Capital markets

Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.

The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.

Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

A quick roundup of this week’s biggest stories.

The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.

The fundraise was led by Golub Capital and jointly arranged by Antares Capital, both existing lenders to Patriot Growth.

This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.

In addition to Lightyear’s capital injection, current backer BHMS agreed to roll a material portion of its existing equity and made an additional investment alongside Lightyear.

The offering sold 3.6mn shares priced at $30.50 apiece and brought in approximately $104.9mn.

Amynta Ease-of-Business president Arthur Seifert said he expects MGAs to move away from the popular Dutch auction process and instead find one party that’s a good fit.

Inside P&C’s morning summary of the key stories to get you up to speed fast.