What's happening
Two fresh rounds stand out: Luzern Risk closed a $45 million Series B and Angle Health's backing has pushed its valuation to $2.7 billion, even as a new funding report shows insurtech's overall share of fintech investment sliding as AI infrastructure and payments soak up a growing portion of venture dollars. On the corporate side, insurers and brokers kept making structural moves - Canopius stood up a dedicated analytics function, Acorn brought household cover onto a new policy platform, and Baldwin Insurance Group agreed to go private.
Why it matters
The funding data suggests insurtech is now competing harder for capital against AI-focused fintech plays, which could make later-stage rounds tougher to close even as marquee names like Angle Health keep climbing in value. Watch whether more brokers and carriers follow Baldwin toward private ownership, and whether analytics and platform investments like Canopius's and Acorn's start showing up as a competitive edge in the next earnings cycle.