Reinsurance News
funding
Understory $15mn funding to help accelerate growth into renewable energy sector
6th June 2024
Climate risk-solving insurance provider Understory has announced the closing of its Series A funding round, securing $15 million to drive its expansion into the renewable energy sector. This funding round, co-led by True Ventures and Prelude Ventures, will support the launch of Understory's new product offering focused on the renewable energy ... Read the full article
Cover Whale secures $27.5m investment from Morgan Stanley Expansion Capital
28th May 2024
Cover Whale Insurance Solutions, Inc., has announced a $27.5 million funding boost in debt and equity from investment funds managed by Morgan Stanley Expansion Capital. This round of funding, which includes existing debt investors converting into Series A preferred shares, will fuel Cover Whale's ongoing expansion efforts and expedite its mission ... Read the full article
KKR leads Series C funding of $93m into Vitesse
24th May 2024
London domiciled Vitesse, a global insurance fintech, has completed a $93 million Series C funding round led by global investment firm, KKR, subject to customary regulatory approvals. Existing investors who participated included Hannover Digital Investments. The investment will support Vitesse’s expansion efforts into the US, whilst enabling the firm to continue ... Read the full article
InsurTech market sustainability grows as investors spread capital more evenly: Gallagher Re
2nd May 2024
A new report from Gallagher Re has revealed that Q1 2024 global InsurTech funding dropped 17.3% quarter on quarter to $912.3 million, though deal count climbed to 107, indicating that frequency and interest are not waning, but the average check size per deal is decreasing. As per the reinsurance broker's Global ... Read the full article
Arbol closes $60m Series B funding round to scale parametric insurance
30th April 2024
Climate risk solutions provider Arbol has closed a $60 million Series B funding round, co-led by Giant Ventures and Opera Tech Ventures with participation from Mubadala Capital. Following a year marked by "unprecedented" climate events, Arbol noted that this new funding represents a long overdue moment for climate risk insurance. Through leveraging ... Read the full article
Jensten obtains £170m funding boost for 2024 growth
19th April 2024
UK broker and underwriter Jensten has secured over £170 million in new borrowing facilities over the past six months, cementing the firm’s commitment to advancing its growth plans throughout 2024 and beyond. Ultimately, this £170 million funding boost, lays the groundwork for a series of upcoming strategic acquisitions and organic growth ... Read the full article
Novidea raises additional $30m from HarbourVest Partners
9th April 2024
Global insurtech Novidea has raised an additional $30 million from HarbourVest Partners, bringing its total Series C round to $80 million, joining existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. Throughout the past few years, the insurtech has witnessed major growth, selling to insurance ... Read the full article
Oka closes $10m investor raise funding
28th March 2024
Oka, The Carbon Insurance Company (Oka)™ has announced that it has closed a $10-million investor raise that "sets the foundations for its next phase of growth." Lead investors included Aquiline Capital Partners LP and firstminute capital, which formerly spearheaded Oka's $7-million seed round, and dedicated climate-solutions investor Overview Capital. Moreover, ... Read the full article
Sertis secures $3.2mn in funding to support growth in multifamily insurance market
26th March 2024
Managing general agency (MGA) Sertis has completed an oversubscribed seed funding round, raising $3.2 million for further growth in the multifamily insurance sector. The seed funding round, the MGA highlighted, demonstrates recognition from the industry for its innovative software solutions and strategic business model, as well as Sertis' ability to attract ... Read the full article
Tokio Marine HCC invests into CAD$4.3m funding round secured by Clir
7th March 2024
Tokio Marine HCC has invested into a CAD $4.3 million funding round, secured by Clir Renewables (Clir), a renewable energy intelligence platform for wind and solar. Longbow Capital Inc., ArcTern Ventures and BDC Capital also participated in the funding round too. Clir confirmed that this round of financing will allow the company ... Read the full article
Insurtech Startup Cake secures $1.3 million pre-seed funding round
16th February 2024
Cake, a transactional marketplace tailored for independent insurance agents, has successfully closed a $1.3 million pre-seed funding round, spearheaded by prominent venture capital firm Markd. The financing effort also garnered support from key backers including 2ndF, Iridium Bloom LLC, 101 Weston Labs, IIANC, and other strategic partners within the industry. Adam Bowe, ... Read the full article
Artificial Labs closes £8m Series A+ funding round
6th February 2024
Algorithmic underwriting insurtech, Artificial Labs has raised £8 million in a Series A+ funding round that was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV. From what we understand, Artificial Labs will use the funding to drive growth and continue its rapid expansion across the ... Read the full article
Insurtech Igloo closes $36m Pre-Series C funding round
8th December 2023
Igloo, a regional insurtech in Asia, has closed a US$36 million Pre-Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the investment. At the same time, Openspace and La Maison, who previously participated in Igloo's Series B and Series B+ ... Read the full article
Northern Re triples committed capital with additional $50m of funding
28th November 2023
New York and Cayman-based Northern Reinsurance has successfully tripled its committed capital by securing an additional $50 million of funding, bringing the total to $75 million. According to Northern Re, the proceeds will enable it to capitalise on favourable market conditions, also providing it with an opportunity to expand its partnerships ... Read the full article
Nuvalaw raises $3 million in pre-series A financing
2nd November 2023
Insurance sector focused LegalTech, Nuvalaw, has raised $3 million in pre-series A financing, which it will use to expand in the UK and drive its entry into the U.S. market. Nuvalaw is a claims resolution platform that facilitates the online negotiation and arbitration of P&C insurance claims. The financing is led by ... Read the full article
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