Fundraising
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K2 plans to put $10mn-$20mn into the new syndicate, with third-party investors teeing up to fund the rest.
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Former Teneo M&A head Alexander Schnieders will lead the unit.
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The proceeds will fund AUB’s acquisition of Pacific Indemnity.
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The hard market has not burst the MGA bubble – and now interest is on the rise again.
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The additional investment from HarbourVest brings total fundraising to $120mn.
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Artificial Labs undertook the Lloyd’s Lab accelerator programme in 2020.
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The transaction will reduce the firm’s reliance on private debt deals.
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As part of the fundraise, Marcus Ryu, Battery Ventures partner, and a16z general partner Angela Strange will join Hyperexponential’s board.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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With plans to support three different types of Lloyd’s syndicates, the vehicle intends to trade under the new name London Innovation Underwriters by 15 November.
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The Corporation’s chairman said that Names and other third-party capital are essential to maintaining the market’s unique nature.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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