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Hi Friends! This week we’re in between two of the biggest industry gatherings — the high-energy ITC Vegas and the always-active Target Markets Annual Summit. ITC once again showcased the creativity and momentum driving insurance forward, while Target Markets promises to put the E&S space front and center, with specialty capacity providers and niche program administrators making moves and cutting deals. I had a quick stop home to recharge with family before heading west again — early Sunday starts the annual sojourn to Scottsdale. The energy and optimism from ITC are still fresh, and it’s clear that innovation and investment continue to drive this industry forward. The tone across the industry feels optimistic — disciplined, but ambitious. Innovation and specialization continue to drive both capital and creativity across the insurance landscape. See many of you in Scottsdale next week — let’s keep the momentum going. Let’s explore the Three Things We Learned: |
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Investor Confidence in Insurtech’s Next ChapterThe funding momentum continued this week with several insurtechs raising sizable rounds. MGT Insurance, an AI-driven insurer focused on commercial P&C for small businesses, closed an oversubscribed $21.6M Series B, underscoring investor belief in its disciplined approach and consistent growth. IRYS followed with a $12.5M raise to accelerate its modern platform for retail agencies, continuing to gain traction across distribution tech. Meanwhile, Stand secured $35M in Series B funding, expanding into Florida to insure cat-exposed property at a time when hard-to-place risks and coverage gaps are at an all-time high. Together, these deals signal where investor interest remains strongest — companies solving complex insurance problems with data-driven models, automation, and clarity of focus. Coming off ITC, they also reflect a broader message: there’s plenty of capital for players proving their value in real-world underwriting and distribution. |
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Partnerships, Launches, and the Push Toward SpecializationBeyond funding, the week saw a series of strategic launches and alliances aimed at sharpening focus and expanding reach. bolttech partnered with AXA Partners to bring embedded insurance across Europe, while Bold Penguin deepened its E&S and specialty presence with the acquisition of SquareRisk, adding a digital wholesale capability to its ecosystem. Other moves spotlighted specialization: Ambac’s Beat Capital Partners launched 1889 Specialty Insurance Services, a new financial institutions MGA; American Integrity rolled out a commercial residential program; and Climate X teamed up with Fathom to enhance global flood modeling. On the capital side, Portage invested in Xceedance, signaling continued confidence in tech-enabled service providers. Each of these stories reflects the same theme we saw all week at ITC — specialization, focus, and collaboration are defining how carriers, MGAs, and insurtechs are positioning for the next phase of growth. |
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Earnings Strength and a Steady IPO StreamEarnings season kicked off with Travelers reporting another strong quarter and Progressive showing a slight dip in profitability — a rare moment for the steady performer but not a sign of deeper weakness. Marsh McLennan (soon to rebrand simply as Marsh and Marsh Re) and its reinsurance arm Guy Carpenter delivered solid results, while announcing a cost-savings program targeting $400 million. The healthy revenue gains highlight the resilience of intermediary business models. Meanwhile, the IPO window remains open with HDI Group’s Exzeo becoming the latest to make its market debut — another sign that investors remain eager for exposure to insurance innovation, even as post-launch trading stabilizes. The balance between capital strength, operational discipline, and innovation continues to shape the market as we move deeper into Q4. |