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The InsurTech was also removed from under review, negative. -
It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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The funding round valued the company at around $850mn.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.
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The company stopped writing new business last September and lost capacity from SiriusPoint.
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The broker attributed the drop to smaller average deal sizes over the quarter.
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The investment values Bolttech at $2.1bn and will enhance its global growth strategy.
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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.
