Start-ups

Longbrook Insurance will write multiple lines of business.

Sources said that the New York-based InsurTech retained Evercore to advise on the process.

It is understood that the MGA wants to start with renewable energy and transactional liability.

The UK-based insurer’s Florida Re secured state regulatory approval in June.

From the carrier perspective, alignment of interests was a recurring theme.

The company is looking to grow through its new MGA incubator program.

MGAs that are good operators will stick out compared to the rest.

A Lloyd’s consortium led by Beat Syndicate 4242 backs the MGA.

Return horizons are shifting, and entrepreneurial underwriters should start looking at longer tail business.

Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.

Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.

The MGU is entering the often-difficult habitational GL space with an initial E&S offering.

Tangram will become the inaugural portfolio company of Balavant Insurance.

It represents the platform’s formal entry into the commercial E&S market and will be led by EVP Neil Lipuma.

Altamont Capital MD Sam Gaynor said the goal is to have fewer programs that can each grow to a significant size.

The new MGU is expected to formally launch before the annual WSIA marketplace in San Diego.

Sources said that the start-up will be fronted by Bain-backed Emerald Bay.

Full-stack carriers fail to outclass incumbents with no clear platform differentiation.

The firm will target mid-market risks with TIVs of $25mn-$1bn.

The expansive European broker is targeting Mike Parrish’s team and former McGriff staff.

In The Car offers embedded auto insurance by integrating policies into dealership management systems.

The Bermuda-based team is led by John Fletcher. 

BP Marsh has subscribed for a 49% shareholding in the start-up MGA.

The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.

The latest E&S player planning to IPO remains a “show me” story.

Former Aviva and AIA CEO Mark Wilson will lead the new initiative.

Planning for the carrier was halted in January due to the CEO’s health issues.

The Floridian is expecting to have around 40,000 policies in force by year-end.

The ex-Ategrity CEO launched Pivix Specialty in September 2024.

MGA growth is still strong but has passed its 2022 peak.

In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.

The fund apparently plans to purchase life insurance policies as investments.

The program is being launched through subsidiary Southern Marine.

K2 Cyber is entering an increasingly crowded cyber market.

The MGA will grow in specialty lines via talent recruitment and M&A coupled with technology enablement.

Sills’ background, a strong backing, and laser-sharp E&S focus make Bowhead stand out.

The start-up is closing a Series A fundraise.

The InsurTech was also removed from under review, negative.

The start-up has achieved an A- credit rating from AM Best.

The homeowners’ carrier has secured Floir approval.

WTW sold Willis Re to Gallagher in 2021 for $3.5bn.

The start-up has secured BMA approval as it looks to a 1 January kick-off.

The business will trade via London, the US and Canada.

Nationwide vet Mike Miller is launching the MGA, which focuses on the E&S market.

Interest in these vehicles has increased recently, but market softening could throw a curve ball at growth.

Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.

Floir approved nearly 650,000 policies for takeout from Citizens for October and November.

The underwriting venture, Florida Re, will target both US and LatAm markets.

Neil Strong, Richard Holden and Jonathan Reiss have also joined as the leadership team is built out.

Conditions are coalescing for an uptick in carrier M&A after many subdued years.

This follows AIG’s voluntary dismissal of claims against Dellwood’s top execs.

AM Best assessed Dellwood’s balance sheet strength as “very strong”.

A standalone syndicate could offer capital, trading, and licensing advantages.

The start-up's founder set out the new broker’s strategy, M&A goals and structure.

Cyrus Walker will also serve on the new retail broking venture’s board of directors.

PE house Vistria will back the buy-and-build strategy in the independent agency space.

The front has lined up its first 10 programs and is confident it will get at least seven or eight of them.

Earlier this week, this publication revealed that Axis and Accelerant will support the recently launched MGA.

The M&A insurance MGA also secured support from Accelerant.

The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.

The syndicate will be Asta managed and have capacity from Hampden Names.

It is backed by paper from MS Transverse, this publication understands.

The business has raised $250mn from backers including PartnerRe, RenRe, Starr and Amwins.

The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.

The carrier expects to re-emerge after operating as going-concern Anchor.

It is understood that the InsurTech began fundraising late last year.

The executive had been scoping out a new venture since late 2022, working alongside Bob Cooney on the first iteration.

The former Aegis London CEO joins former AIG, Marsh McLennan and Ace CEO Brian Duperreault at the start-up.

Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.

Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.

The platform enables users to create, manage and archive live transaction conversations across deals and across companies in one place.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.

Need to Know

The reciprocal exchange received a consent order on Friday and is expected to begin underwriting in December

Need to Know

The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.

Need to Know

Village Protection is expected to be operational on or before January 2024.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.

Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.

2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.

Inside P&C’s news team runs you through the key highlights of the week.

Even if venture debt has always been around, sources said InsurTechs are approaching the market in different ways, as they struggle to raise equity rounds at attractive valuations.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Private equity is cautious around even the hard market opportunity in cat.

The fundraise comes after the company raised $180mn of Series A funding last year.

Some sources argue that now is the time for new management teams to tap into the market with fresh platforms.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The fund will primarily focus on early-stage investments in North America with an emphasis on insurance innovation.

