Run-off insurance company Armour has picked up $500m in equity commitments from a group led by Aquiline Capital Partners.
Bermuda-headquartered Armour develops and implements a range of run-off solutions, services and acquisitions in the global insurance and reinsurance sector. The company operates a range of services including a claims management offering, and an AI-powered fraud detection solution.
Capital from this round will be used to fund the creation of a new reinsurance group, Armour Group, which will co-invest in global P&C run-off transactions. Following the transaction, Armour will rename itself Trebuchet Holdings.
Aquiline chairman and CEO Jeff Greenberg said, â€œWe are excited to partner with the highly-experienced team at Armour and believe that their ILS management capabilities provide a strong competitive differentiator. The formation of our permanent capital vehicle provides the team with the full toolkit to capitalize on the market opportunity.â€
Last year, Aquiline closed its first early and growth-stage investment fund on $190m, surpassing its initial $150m target. The firm said this vehicle will be used to back technology and services companies that impact the insurance industry and financial services.
In an interview with FinTech Global, Max Chee said the InsurTech sector had been a laggard in funding in terms of FinTech investing. However, this is changing and it is starting to catch up, with the most innovation happening in the back office processes.
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