set to invest £100mn ($133mn) as part of an equity raise to recapitalise the UK motor insurance firm, which has seen its share price fall 75 percent since the start of the year.

Tolle and Wemmer join Eur500mn European legacy start-up Marco

Simon Minshall-led Eur500mn start-up Marco Capital Holdings has launched with backing from Oaktree Capital and a board of European heavyweights including former Allianz and Zurich group CFO Dieter Wemmer as chairman and ex Lloyd’s Franchise Board Director Rolf Tolle among its directors.

IRB Brasil raises $380mn to shore up reserves

IRB Brasil has raised BRL2.08bn ($380mn) via an issuance of 300,083,857 common shares in order to strengthen its technical reserves.

Duck Creek’s share price soars 48% after $405mn IPO

The share price of Duck Creek Technologies surged 48 percent after the insurance software firm made its debut on the Nasdaq on Friday, raising $405mn.

Kin raises $35mn in Series B funding with HSCM among investors

Kin Insurance has closed a $35mn Series B round, bringing its total funding to $86mn, with Hudson Structured Capital Management again among the investors in the homeowners insurtech.

Munich Re co-leads auto insurtech HDVI’s $16mn funding round

Commercial auto insurtech High Definition Vehicle Insurance (HDVI) has raised $16mn in Series A funding led by 8VC and Munich Re Ventures.

Nephila, Munich capacity backs insurtech Demex as seed round closes

The Demex Group, a climate risk insurtech providing financial risk solutions, has raised $4.2mn in seed funding from leading investors Anthemis and IA Capital while revealing it is backed by capacity from Nephila and Munich Re.

Duck Creek targets up to $315mn as prices IPO

Property casualty software provider Duck Creek has priced its initial public offering of 15mn shares of common stock at between $19 and $21 a share.

Evercore leads league table of industry fund raising

New York-headquartered Evercore has emerged as the dominant name among (re)insurers looking for an advisory firm to help them launch or scale up, an analysis by The Insurer reveals.

Analysts question Everest’s lack of capital raising

Analysts on Everest Re’s earnings call were keen to hear why the (re)insurer has not raised capital to take advantage of hardening rates, while investors sent its share price up over 3 percent following an earnings beat and bullish market commentary.

Kinsale confirms equity raise to fund organic growth

E&S specialist Kinsale Capital Group has become the latest carrier to undertake an equity raise in the wake of Covid-19, announcing a public offering that would raise $60.5mn based on yesterday’s closing share price.

Aon raises $350mn for Opportunistic Credit investment strategy

Aon Investments has successfully raised $349.9mn from US institutional investors for its Opportunistic Credit investment strategy, targeting public corporate and structured credit, stressed credit and real estate debt.

Covéa to put Eur750mn in PartnerRe SPVs

Covéa is to put Eur750mn ($881.3mn) into special purpose reinsurance vehicles managed by PartnerRe, including Eur500mn at 1 January 2021, as part of a Eur1.5bn investment with the reinsurer’s parent Exor.

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