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The tech firm is building a joint stock company with insurers and investors. -
Scott Cobon's most recent title was MD, insurance management services.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The vehicle will be capitalised by an asset manager with more than $100bn in AuM.
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The trend for private credit in alternative asset management is “set to continue”.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The Japanese carrier faces integration challenges to make a success of the deal.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The purchase brings Sompo an established ILS platform as part of the deal.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
