UniVista Insurance Receives Major Investment from GRAM ABF at $700M Valuation

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UniVista Insurance Receives Major Investment from GRAM ABF at $700M Valuation

Entities linked to GRAM’s Americas Buyout Fund (GRAM ABF), the private equity division of Grupo Romero Asset Management (GRAM), have made a majority investment in Miami-based UniVista Insurance, valuing the company at over $700 million. The investment aims to accelerate UniVista's growth in core products and facilitate its expansion into new product lines.

The company also plans to scale its presence across the U.S. through increased corporate store and franchise development.

Founded in 2009, UniVista offers insurance products including auto, home, commercial, life, and health, primarily serving Hispanic communities in Florida and Texas. The company employs over 400 people and operates more than 200 franchised stores, 15 corporate stores, and a managing general agent under the Loyalty Underwriter brand.

UniVista will continue to be led by founder and CEO Iván Herrera and its current management team. Herrera remarked, “GRAM ABF’s investment is a testament to the unique business we have built. Our dedication to serving Hispanic communities aligns seamlessly with GRAM ABF’s mission to invest in the Hispanic market.”

Eduardo Ramos, managing partner at GRAM ABF, said, “As our first investment since launching GRAM ABF less than a year ago, we are thrilled to partner with UniVista's founders and management team.”

In 2021, private equity firm Avance Investment Management made a significant investment in UniVista. Reflecting on their involvement, Avance managing partner Luis Zaldivar said, “Since our investment three and a half years ago, UniVista has seen remarkable growth, nearly tripling in size by expanding its customer base, introducing new products and services, and entering new markets like Texas.”

Piper Sandler & Co. provided financial advisory services, while Greenberg Traurig offered legal counsel to Avance and UniVista for the transaction. GRAM ABF received financial advisory support from William Blair & Company and legal advice from Akerman, with additional assistance from Debevoise & Plimpton and McDermott Will & Emery. The transaction was financed by Everberg Capital, with support from Crestline Investors and 26North Partners.

Pension Insurance Corporation Announces Leadership Additions

Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has announced the appointment of Martin Pike as an Independent Non-Executive Director to its Board. In addition, Tracey Graham has joined the Boards of both PIC and its parent company, Pension Insurance Corporation Group Limited (PICG), as an Independent Non-Executive Director.

Effective January 1, 2025, Pike will serve on PIC’s Audit, Investment and Origination, and Risk committees, while Graham will assume the role of Senior Independent Director at PIC, pending regulatory approval. Graham will also join the Audit, Customer, and Nomination committees.

David Weymouth, Chairman of PIC, stated, “I am delighted to welcome Tracey and Martin to our Boards. They bring extensive commercial and operational expertise, as well as significant experience serving as NEDs across various sectors, including financial services.”

Graham is an experienced Senior Independent Director and Remuneration Committee Chair. She currently serves in these capacities at Nationwide Building Society and Close Brothers plc. Her previous roles include CEO of Talaris Limited and senior positions at De La Rue plc, HSBC, and AXA Insurance. She has also served as a Senior Independent Director at DiscoverIE plc and Ibstock plc, as well as a Non-Executive Director and Remuneration Committee Chair at Royal London Mutual Insurance Society and Dialight plc.

Additionally, Graham has chaired the LINK Consumer Council and served as a Non-Executive Director for the LINK Scheme until December 2024. Commenting on her new role, Graham said, “I look forward to working with David and the team to execute the Group’s strategy and ensure value creation for all stakeholders.”

Pike is the Chairman and co-founder of Greencore Homes Ltd, a net-zero carbon and low-energy residential construction company that has grown successfully with external investment. He brings over 30 years of experience in financial services and insurance, having worked as an actuary, risk consultant, and strategist.

His previous leadership roles include Chair of the Risk & Capital Committee at Abrdn plc, where he also served on the Remuneration, Audit, and Nomination and Governance Committees. Pike has held similar roles at Esure Group plc, Faraday Underwriting Limited, and AIG Life. Earlier in his career, he served as Managing Director of Risk Consulting and Software EMEA at Towers Watson following nearly three decades with the firm.

Pike commented, “PIC has a strong market position, and I look forward to contributing to its strategic goals within a robust risk framework, ensuring positive outcomes for policyholders and stakeholders.”

kWh Analytics Secures $500,000 to Advance Tax Credit Insurance for Renewable Energy

kWh Analytics, a leading provider of Climate Insurance solutions, has been awarded $500,000 through InnSure's Insurance Innovation Prize, supported by the New York State Energy Research and Development Authority (NYSERDA). The funding will be used to develop a tax credit insurance product tailored for small-scale distributed generation (DG) renewable energy projects, addressing a critical gap in renewable energy financing.

The upcoming insurance product will enable renewable energy projects under 20 MW to monetize transferable tax credits introduced by the Inflation Reduction Act (IRA). While the IRA made tax credits transferable to encourage distributed generation, traditional tax credit insurance solutions demand extensive and costly due diligence from highly specialized professionals, making it challenging for smaller projects to participate in the tax credit market.

Jason Kaminsky, CEO of kWh Analytics, stated, "The transition to clean energy requires innovative financial solutions that work for projects of all sizes. This funding allows us to leverage our data, insurance expertise, and technological capabilities to create new financing pathways for smaller renewable energy projects, accelerating the deployment of clean energy nationwide."

kWh Analytics will utilize its data-driven approach, incorporating AI-enabled underwriting assessments and its proprietary database of over 300,000 renewable energy projects, to simplify and standardize the due diligence process for tax credit insurance. With a history of attracting top-tier insurance capacity to renewable energy markets and deploying innovative products, kWh Analytics has established itself as a trusted partner in the renewable energy insurance space, with over $30 billion in assets insured to date.

The new tax credit insurance product is expected to launch within 18 months, supporting the expansion of distributed generation solar and battery storage projects in New York and across the United States.

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