July 19 (Reuters) - Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, a senior executive told Reuters. The fund exceeded its initial $750 million target through backing from high-net-worth individuals, institutional investors and family offices. It will be deployed through Bain Capital Insurance, a dedicated investment arm the firm launched in 2021. Matt Popoli, global head of Bain Capital Insurance, told Reuters that the new capital pool, Bain Capital Insurance Fund, would give his 20-strong team the ammunition to back middle-market insurance firms overlooked by others. Popoli said the fund will also invest in niche insurance brokers, which can be acquired for cheaper valuations than large rivals.

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Persons: Matt Popoli, Popoli, Bain, David French, Rashmi Organizations: Bain Capital, Reuters, Bain Capital Insurance, Bain Capital Insurance Fund, Marsh & McLennan Companies, Thomson Locations: North America, Europe, Mercer, Marsh, New York