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On October 30, 2024, Ryan Specialty, a leading international specialty insurance services firm, announced the intent to acquire Innovisk Capital Partners, an international organization with a diverse, non-correlated portfolio of seven highly regarded specialty MGUs.
On October 8, 2024, Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”) announced it has partnered with Mike Miller and his team on the launch of Pivix Specialty Insurance Services, Inc. (“Pivix”). Pivix is a managing general agency focusing on the excess and surplus (“E&S”) lines market. Ambac is an insurance holding company that is a growing specialty P&C distribution and underwriting platform.
On July 29, 2024, ISO Student Health Insurance (“ISO”), a leading provider of international student health insurance, announced the sale of its business to NSM Insurance Group, a global specialty insurance provider.
On April 18, 2024, Applied Underwriters, Inc. (“Applied Underwriters”) announced the strategic sale of Centauri Specialty Insurance Holdings, Inc. (“Centauri”) to Lilypad Insurance Holdings Inc. (“Lilypad”). Centauri is a property and casualty insurance company licensed to serve policyholders in 10 states. Lilypad is a newly formed coastal risk specialty insurer and subsidiary of Arbol Inc., a global climate risk solutions provider.
On April 9, 2024, GeoVera Insurance Holdings, Ltd. (“GeoVera”), a leading provider of specialty property insurance focused on catastrophe-exposed properties in the earthquake and wind markets, announced the sale of its insurance carriers and MGA.
On February 1, 2024, risksmith Insurance Services (“risksmith”), a specialty MGA platform underwriting a broad offering of niche E&S insurance products, completed its sale to Amwins Group, Inc. (“Amwins”), the largest independent wholesale distributor of specialty insurance products in the U.S.
On November 14, 2023, Hamilton Insurance Group Ltd. closed its $225m initial public offering of 15,000,000 Class B common shares at $15.00 per share. The offering consisted of 6,250,000 Class B common shares offered by Hamilton Insurance Group Ltd. and 8,750,000 Class B common shares offered by certain current Hamilton Insurance Group Ltd. shareholders. Hamilton Insurance Group Ltd. started trading on the New York Stock Exchange under the symbol “HG” with a market capitalization of ~$1.7bn.
On November 13, 2023, Old Republic International Corporation (“ORI”) announced that it has entered into a definitive agreement to sell its run-off mortgage insurance business to Arch Capital Group, Ltd. (“Arch”). ORI’s run-off mortgage insurance business is comprised of RMIC Companies, Inc. and its subsidiaries. In the transaction, Arch U.S. MI Holdings will acquire all of the capital stock of RMIC Companies, Inc. and its subsidiaries for an expected consideration of approximately $140 million.
On May 1, 2023, Midwest Holding announced that it is to be acquired by Antarctica Capital for $27.00 per share. Insurance Advisory Partners rendered a fairness opinion to the Board of Directors of Midwest in connection with the transaction.
On April 5, 2023, Assured Guaranty Ltd. announced that it will contribute Assured Investment Management, LLC to Sound Point Capital Management, L.P. in return for a 30% equity stake in the combined entity, subject to potential post-closing adjustments. The transaction is expected to be completed in Q3 2023, subject to customary regulatory approval.
On February 27, 2023, Integrum Holdings LP (“Integrum”) announced its partnership with and investment in Strategic Risk Solutions (“SRS”). The newly formed partnership will further enhance SRS’s services within captive insurance and alternative risk markets.
February, 2023: Brookfield Underwriting AB (“Brookfield”), a specialty MGA based in Stockholm focused on fine art and high net worth, has been acquired by Säkra AB (“Säkra”), one of Sweden’s largest insurance intermediaries.
Insurance Advisory Partners Advised Brookfield On Its Sale To Säkra Read More »
On February 1, 2023, United Insurance Holdings Corp. has completed a two-part transaction with Slide Insurance Company. The transaction involved the sale of certain assets to Slide and the execution of a renewal rights agreement.
On January 30, 2023, reThought announced the completion of its Series B financing. The financing round was led by IA Capital Group. Existing investors, Hudson Structured Capital Management, Telstra Ventures, and ArcTern also participated in the round.
Insurance Advisory Partners Advised reThought Insurance Corp. On Its Series B Financing Read More »
Fidelis Insurance Holdings Limited (“Fidelis”) announced that it is bifurcating its business into a new Managing General Underwriter (“Fidelis MGU”) and the existing balance sheet insurance companies (“Fidelis Balance Sheet Companies”). Fidelis MGU secured equity investments from an investor group led by Capital Z Partners. Other investors include The Travelers Companies, Inc., Blackstone, Further Global Capital Management, and Alfa Insurance.