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Intact Ventures, Era Ventures, Greenlight Re and Spark Capital also participated. -
Commercial carrier earnings continue to show mixed prior-year development.
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Last year, this publication revealed that TPA SCM and Rimkus launched sales processes.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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It is understood that the InsurTech began fundraising late last year.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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On Wednesday, the insurer reported 12% growth in net written premiums.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
