Capital raising
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The PE firm held 3.1% of the company’s shares, but will now hold none. -
InsurTech funding was down 7.3% from $1.09bn in the prior quarter.
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The $21/share pricing falls in the middle of the expected range.
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Insight into the state of the insurance M&A market, powered by Insurance Insider US’s comprehensive deal database.
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It is understood that Sutton National is the fronting carrier sitting behind the facility.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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JP Morgan and RBC are advising the brokerage on its options ahead of an eventual IPO.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.
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Tangram will become the inaugural portfolio company of Balavant Insurance.
