What's happening
Capital is moving in several directions at once. A reported $2.4 billion sale of DXC's insurance software unit is in advanced talks, and a collapsed Oaktree deal for a health insurer has already spawned new negotiations. Funding is landing too: Stand raised a $70 million Series C at a $1 billion valuation, Alice in Brazil raised $40 million for AI-powered health insurance, and smaller rounds like Delegance's $3.1 million are going to brokers rethinking commissions. Meanwhile new products are targeting very physical risks, from pay-as-you-go workers' compensation to cover for data centers facing local backlash and construction moratoriums.
Why it matters
When core insurance software changes hands, carriers that run on it may face new owners, pricing and roadmaps, so watch who the buyer is. Unicorn-level valuations show investors will still pay up for specialists, while insurers are being asked to prove what their tech spending returns beyond saved time. Also watch whether the French supermarket cyber dispute over uncovered food losses becomes the next test of what cyber policies really promise.'