Ariel Re, the Bermuda-based reinsurer, along with Berkshire Hathaway Inc.’s wholly-owned subsidiary, Nationwide Indemnity Co. (NICO), introduced an additional strategic alignment between the 2 firms.
In separate transactions, NICO has invested in new Ariel Re Convertible Notes and has prolonged its underwriting dedication to Ariel Re’s Syndicate 1910 by means of a multi-year quota share settlement.
This expanded strategic alignment will improve Ariel Re’s potential to offer its shoppers and distribution companions with progressive and constant reinsurance options, Ariel Re mentioned in a press release.
“This long-term strategic partnership with the Berkshire Hathaway Reinsurance Division will add super worth to Ariel Re and our potential to proceed investing, innovating and enhancing our shopper product options and providers,” mentioned Jim Stanard, chairman of Ariel Re. “We plan for Berkshire Hathaway to be our long-term, cornerstone strategic accomplice as we construct and broaden Ariel Re’s underwriting capability with different high-quality, long-term companions.”
“We’re extraordinarily happy to have a accomplice of Berkshire Hathaway’s caliber and reinsurance perception endorse the Ariel Re crew,” commented Eric Rahe, managing director and co-president of J.C. Flowers & Co. (Ariel Re was acquired by Pelican Ventures and J.C. Flowers in November 2020.)
“We’ve got welcomed the chance to work with the Berkshire Hathaway Reinsurance Division crew over this previous yr as a key accomplice and capital supplier,” mentioned Ryan Mather, Ariel Re’s chief government officer. “Their insights on world macro developments and inventive options have been very worthwhile to us and we stay up for working with them for years to come back.”
About Ariel Re:
Initially based in 2005, Ariel Re provides a broad vary of insurance coverage and reinsurance options and providers by means of workplaces in Bermuda, London and Hong Kong. Ariel Re operates principally by means of Syndicate 1910 in London and in addition provides entry to Lloyd’s Europe through Syndicate 5336.
Supply: Ariel Re
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