What's happening
Deal activity stands out in this batch, led by Porch Group's $200M purchase of Allied Trust, a deal reported by three outlets, and by Novacore's move on Diesel Insurance Solutions. Alongside the acquisitions, new money is flowing to AI built for brokers: Bind AI launched with $10 million, aiming to work inside the inbox where brokers already spend their day. Carriers and advisers are also signing up technology partners, from claims software at Siriuspoint to an EY alliance with INSTANDA on core systems, and Manulife says its enterprise AI platform targets $1 billion in value by 2027.
Why it matters
Buyers appear to be paying for established insurance operations while venture money backs smaller tools that slot into existing workflows, rather than replacing them. Watch whether the AI platforms carriers are now committing to show up in expense ratios and results, and whether more acquirers follow Porch in buying carriers rather than building them. A reported $21bn in US cybercrime losses and a persistent small-business coverage gap point to an opening that this new tooling has yet to address.