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The InsurTech uses aAI to calculate the severity of extreme weather events. -
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.
