In this week's news will talk about how Global Insurtech funding falls below, BRP Group becomes The Baldwin Group, and much more…
NY-based asset manager launches Malibu Life Re
New York-based alternative asset manager Third Point has announced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a new life and annuity reinsurer established in the Cayman Islands.
Malibu Life Re will concentrate on asset-intensive reinsurance solutions and has already secured an agreement with a prominent US annuity provider. This arrangement involves reinsuring $3 billion worth of annuity products through a quota share flow agreement.
Third Point will support Malibu Life Re with investment management and strategic services, leveraging its experience in excess spread sourcing across various credit asset classes and portfolio management.
Malibu Life Re will concentrate on asset-intensive reinsurance solutions and has already secured an agreement with a prominent US annuity provider. This arrangement involves reinsuring $3 billion worth of annuity products through a quota share flow agreement.
Third Point will support Malibu Life Re with investment management and strategic services, leveraging its experience in excess spread sourcing across various credit asset classes and portfolio management.
Global insurtech funding falls below $1 billion in Q1 2024
Global insurtech funding has dipped below the billion-dollar mark amid a lack of mega-round deals during the first quarter of 2024, according to Gallagher Re.
In a new report, the global reinsurance broker revealed that insurtech funding in the first quarter of the year amounted to just $912.3 million. This is a 17.3% decrease from the previous quarter, making Q1 2024 the lowest period for global Insurtech funding in four years.
Andrew Johnston, Gallagher Re’s global head of insurtech, said the market has continued to see a “funding reset” since insurtech investment peaked in 2021.
The report highlighted a drop in the average size of insurtech deals, which sat below $10 million for the first time since the third quarter of 2017.
In a new report, the global reinsurance broker revealed that insurtech funding in the first quarter of the year amounted to just $912.3 million. This is a 17.3% decrease from the previous quarter, making Q1 2024 the lowest period for global Insurtech funding in four years.
Andrew Johnston, Gallagher Re’s global head of insurtech, said the market has continued to see a “funding reset” since insurtech investment peaked in 2021.
The report highlighted a drop in the average size of insurtech deals, which sat below $10 million for the first time since the third quarter of 2017.
Marsh McLennan Agency acquires New York firm
Marsh McLennan Agency (MMA) has acquired AC Risk Management (ACRM), an independent commercial lines brokerage based in Melville, New York.
Established in 2012, ACRM offers property and casualty insurance to businesses, particularly those within the construction sector. All personnel, including CEO Matt Avellino, will remain at the firm’s current Melville location as part of the acquisition.
Jerry Alderman, CEO of MMA’s Northeast region, commented on the deal, praising the ACRM team for “their commercial line expertise and construction industry specialization.”
“We are looking forward to this opportunity to work with businesses in the Long Island community and help them address their constantly evolving risk mitigation needs,” Alderman added.
Established in 2012, ACRM offers property and casualty insurance to businesses, particularly those within the construction sector. All personnel, including CEO Matt Avellino, will remain at the firm’s current Melville location as part of the acquisition.
Jerry Alderman, CEO of MMA’s Northeast region, commented on the deal, praising the ACRM team for “their commercial line expertise and construction industry specialization.”
“We are looking forward to this opportunity to work with businesses in the Long Island community and help them address their constantly evolving risk mitigation needs,” Alderman added.
BRP Group becomes The Baldwin Group
Independent insurance distribution firm BRP Group is now known as The Baldwin Group.
Aside from the name change, central to The Baldwin Group’s first phase of rebranding are a newly launched website, www.baldwin.com, and the brand mantra ‘Protecting the Possible’.
Lifting the lid on the identity shift, chief executive Trevor Baldwin said: “I am very excited to announce that BRP is now The Baldwin Group.
“For us, The Baldwin Group is more than just a new name. It is truly indicative of who we are as a firm – a cohesive group of experts in business insurance, employee benefits, retirement planning, and all areas of private and personal insurance.”
Aside from the name change, central to The Baldwin Group’s first phase of rebranding are a newly launched website, www.baldwin.com, and the brand mantra ‘Protecting the Possible’.
Lifting the lid on the identity shift, chief executive Trevor Baldwin said: “I am very excited to announce that BRP is now The Baldwin Group.
“For us, The Baldwin Group is more than just a new name. It is truly indicative of who we are as a firm – a cohesive group of experts in business insurance, employee benefits, retirement planning, and all areas of private and personal insurance.”
Inszone inks deal to expand services in Palm Springs
Inszone Insurance Services, a national provider of various insurance solutions, has announced the acquisition of Canyon Pacific Insurance Services, an independent agency based in Palm Springs, California. This move is part of Inszone's strategic expansion within the state.
Canyon Pacific, established in 2011, has become known for its specialized insurance offerings and understanding of the local market in Palm Springs and across California. Inszone notes that the agency has built a reputation for providing reliable and customized insurance services to its clientele.
Canyon Pacific, established in 2011, has become known for its specialized insurance offerings and understanding of the local market in Palm Springs and across California. Inszone notes that the agency has built a reputation for providing reliable and customized insurance services to its clientele.
