Fundraising
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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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The investment will help the MGU to further establish its position in both the Lloyd’s delegated authority and international coverholder markets.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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The carrier stands to raise $210mn from the offering.
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The InsurTech uses aAI to calculate the severity of extreme weather events.
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Lloyd’s CEO John Neal said the Corporation now has ‘breathing space’ to consider improving individual investors’ access to the market.
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The funding triples Novidea’s value in less than two years and will be used to develop its insurance platform and drive international growth.
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Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.
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The fast-growing group – which did not exist when the UK voted to leave the EU – is now close to $500mn of adjusted Ebitda.
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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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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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