Start-ups
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Ahead of its expected July 1 start, the underwriter promised “efficient and transparent processes” and “consistent decision-making". -
The latest funding round brings the company’s total funding to date to $82.5mn.
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The pair will work in New York under the leadership of former Willis executive William Monat.
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Root’s reinsurance buyer Espinoza said that reinsurers had been receptive and appreciative.
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Draper Esprit, Astanor Ventures, Lowercarbon Capital, Future Positive Capital and Time Ventures participate in financing round.
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The start-up said it would use the additional funding to double headcount by 2021.
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The long-rumoured appointment will see the former Ironshore executives jointly lead the Bermuda start-up.
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The insurance price comparison business expanded net revenue by more than 100% in 2020 to $79mn and currently has a run rate of $150mn.
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It is only six months since Next announced its Series D round at a $2bn valuation.
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Core Specialty will retain some premium and risk on the underlying business before transferring defined natural catastrophe risks to the ILS manager.
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Heffernan Insurance Brokers contributed to the raise, which was led by Mercato Partners.
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The raise is understood to value the business at about $100mn.
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