Global private equity deal values in insurance underwriter companies rose sequentially in the second quarter, but the industry total for the first half of 2023 remained shy of the $1 billion mark.

From Jan. 1 to July 13, private equity and venture capital firms announced $830 million of investments across 24 transactions in the sector worldwide, according to S&P Global Market Intelligence data.

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During the second quarter, insurance underwriters pulled in $530 million across 13 deals. The aggregate transaction value in the second quarter was down 41.1% from the same period last year, which saw 23 deals worth $900 million.

The second-quarter total saw a marked improvement from the previous quarter and grew 96.3% sequentially.

The US and Canada had the most transactions in the year to July 13, with 14 deals worth an aggregate of $638.2 million, followed by Europe with 4 transactions totaling $173.6 million.

Top transactions

In the largest private equity investment in the sector year to date, Ares Management Corp. and Edwards Capital LLC participated in the $250 million funding round for program manager and wholesale broker SageSure Insurance Managers LLC.

Braemont Capital Management LLC's investment in a $125 million round of funding for Incline Insurance Group LLC, which offers risk management, underwriting and reinsurance by partnering, marks the second-largest deal thus far in 2023.