Fundraising
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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said. -
Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
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The funding round, Superscript’s largest to date, was led by BHL UK and included participation from Concentric and The Hartford.
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As a decline in InsurTech investment continues and risk capacity providers reconsider their support, sources expect many InsurTech MGAs will have to review and potentially pivot their business models.
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The company specialises in technology-enabled surety bonds that can be bought and managed through the company’s platform.
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The vehicle offers attachment points of $500mn and above for global property and downstream energy risks.
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Syndicates will need to put up more capital for 2023 and will likely have to resubmit business plans after 1 January.
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PE funds considering a play in the catastrophe space are far more likely to be looking for an alpha play.
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Cover Genius has grown GWP to nearly $1.1mn a day since its last funding round in September 2021.
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The fundraise comes after the company raised $180mn of Series A funding last year.
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Investors are beginning to pull back from writing $50mn+ funding cheques for InsurTechs, according to Zach Powell, general partner at Eos Ventures.
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The fund has already made its first investment, joining Descartes Underwriting’s recent $120mn Series B funding round.
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