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Insurtech deals, funding jump in Q3: Willis


Insurtech companies globally raised $2.54 billion across 104 deals during the third quarter of 2020, Willis Towers Watson PLC said in a report Wednesday.


The totals are “notable increases” in both funding and deal count, 63% and 41%, respectively, compared with the second quarter, the report said.


Third quarter also saw the $405 million initial public offering of Duck Creek Technologies Inc., “as their software-as-a-service model continues to take hold in our industry,” Willis said in its Quarterly InsurTech Briefing Q3 2020.


This followed the successful second-quarter $319 million IPO for insurer Lemonade Inc., Willis noted.


The U.S. hosted 42% of the 104 deals in the quarter, and the U.K. at 8% and India at 6%, with 18% of deals listed as taken place in countries “other” than the U.S., U.K., India, France, China,  Germany, Canada, Israel and Japan, according to data in the report.


Property/casualty funding was dominated by the portion of transaction that went to business-to-business enterprises at 49%, followed by distribution at 41% and “carrier” at 10%.


More than half of the transactions, 31% in seed and angel rounds and 25% in Series A, involved early-stage ventures. Series B saw 13% of deals, Series D 3% and 20% of deals were listed as “other” for their investment stage.


“With the huge amount of capital being deployed, and the rate at which it is being deployed, one can quite easily see this quarter as clear validation of investors, industry and non-industry, being prepared to put their money where their mouths are as it relates to the pursuit of digital operations – both for pure investment returns and also for securing digital capabilities,” Willis said in its report.







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