Capital raising

Patriot Growth agrees $500mn expansion to existing debt facility

Private equity-backed Patriot Growth Insurance Services has significantly expanded its existing debt facility after securing $500mn of financing led by existing lenders Golub Capital and jointly arranged by Antares Capital.

Northern Re raises $50mn to support growth in programs and regional/mutual space

Balance sheet reinsurer Northern Re has increased its committed capital to $75mn after securing an additional $50mn from existing investors as it looks to capitalise on growth opportunities in the programs segment as well as the dislocated regional and mutual space.

Saga may revive underwriting sale after Lazard instruction

London-listed Saga plc may resurrect plans for the sale of its underwriting arm after advisers suggested an evaluation of balance sheet strengthening options.

Cover Whale to explore capital raise in ’24 following expected $225mn GWP this year

New York-based insurtech Cover Whale will likely explore a $20mn+ capital raise next year, founder and CEO Dan Abrahamsen has told The Insurer, noting that the commercial auto MGA is expected to pass $225mn of gross written premium this year.

Insurtech Coterie working with Perella Weinberg on raising up to $50mn in Series C

Small business-focused insurtech Coterie is working with investment bank Perella Weinberg Partners to secure as much as $50mn for a Series C round, in what would be its first publicly disclosed raise since 2021, The Insurer can reveal.

Skyward upsizes follow-on offering 32% amid strong investor demand

Skyward Specialty has upsized its secondary offering 32 percent amid heavy investor demand as it set the price at $30.50 per share, a modest 2.3 percent discount to the stock’s pre-announcement closing price.

Hamilton to receive net proceeds of $80.6mn as IPO closes

Hamilton Insurance Group has announced the closing of its initial public offering, with the Bermudian company to receive net proceeds of $80.6mn after deducting underwriting discounts and commissions and estimated offering expenses.

Amwins in $1bn equity recap as PSP sells down and other backers increase stakes

Amwins has completed a $1bn equity recapitalisation that has seen PSP Investments and some employees sell down their stakes while others and existing institutional investors Dragoneer Investment Group, Genstar Capital and SkyKnight Capital increased their holdings, The Insurer can reveal.

Skyward doubles down on specialty hard market with ~$65mn equity raise

Skyward Specialty has launched a capital raise through the public offering of 4.5mn of its common shares as it looks to target further growth opportunities including in the E&S sector during the prolonged hard market phase of the cycle.

FAC abandons plans for £1bn Lloyd’s investment fund

London-listed Financials Acquisition Corp has ended its planned merger with London Innovation Underwriters after failing to secure the necessary funding from investors.

Hamilton prices IPO below indicated range at $15 a share

Hamilton Insurance Group has priced its IPO on the New York Stock Exchange at $15 per share – below the $16 to $18 range indicated earlier this month.

No sign of new capital wave to alter 1.1 renewal trajectory

Despite traction in fundraising at a number of ILS funds and progress for at least one mooted reinsurance start-up, there is no expectation in the market of a meaningful influx of capital at a level that will alter the supply-demand equation at the upcoming 1 January renewals.

Gallagher Re: Insurtech funding up 19.8% in Q3 to $1.1bn

New insurtech funding reached $1.1bn in the third quarter, up 19.8 percent on Q2 2023, driven by a 25.5 percent surge in property casualty investment to $931.3mn, according to Gallagher Re.

Cowbell raises $25mn in Series B top up with Prosperity7 Ventures as new investor

Cowbell has raised an additional $25mn for its Series B round, bringing in new investor Prosperity7 Ventures in addition to securing fresh backing from existing investors, as the cyber insurtech aims to reach operating profitability in 2024.

Listed Lloyd’s spread investment fund LIU to reduce target size: report

Lloyd’s investment fund London Innovation Underwriters, launched by special purpose acquisition company Financials Acquisition Corp, has reduced its target investment size from £500mn+ to between £150mn and £300mn.

Distribution-focused insurtech AgentSync raises $50mn

AgentSync – a Denver-based insurtech that provides infrastructure that connects carriers, agencies, MGAs and producers – has raised an additional $50mn in a round co-led by existing investors Craft Ventures and Valor Ventures.

Property claims insurtech iink raises $12mn in Series A round

Tampa-based iink, a digital payments network that expedites the disbursement of funds associated with property insurance claims, has raised $12mn in a Series A financing round led by venture capital firm Headline.

Ariel Re lines up capital to support 25% 2024 premium growth target

Ariel Re has had its business plan approved by Lloyd’s to grow premium by around 25 percent in 2024 and is understood to be securing backing from new and existing investors to support the expansion as it targets attractive opportunities at 1 January, especially in cat reinsurance, The Insurer can reveal.

Trucking insurtech Nirvana raises $57mn in Series B round

Commercial insurtech Nirvana Insurance has closed a $57mn Series B funding round led by Lightspeed Venture Partners, with additional participation from General Catalyst and Valor Equity Partners.

Hamilton files S-1 to launch Barclays, Morgan Stanley-led NYSE IPO under ticker HG

Hamilton Insurance Group has filed an S-1 registration statement to move ahead with a public listing on the New York Stock Exchange (NYSE) under the ticker “HG”, a flotation that is being jointly led by Barclays and Morgan Stanley.

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