In June 2023, Bain Capital Insurance, the dedicated insurance investing business of Bain Capital, announced the close of its inaugural fund with $1.15bn in commitments, which was significantly oversubscribed.

The team of 25 professionals was quick to put that capital to work, making five new global investments across a number of novel transactions that demonstrated the team's ability to create value throughout the insurance industry.

Bain Capital Insurance focuses on three deal types, many of which are bespoke and require specific networks and skillsets to source and implement: corporate transformations, platform builds and inflection capital.

Among the highlights of the year were the creation the Mutual Group and the launch of Aptia.

Mutual Group is a member-based insurance services platform that provides a full suite of solutions designed to improve the operational efficiency and scalability of mutual insurance carriers, which was launched following Bain Capital Insurance's acquisition of the operational assets of GuideOne, a niche P&C mutual company.

Aptia launched in January 2024 and was created through the purchase of the US employee benefits administration and UK pension administration businesses of Marsh McLennan. At launch, Aptia managed programmes covering five million people and serving more than 1,100 clients, catering to both B2B purchasers of the administration platform and B2C employees.