Bain Capital raises $1.15 billion for insurance investments

Based on a report by Reuters, Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry.

The fund exceeded its initial $750 million target through backing from high-net-worth individuals, institutional investors and family offices. It will be deployed through Bain Capital Insurance, a dedicated investment arm the firm launched in 2021.

Focused on North America and Europe, the fund will be used to launch new insurance platforms, as well as help carve businesses out of existing companies to develop on a standalone basis.

“Our approach to insurance is to avoid the crowd, and we have a big enough team with the expertise to drill down where the herd has not gathered and find opportunities where we can really grow and add value.” – Matt Popoli, global head of Bain Capital Insurance .

Popoli said the fund will also invest in niche insurance brokers, which can be acquired for cheaper valuations than large rivals.