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.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
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Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.
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It is understood that the outgoing exec left the company amid operational challenges and that the company has shrunk its workforce.
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Industry veteran Beau Freyermuth worked at Hub International for 20 years before jumping to Newfront.
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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.
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Greenlight Re Innovations invests in platform that can provide on-demand, per-shipment cover.
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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.
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Carl Bauer-Schlichtegroll said InsurTechs in the IPO market attracted a lot of investors who did not understand the complexities of the insurance market.
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The Floridian InsurTech will use around $50mn for policyholder surplus, sources said.
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The new workplace will house the firm’s US cyber and transactional liability teams.
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Jon Hutchens has been a tax lawyer for the last 14 years, most recently serving as a partner at Dentons.
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The broker is developing solutions to accurately quantify intangibles including IP
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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.
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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.
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Durable Capital, T Rowe Price Associates and Whale Rock Capital led the InsurTech’s latest round.
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The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.
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The Silicon Valley-based Vouch, launched in 2019, raised $90mn at a $550mn valuation in its Series C round.
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The Greg Hendrick-led firm added Richard Wall from Axa XL, Bhuma Patel from CNA, and Leona Lik from Aon for the buildout.
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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.
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The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
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The new company will be named Newfront and is expected to place $2bn in premiums annually.
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The executive will exit the Greg Hendrick-led start-up on July 2.
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AIG, Axis, Chubb, Travelers, and The Hartford are among the underwriters to support the launch.
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Ahead of its expected July 1 start, the underwriter promised “efficient and transparent processes” and “consistent decision-making".