Bermuda-based re/insurer Vantage Group Holdings Ltd. introduced that funds managed by Carlyle and Hellman & Freidman have dedicated as much as a further $200 million of capital to fund the persevering with development of Vantage, with nearly all of the proceeds supposed to benefit from alternatives in its U.S. insurance coverage platform.
Vantage additionally introduced it closed on the acquisition of an admitted strains provider, Vantage Threat Assurance Co. (previously often called Heritage Casualty Insurance coverage Co.), from Union Constancy Life Insurance coverage Co. (UFLIC).
Vantage affords a wide selection of specialty re/insurance coverage merchandise protecting international dangers by its working subsidiaries, together with area of interest property and casualty lessons.
“We’re happy to have closed on the acquisition of Vantage Threat Assurance Co. Work is ongoing to finish the mandatory filings to allow Vantage to supply admitted merchandise later this yr,” in response to Vantage CEO Greg Hendrick.
“We’re thrilled that our two majority shareholders have affirmed their dedication and perception in Vantage with their extra capital funding,” added Hendrick.
Moreover, our acquisition of an admitted strains provider serves to finish the build-out of our insurance coverage platform. We may have capabilities to imagine danger on U.S. admitted and non-admitted paper, in addition to in our Bermuda entity,” he stated.
“We’re additionally happy to be getting into our second full yr of reinsurance underwriting in Bermuda, having efficiently launched that enterprise in 2021. We sit up for persevering with to increase the methods we’re serving to our purchasers and brokers clear up their most urgent re/insurance coverage challenges with this entire platform in place.”
Vantage working subsidiaries Vantage Threat Ltd. and Vantage Threat Specialty Insurance coverage Firm are rated “A-” (Wonderful) by AM Greatest. Carlyle and Hellman & Friedman, international funding companies with deep expertise within the re/insurance coverage trade, are lead traders in Vantage.
Supply: Vantage Group Holdings Ltd.
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