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The investment values Bolttech at $2.1bn and will enhance its global growth strategy. -
The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.
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The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.
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Funding has reached $3.2bn over the first three quarters, 7% less than in 2023.
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The company also promoted Eric Biderman to general counsel.
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The move comes amid improving conditions in the IPO market for insurance companies.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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The investment will be used to expand its product portfolio and continue global expansion.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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Hippo shares were up 20%, while Root’s shares dropped over 20%.
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Earlier this year, this publication reported that Jetty was looking for capacity to replace Farmers.
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The InsurTech’s cat weather loss ratio improved by 83%
