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First-round bids for the company were due in late September. -
The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
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The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.
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Sources said the specialty underwriter retained boutique firm Insurance Advisory Partners earlier this year as an adviser.
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Inside P&C’s news team brings you all the top news from the week.
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Canopius’s investment was made as part of a broader round of financing with participation from a number of new and existing investors including RRE Ventures, Fin Capital, and IA Capital Group.
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Now that the tides have turned from a “growth-only” to a “profitability first” mindset, companies are letting go of the additional hires and focusing on insurance fundamentals and insurance expertise.
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Inside P&C’s news team brings you all the top news from the week.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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As part of the deal, PE house Corsair Capital sold its stake in the company while Oakbridge leadership and employees retained a position in the broking firm.
