Messi’s $900M Legs: The Ultimate Risk Benchmark

Good morning, ! This week we’re covering the $6.6B sports injury insurance market, RegTech’s $2.3B funding comeback, and Ardonagh’s $2.5B equity raise fueling global growth. Plus, insights on InsurTech’s reset and oil’s surprising stability.

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DATA DIVE

The Injury Economy

3.2 million injuries. $6.6 billion in premiums. One Messi-sized policy. That’s the 2023 sports insurance market in numbers. With accidents making up 50% of all claims, and ages 5–64 accounting for 85% of all injuries, insurers are being drawn into everything from youth soccer leagues to collegiate NIL deals. But the real money’s at the top: Messi’s legs were once insured for nearly $900M—putting even IPO-ready medtech valuations to shame. The insurance angle? Risk is consistent, payout models are maturing, and underwriting is getting smarter. In sports, injuries are inevitable. Being undercovered? Optional.

Read the full report HERE.

TREND OF THE WEEK

RegTech: Bigger Rounds Are Back

RegTech is regaining momentum—and it's doing so with bigger checks. After a mid-2024 lull, Q1 2025 saw $2.3B in global funding, the highest in five quarters, with $1.2B coming from deals over $100M. That’s the first time large-ticket rounds outpaced smaller deals since early 2024.

From a Q3 2024 low of $1.2B, total investment nearly doubled, signaling a renewed appetite for scaling proven platforms rather than seeding early experiments. While deal count data isn’t shown here, the value trend suggests a shift from volume to conviction.

Why it matters: For insurers, banks, and compliance-heavy FIGs, this rebound indicates that RegTech isn’t just surviving—it’s consolidating. Expect more M&A, fewer players, and tighter alignment with enterprise risk workflows. Strategic buyers and PE firms should take note: the window for reasonably priced category leaders may be closing. (More)

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MARKET MOVERS

INSURTECH CORNER

InsurTech’s Hangover Phase

The 2021 InsurTech party was wild: $15.4B raised, half of it in P&C alone. Fast forward to 2024 and funding has sobered up to $4.2B, crawling through a correction with P&C ($1.9B) and Health ($1.3B) still leading. Life Insurance, ever the introvert, stays forgotten at $100M. What’s changed? Investors want less sizzle, more steak—operational efficiency, AI-driven automation, and real revenue. The sector’s no longer trying to “change insurance forever.” It’s just trying to survive the comedown with a viable business model. (More)

DEAL OF THE WEEK

Ardonagh Banks $2.5B to Fuel Global Insurance Spree

Ardonagh Group just closed a $2.5 billion equity round led by Stone Point Capital, giving the PE firm a significant stake and pushing Ardonagh’s valuation to $14 billion. Backers MDP, HPS, and ADIA remain on board, signaling continuity amid scale. The raise comes as Ardonagh leans hard into M&A and tech-enabled distribution, with recent milestones including a $1.5B merger with Markerstudy, the AU$2.3B PSC Insurance buy, and the launch of Ardonagh Intelligence, its in-house data play. With 68 acquisitions in 2024 alone, this raise isn’t just dry powder—it’s jet fuel. (More)

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MACROECONOMICS

Oil’s Panic Immunity

Despite missiles flying over the Middle East, Brent crude oil barely blinked. The price spike after the U.S. strike on Iranian nuclear sites fizzled fast—from $81.40 to $67.14. This isn’t apathy; it’s evolution. Today’s markets don’t panic—they parse data, track tankers via satellite, and shrug at regional drama. Why? Infrastructure investments (like Saudi Arabia’s Red Sea bypass) and shrinking OPEC clout (now just 33% of global supply) have turned once-catastrophic scenarios into background noise. Still, don’t get too comfortable: a return to $100 crude could kick central banks off their rate-cutting path. Inflation: still the boogeyman. (More)

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TWEET OF THE WEEK

"The biggest risk is not taking any risk. In a world that is changing quickly, the only strategy that is guaranteed to fail is not taking risks."

Mark Zuckerberg