Bain Capital raises $1.15 billion for its first insurance investment fund

Bain Capital's insurance investment fund surpassed its original $750 million target with support from high net worth individuals, institutional investors and family offices. It will be rolled out through Bain Capital Insurance, a dedicated investment arm that the firm launched in 2021.

The new fund highlights the growing role of private equity in the insurance sector.

Matt Popoli, global head of Bain Capital Insurance, told Reuters that the new capital pool, the Bain Capital Insurance Fund, will give his team of 20 the ability to support midsize insurance companies that others overlook.

The fund, focused on North America and Europe, will be used to launch new insurance platforms, as well as help create businesses from existing companies for self-development.

Popoli said the fund will also invest in niche insurance brokers that can be purchased at a lower price than big competitors.