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The ILS start-up was founded in January by Hanni Ali and Peter Dunlop. -
The hedge fund had significant investment aims for the London market.
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InsurTech funding was down 7.3% from $1.09bn in the prior quarter.
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Insight into the state of the insurance M&A market, powered by Insurance Insider’s comprehensive deal database.
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The business has not initiated a sale process, with the wheels not yet actively turning on an exit for Apiary.
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The syndicate is expected to write ~$300mn of business in 2026.
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The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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Private capital providers are being signed down as two strong years have piqued interest.
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Lloyd’s investment vehicles have been shelved in past years but a strong run of returns is creating interest.
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It comes as the MGA expects to write more than $1bn of premium in 2026.
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West Hill Capital is the main investor in the capital raise.
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