Insurtech deals still going strong in Q2 2019

In Q2 2019, there were 63 private company financings and 26 M&A transactions in the insurtech industry worldwide.

Over the quarter, financing volume totalled over $1.5bn. According to FT Partners, this is the equal to 34% of the total financial for all of 2018.

The largest of these deals was health insurtech Lemonade’s $300m Series D funding round, led by SoftBank. That brings the firm to nearly $470m in funding to date. That is the sixth highest out of all privately held insurtech ventures.

North America accounted for the most (60%) of total financial volume so far in 2019. While high, it is lower than the 75% it accounted for in 2018.

In addition, there was plenty of M&A as there were private equity buyouts of Actineo, Insurity, and Vitech.

Furthermore, Allianz, Applied, National General, Vertafoe, and Zywave all made strategic acquisitions.

However, CNO Financial Group’s $66m purchase of Web Benefits Design was the sole M&A deal of the quarter with an announced deal value.

Deals across the globe

In 2019 so far, North America has been responsible for 75 financings, 59% of the total. The total value of these deals was $1,854m. The largest financial was the $500m given to Clover.

Europe witnessed 31 insurtech financings, 24% of the total, with a total value of $574m. The biggest deal was the $128m funding awarded to digital car insurance start-up FRIDAY.

Also, Asia had 16 insurtech financings with a total value of $615m (20% of the total value in 2019 so far). Policy Bazaar received the biggest deal in the region with $152m.