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Hi Friends! Happy Labor Day Weekend! I hope you’re enjoying the long weekend and a chance to recharge before the busy fall season kicks off. I’m already looking ahead to San Diego in two weeks for the WSIA Annual Marketplace. If you’re planning to attend, let’s connect. Please reach out directly or use the scheduling link at the bottom of this email. This week brought no shortage of headlines: an eye-catching acquisition, a wave of Florida-focused launches backed by major players like Bain Capital, and a mix of funding rounds and executive changes to round out the news. Enjoy these last days of summer — here are the Three Things We Learned this week. |
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Sompo Acquires Aspen, Grows North American FootprintThe week’s biggest headline was Sompo’s $3.5 billion acquisition of Aspen, a deal that firmly plants another Japanese insurer deeper into the North American specialty market. Beyond the price tag, this move highlights a broader strategic trend: Japanese carriers are seeking growth opportunities outside their home market and recognize the value in acquiring specialized platforms that can scale globally. Aspen’s underwriting capabilities and specialty focus will fit neatly alongside Sompo’s existing businesses, creating a stronger, more diversified platform. It’s a return to large-scale M&A for Sompo and a reminder that international capital is playing an increasingly important role in reshaping the specialty landscape. |
[2] |
Florida Market Draws Interest from Investors and Insurers AlikeFlorida continues to be a magnet for both fresh capital and innovative products, even as it remains one of the toughest insurance environments in the U.S. This week brought multiple headlines pointing to that dynamic. Bain Capital’s backing of Crestwell Underwriters marked the creation of a new MGA platform focused on Florida property risk. It will complement Bain’s existing portfolio company, Emerald Bay Risk. Regulators also approved Viceroy Insurance, adding another new homeowners’ insurer to the state’s market. And in a different kind of response, Hagerty introduced a complimentary severe weather storage service for its Florida members — a creative way to manage exposure while enhancing customer value. Together, these moves underscore how the Florida market remains a magnet for capital, new entrants, and product experimentation, despite its volatility. |
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Funding Rounds, Executive Moves and Accelerant’s First Public ResultsThis week also brought a steady flow of activity across the ecosystem. On the funding side, Green Shield raised $12 million, Sola closed on $8 million, and COVU added another $16 million to its growth plans — a reminder that while capital may be more targeted, insurtechs with focused models continue to find support. Leadership changes kept pace as Westfield appointed a new underwriting chief and Novatae transitioned to new leadership, both signaling shifts in underwriting direction. The week closed with Accelerant reporting its first quarterly results as a public company, posting a profit and proving that its member-driven platform can scale effectively in the public markets. |