Start-ups
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The front has lined up its first 10 programs and is confident it will get at least seven or eight of them.
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Earlier this week, this publication revealed that Axis and Accelerant will support the recently launched MGA.
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The M&A insurance MGA also secured support from Accelerant.
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The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.
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The syndicate will be Asta managed and have capacity from Hampden Names.
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It is backed by paper from MS Transverse, this publication understands.
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The business has raised $250mn from backers including PartnerRe, RenRe, Starr and Amwins.
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The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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It is understood that the InsurTech began fundraising late last year.
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The executive had been scoping out a new venture since late 2022, working alongside Bob Cooney on the first iteration.
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The former Aegis London CEO joins former AIG, Marsh McLennan and Ace CEO Brian Duperreault at the start-up.
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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.
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Farmers’ agents in Florida will be offered an appointment with Slide. Renewals issued by Slide will begin for February 2024 effective dates.
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The platform enables users to create, manage and archive live transaction conversations across deals and across companies in one place.
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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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The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.
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The reciprocal exchange received a consent order on Friday and is expected to begin underwriting in December
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The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.
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Village Protection is expected to be operational on or before January 2024.
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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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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
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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.
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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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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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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.
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Inside P&C’s news team runs you through the key highlights of the week.
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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.
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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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Private equity is cautious around even the hard market opportunity in cat.
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Some sources argue that now is the time for new management teams to tap into the market with fresh platforms.
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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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The fund will primarily focus on early-stage investments in North America with an emphasis on insurance innovation.