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Library: FT Partners – 2022 Annual Insurtech Almanac

Executive summary 

Similar to overarching trends in fintech broadly, insurtech deal activity slowed to in 2022 across both private company capital raising and M&A as public market valuations fell, and macroeconomic factors took their toll.

 The Digital Insurer reviews FT Partners’s Report on 2022 Annual Insurtech Almanac

Despite Q&A market, deal numbers remained high

High number of lower value deals

Despite noticeable declines in total dollar volume raised and the size of announced M&A valuations, the number of actual deals occurring in the space remained quite high, implying a steady stream of early stage investments and private company exits.

Financing volume reached $8.5 billion in 2022 across 323 deals, representing declines of 38% and 25% from 2021, respectively. Still, both of these levels are higher than all prior years. While all regions experienced the decline in activity total funding volume for North American based insurer tech companies fell the most dramatically at 44%.

Funding for both P&C focused and health focused insurtech companies fell more than 50% in 2022. While the levels of capital raisaed for life and diversified insurtech companies remained more or less the same compared with 2021.

The largest financing rounds in the year included US based digital insurance brokerage Acrisure’s $725 million financing, EU-based full stack digital carrier WeFox’s, $400 million financing, Warburg Pincus’s $350 million platform investments Oona, an emerging digital insurer in Southeast Asia and US-based workers compensation carrier Pie’s $315 million raise.

Coalition, Newfront, Accelerant and Alan also raised large rounds in 2022, all at increased multi billion dollar valuations.

IPO in the doldrums

During the year there were 47 capital raises of $50 million or more compared with 77 in 2021. Majority of the largest rounds were raised in the first half of the year, particularly Q1.

Ultimately, 35% of the rounds raised in 2022 totaled less than $5 million compared with 28% in 2021.

There were no new insurtech IPOs in 2022, as public market uncertainties continued. With the IPO market essentially shut, some companies may have chosen to raise additional capital rather than pursue IPOs during the year.

Announced insurtech M&A volume ($5.4 billion) represented the lowest level since 2016. Conversely, the number of m&a deals reached the second highest level ever (323 deals), only behind 2021 (431).

While 2021 and 2020 both recorded several multi billion dollar SPAC mergers, strategic acquisitions and private equity buyouts in the sector 2022 only had one $1 billion+ M&A deal, which was Telus’s $1.8 billion acquisition of LifeWorks, a TSX-listed employee health benefits company.

A buoyant market

Overall M&A activity in the insurtech sector has been on the rise over the last several years. In 2022 there with clearly more smaller size private company deals getting done, potentially acquisitions of businesses that found the current environment for raising capital more challenging.

Two insurtech SPAC mergers were announced in 2022: the completed $369 million merger between Delwinds Insurance Acquisition Corp, and FOXO Technologies, a company modernising life insurance underwriting through epigenetic science and AI and the pending $858 million acquisition of China based Sun Car Insurance by Goldenbridge Acquisition.

FOXO closed its first day trading down 60% from the $10 SPAC price, and by the last day of December, the stock had fallen 96%.

See the full report for more…

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