The former executive is looking for $40mn to $80mn of new capital, sources suggested.

Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.

It is understood that the outgoing exec left the company amid operational challenges and that the company has shrunk its workforce.

Industry veteran Beau Freyermuth worked at Hub International for 20 years before jumping to Newfront.

Clay Rhoades, formerly US E&S president, is named the new insurer’s CEO and will continue to report to Hamilton Insurance CEO Pina Albo.

Greenlight Re Innovations invests in platform that can provide on-demand, per-shipment cover.

The move is the latest in a flurry of steps Trean has taken to expand its presence in the white-hot programs market, and among a wave of fronting carriers that have entered the sector in recent years.

Carl Bauer-Schlichtegroll said InsurTechs in the IPO market attracted a lot of investors who did not understand the complexities of the insurance market.

The Floridian InsurTech will use around $50mn for policyholder surplus, sources said.

The new workplace will house the firm’s US cyber and transactional liability teams.

Jon Hutchens has been a tax lawyer for the last 14 years, most recently serving as a partner at Dentons.

The broker is developing solutions to accurately quantify intangibles including IP

Ambac’s fronting company Everspan has acquired Enstar’s subsidiary Providence Washington Insurance (PWIC) as part of its strategy to launch new admitted programs and expand its products portfolio.

Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.

Durable Capital, T Rowe Price Associates and Whale Rock Capital led the InsurTech’s latest round.

The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.

The Silicon Valley-based Vouch, launched in 2019, raised $90mn at a $550mn valuation in its Series C round.

The Greg Hendrick-led firm added Richard Wall from Axa XL, Bhuma Patel from CNA, and Leona Lik from Aon for the buildout.

Eigen Technologies, which helps insurers and brokers extract and digitise data from various sources, hopes to accelerate growth with new investment in the London market.

The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.

The new company will be named Newfront and is expected to place $2bn in premiums annually.

The executive will exit the Greg Hendrick-led start-up on July 2.

AIG, Axis, Chubb, Travelers, and The Hartford are among the underwriters to support the launch.

Ahead of its expected July 1 start, the underwriter promised “efficient and transparent processes” and “consistent decision-making".

The latest funding round brings the company’s total funding to date to $82.5mn.

The pair will work in New York under the leadership of former Willis executive William Monat.

Root’s reinsurance buyer Espinoza said that reinsurers had been receptive and appreciative.

Draper Esprit, Astanor Ventures, Lowercarbon Capital, Future Positive Capital and Time Ventures participate in financing round.

The start-up said it would use the additional funding to double headcount by 2021.

The long-rumoured appointment will see the former Ironshore executives jointly lead the Bermuda start-up.

The insurance price comparison business expanded net revenue by more than 100% in 2020 to $79mn and currently has a run rate of $150mn.

It is only six months since Next announced its Series D round at a $2bn valuation.

Core Specialty will retain some premium and risk on the underlying business before transferring defined natural catastrophe risks to the ILS manager.

Heffernan Insurance Brokers contributed to the raise, which was led by Mercato Partners.

The raise is understood to value the business at about $100mn.

The move adds actuarial muscle to Qomplx in the wake of the start-up’s agreement to merge with Tailwind, a SPAC.

The company launched in 18 states last year and plans to enter 11 new markets in 2021.

The start-up uses artificial intelligence to streamline insurance distribution and underwriting.

The entity plans to retain up to 30% of risk per program.

The fund will invest in global "growth-stage” InsurTech and FinTech companies.

Kornick was formerly the chief analytics officer at UK insurer Aviva.

The InsurTech could be merged into Reinvent Technology Partners, as Metromile prepares to go public in a similar transaction, Bloomberg reports.

The latest of a cohort of start-ups will focus on specialty lines syndicated on a global basis through Lloyd’s.

The move into commercial insurance follows Relay’s development of reinsurance placing tools last year.

French startup Akur8 automates risk modelling processes for insurers.

The move follows the company hiring new InsurTech partner Adrian Jones last month.

The start-up MGA is working with TigerRisk to structure (re)insurance capacity for the business.

Dana Bjornson joins the business from investment bank George K Baum & Company.

Companies with strong brands still fall down on “traditional success criteria”, the InsurTech head says.

Engineering Capital, Correlation Ventures, Innovation Endeavors and Sure Ventures contributed to the round.

Celerity will write public and private D&O business for the wholesale insurance market.

Abu Dhabi sovereign wealth-backed Mubadala becomes an Arbol investor.

The former Validus exec will become CEO, with current chief executive Larry Hannon set to remain in a senior role.

Sharon Fernandez’s hire follows the appointment of Munich’s Andy Rear as Buckle chairman last year.

At-Bay has grown gross written premiums by 600% in the last year.

The US carrier has offloaded a tranche of liability business written out of London.

The CEO dismissed comparisons between his start-up and the Class of 2005 (re)insurers.

CEO Greg Hendrick said the composition of the new carrier would eventually be more heavily weighted to insurance business.

The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.

Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.

The start-up provides technology to assist carriers with underwriting and claims.

The start-up envisages expansion into insurance “in the coming years”, AM Best said.

The ratings agency has given the entity a financial strength assessment of A-.