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.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The fundraising focus comes after it was acquired by The Baldwin Group in Q1.
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The fundraising round brought in $50mn for the insurer.
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It is understood that CyberCube has been considering a sale of the business.
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Sources said that the start-up will be fronted by Bain-backed Emerald Bay.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Company alum David Murie will lead the new business unit.
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In an interview, the firm’s CEO spoke about the CV deal, growth and its M&A pipeline.
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The program is set to begin binding this month.
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The MGA will expand its US reach in apartments, condo associations and single-family rentals.
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The novel product appears to have been pitched to multiple clients.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
