Investments
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.
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This publication revealed that the company was raising capital earlier this year.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The company would ideally like to target a minority investment.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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The company provides a platform for brokers to value, buy and sell books of business.
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The company's reinsurance panel has expanded to over a dozen risk capital providers.
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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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It is understood that the InsurTech began fundraising late last year.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
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A quick roundup of this week’s biggest stories.
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The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.
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The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.
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Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.
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With the fundraising, Skyward will capitalize on market opportunities within existing lines of business, but also continue to expand into new products.
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Last month this publication reported that the 777 Partners-backed company was close to signing a deal with Charlesbank.
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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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The pendulum that swung towards a focus on growth for the past few years is now swinging towards profitability and increased partnership.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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The new business unit will target firms with between $10mn and $50mn of Ebitda and will deploy up to $500mn of equity capital over time.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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First-round bids for the company were due in late September.