Latest news with #insuranceTech
Reuters
30-06-2025
- Business
- Reuters
Todd Boehly-backed Accelerant files for US IPO
June 30 (Reuters) - Todd Boehly-backed insurance tech company Accelerant filed for an initial public offering in the United States on Monday. The move comes as the IPO market, which had been languishing amid economic uncertainty and elevated interest rates, is beginning to recover. Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are among the underwriters for the IPO. The company plans to list on the NYSE under ticker symbol "ARX". Boehly, a billionaire, is one of the most active investors in sports, media and financial services.
Yahoo
30-06-2025
- Business
- Yahoo
Todd Boehly-backed Accelerant files for US IPO
(Reuters) -Todd Boehly-backed insurance tech company Accelerant filed for an initial public offering in the United States on Monday. The move comes as the IPO market, which had been languishing amid economic uncertainty and elevated interest rates, is beginning to recover. Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are among the underwriters for the IPO. The company plans to list on the NYSE under ticker symbol "ARX". Boehly, a billionaire, is one of the most active investors in sports, media and financial services. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-06-2025
- Business
- Yahoo
Todd Boehly-backed Accelerant files for US IPO
(Reuters) -Todd Boehly-backed insurance tech company Accelerant filed for an initial public offering in the United States on Monday. The move comes as the IPO market, which had been languishing amid economic uncertainty and elevated interest rates, is beginning to recover. Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are among the underwriters for the IPO. The company plans to list on the NYSE under ticker symbol "ARX". Boehly, a billionaire, is one of the most active investors in sports, media and financial services.
CNA
20-05-2025
- Business
- CNA
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55 per cent stake in payments processor Worldpay to Global Payments in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022.
