InsurTech
-
The industry is mostly reluctant to raise capital with high interest rates, except for brokers.
-
Investor skepticism visible in stock prices and short interest data over first half of 2024.
-
The program is led by the same carriers as the expiring treaty.
-
Launched in 2021, Axis is both an investor and capacity provider.
-
Previously, the InsurTech only provided coverage in 15 states.
-
The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.
-
The new offering is an admitted product for SMBs and non-profits.
-
Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
-
The program includes all perils coverage and third-event protection.
-
The InsurTech had been pursuing strategic investment options, including a minority stake sale.
-
In 2023, the InsurTech recorded 107% YoY revenue growth and 145% net revenue retention.
-
Arkin Holdings and Launchbay Capital also participated as new investors.