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"We feel ready to open this new chapter. Versace has huge potential. The journey will be long and will require disciplined execution and patience. The evolution of a brand always needs time and constant focus."
– Prada is buying Versace for nearly $1.4 billion.
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Sponsored |
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With the right approach to distribution, you can start turning regulatory obligations into strategic enablers of growth, efficiency, and innovation.
Navigate today's market with better distribution channel management. Read more.
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🤝 💰 |
BroadStreet Partners, an insurance brokerage holding company headquartered in Columbus, Ohio, announced that an investor group led by Ethos Capital, British Columbia Investment Management Corporation, and White Mountains Insurance Group, will acquire an ownership position in BroadStreet. Under the terms of the agreement, Ontario Teachers' Pension Plan, which acquired a majority stake in BroadStreet in 2012, will maintain a significant co-control stake and operate in partnership with the Ethos-led investor group.
BroadStreet is a middle-market insurance brokerage focused on commercial and personal P&C and employee benefits. The company invests in "select, entrepreneurial, high-performing" independent agencies. Through its co-ownership model, more than 800 colleagues own equity in their local core agencies.
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Bitcoin life |
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Meanwhile, a life insurance startup that only uses bitcoin for premiums and claims, has closed a $40 million Series A funding round led by Framework Ventures and Fulgur Ventures, with participation from the founder of crypto bank Xapo, Wences Casares. The startup, which raised ~$20 million in 2023, is now valued at $190 million.
Founded in 2022, Meanwhile is licensed and regulated by the Bermuda Monetary Authority after securing a license last year.
The company's first offering is a whole life insurance product with premiums and claims entirely denominated in bitcoin.
Bottom Line: "Sophisticated persons" may apply.
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Acquired |
ISC, a multi-line program administrator backed by global investment firm KKR, announced the acquisition of TravelInsurance.com, "one of the largest independent travel insurance marketplaces in the United States."
ISC will leverage its capacity, resources, and technology to expand TravelInsurance.com's footprint and "solidify its position as the world's most sought-after travel insurance platform."
Founded over a decade ago, TravelInsurance.com allows consumers to compare and purchase travel insurance online. The company says it served millions of customers and protected billions of dollars in trip costs.
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Enhanced |
Crum & Forster announced enhancements to its TripExcess program and portal, introducing new coverage options while further streamlining how motor carriers secure excess insurance.
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⚠️ |
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The cofounders of Suretys have both moved on.
Founded in 2018, Suretys offered PlusOne, an insurance product that replaced the need for cosigners for car buyers with limited or no credit history. The company claimed to have developed a proprietary credit risk assessment model that leveraged bank data, artificial intelligence, and machine learning to qualify borrowers.
Milestones included a partnership with Markel Insurtech Underwriters and $2 million in funding.
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