By Steven Scheer

JERUSALEM (Reuters) -Jerusalem Venture Partners (JVP) is stepping up its investment in Israeli AI-focused insurance firm Earnix via a new vehicle it is setting up with global alternative asset manager TPG, it said on Monday.

TPG unit TPG GP Solutions is leading a $290 million investment in the new vehicle and will hold a 30% stake in it. Part of the vehicle’s investment will go to Earnix.

JVP, an early investor in Earnix, will retain its 54% stake in the insurer, whose AI platform has been adopted by more than 100 large insurance firms including AXA, Banco Santander, Munich Re and Toyota Financial Services. Most of its business is in Europe but the U.S. has grown fast and comprises some 40% of its revenue.

TPG GP will not be a direct investor in Earnix.

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