CNA, NN Group help fund $75m insurtech venture fund
MTech Capital has completed the initial closing of the firm’s insurtech venture fund with $75 million of capital commitments from three anchor investors including CNA Financial Corporation, NN Group, and a global insurer.
MTech Capital is a venture capital firm focused on technology-enabled investment opportunities with potential to transform the insurance industry. The company founded by Kevin McLoughlin and Brian McLoughlin has offices in Los Angeles and London.
“Insurance executives understand their industry is being transformed by technology and want to be in front of developments. Insurance companies are our investors and we look forward to welcoming more of them into our InsureTech Fund," said McLoughlin [Kevin]. "Brian and I designed the Fund with their strategic goals in mind. Our ambition is to become the preeminent venture capital firm for InsureTech entrepreneurs globally.”
Brian added: “We have three great anchor investors. We aim to take the Fund to $150 million in the course of the next 12 months as other insurance companies join us. We’re creating a highly attractive ecosystem for entrepreneurs.”
If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Cat bond issuance volume drops in H1
Blockchain-based Black Insurance attracts investment from Fineqia
Anbang puts Belgian insurer up for sale
Chubb joins blockchain startup BiTA in digital push
Endeavour appoints Howden exec as new CEO
Sharp rise in claims for merger-objection litigation
XL Catlin bolsters multinational casualty insurance team
Insurers face in excess of $3bn claims from June storms
AXA acquires run-off portfolio of German insurer Gothaer
Allied Insurance Brokers names new president