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InsurTech funding was down 7.3% from $1.09bn in the prior quarter. -
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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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The Bermuda reinsurer has been active in ILS since launching in 2007.
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The sidecar will support five programs providing specialty frequency coverages.
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From aviation claims to retention challenges, underlying dynamics will take time to play out.
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The tech firm is building a joint stock company with insurers and investors.
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The relationship between growth and capital is “symbiotic”, the broker said.
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Lenders include Morgan Stanley, Permira and Bridgepoint.
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Blackstone-style capital seeking to get closer to source is a net negative for reinsurers.
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The syndicate will be targeting approximately $50mn of GWP in its first year.
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Apollo most recently received in-principle approval for Syndicate 1972.
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The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The insurer’s plans for the syndicate were revealed by this publication earlier this year.
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The reinsurer is moving all its non-cat business to the new syndicate, leaving 1910 focussed on peak cat.
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The post-disaster reinsurance start-up model is changing.
