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Seller White Mountains will retain a roughly 15% fully diluted equity stake. -
West Hill Capital is the main investor in the capital raise.
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The business has been ~70% owned by White Mountains since January 2024.
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Inigo CEO Richard Watson said the team is ready for its “second album”.
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Stephan Simon left BMS in June 2024 after almost three years in the role.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Kantara now holds a majority stake in the MGA, with the rest held by employees.
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Current backer JC Flowers will retain its holding and the cash will fund a Bermuda acquisition.
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Abbas Juma has spent more than seven years at Howden M&A in various senior roles.
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The company will continue its capacity partnership with the MGA until 2030.
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The deal will be watched closely by Radian’s handful of similar peers.
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The transaction marks the largest US market entry by a Korean non-life insurer.
