{"id":944,"date":"2023-01-14T11:00:11","date_gmt":"2023-01-14T16:00:11","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=944"},"modified":"2023-01-13T16:53:31","modified_gmt":"2023-01-13T21:53:31","slug":"3-things-01132023","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-01132023\/","title":{"rendered":"3 Things – Duck Private, MGAs Changes & Insurtech Updates"},"content":{"rendered":"

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Hello Friends!\u00a0 This week we are following Duck going Private, MGAs changing hands and insurtech fundraising and M&A, on a smaller scale.\u00a0 Here are the three things we learned:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Duck Creek Goes Private<\/strong><\/p>\n

Not a total surprise, Monday morning we learned that Vista Equity Partners agreed to\u00a0acquire insurance software provider Duck Creek<\/a>\u00a0for $19\/share or approximately $2.6B in cash.\u00a0 There is a \u2018go-shop\u2019 period that expires on Feb 7 where other offers may emerge.\u00a0 Duck Creek was not enjoying life as a public company.\u00a0 They debuted in August 2020 at $40\/share, peaked in Feb 2021 at $58\/share and bottomed out recently at $10\/share.\u00a0 Quite a wild ride in the public markets.\u00a0 They will join fellow insurance software companies Majesco, Sapiens and Insurity in the private world with capital to continue to acquire smaller operations to grow.\u00a0 Meanwhile Vista buys a company for less than half of their IPO price just two and half years ago.\u00a0 They have experience in insurance software having previously taken stakes in Vertafore and Applied Systems.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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MGAs Assets Changing Owners<\/strong><\/p>\n

Only 15 months after the acquisition, Coalition is already divesting\u00a0MGA Attune to worker’s comp insurer Pinnacol<\/a>.\u00a0 It appears to be the latest move by Coalition to pivot into new markets and different distribution channels.\u00a0 They claim the relationship was profitable while it lasted.\u00a0 Pinnacol’s strategy was clear that they wanted to provide their policy holders with insurance coverages out of state.\u00a0 Attune as part of Pinnacol will continue to market Coalition\u2019s cyber and executive protection products.\u00a0 Fairfax and subsidiary Brit Insurance join with insurance broker \/ services company\u00a0Amynta who will acquire Brit’s MGU Ambridge<\/a>\u00a0along with a multi-year agreement for $400M capacity.\u00a0 Amynta will add Ambridge to their existing MGA units and and will grow their geographic footprint product reach and market insurance coverages from Brit.\u00a0 In both cases the carriers are giving up control but will keep the distribution channel open<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Insurtech Funding and Acquisitions Update<\/strong><\/p>\n

The signs are clear that insurtech funding and M&A will be slowing down in 2023 from the pace over the past couple of years but there is still activity, just with some different characteristics than the \u2018unicorn\u2019 announcements we have seen.\u00a0 FT Partners released their January 2023 Insurtech report, always an interesting read, it provides a good high level overview and themes.\u00a0 It appears that early stage investments will be more common as opposed to middle stage. \u00a0 This week E&S insurtech\u00a0Joyn announced the closure of a Series A round of $18M<\/a>.\u00a0 They have many established insurance entities backing them and look to solve distribution issues in the E&S space that is growing with opportunity in the hard market.\u00a0 Vouch Insurance, made a somewhat quiet\u00a0acquisition of lending startup technology provider Level<\/a>.\u00a0 Vouch is trying to build a tech-driven insurer targeting startups and Web3 providers.\u00a0 The latter of those two groups certainly need insurance in this day and age of the \u2018crypto collapse\u2019.\u00a0 The acquisition will bolster their tech team and give them IP to enhance their underwriting capabilities.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay safe in this world, take care of each other and good luck!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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