A group of financial heavy hitters are backing a new firm that will sell insurance to small businesses and middle-income individuals. Insphere Insurance Solutions will be 80 percent owned by Blackstone, Goldman Sachs and Credit Suisse, sales agents will own about 12 to 15 percent, and management will own the rest, reports Bloomberg.

The article notes that top Wall Street firms are investing in companies that can rake in fees on insurance policies without the investment liability. The new firm will formally launch in January. This is certainly a sign that Goldman Sachs is back to making some savvy principal investments. Obviously, the path to a profitable exit is long and arduous, but you have to wonder what the pipeline looks like. 

For more:
- here's the Bloomberg article

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