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InsurTech MGA Corvus eyes third-party capital raise with Nomura
It is understood that the company has mandated Nomura to raise the risk capital.
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
Though the present banking sector turbulence might bring back memories of 2008, fundamental differences in banking and insurance risk make contagion less likely.
The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
Though insurers are not heavily invested in Silicon Valley Bank, Signature Bank, or in other regional banks at risk of contagion, the developing macroeconomic situation could impact P&C carriers more significantly.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
Bolig has been executive managing director at Aon since 2014.
Sources said the private broker retained advisory firm Solebury Capital for pre-work assistance in the process prior to investment banking engagement.
The group CUO role is being eliminated with the function pushed back into the regions and specialties.
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Opinion
Levered brokers: Boom Times give way to The Squeeze
Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
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The MGA is also looking at securing a captive wholesale broker, and a niche play within reinsurance broking.
Last week, SiriusPoint and Compre signed an LPT deal covering $1.3bn of reserves.
The insurer will continue growing via M&A and is looking for $50mn-$500mn specialty businesses with strong leadership to expand its portfolio.
The executive didn’t provide a target for the number of investments it expects to keep, but said SiriusPoint will not be an active acquirer in the near term.
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