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Bailey McCann, Opalesque New York: Bermuda-based Armour, a property and casualty insurance group, has raised up to $500 million in equity commitments to launch its own reinsurance business. The fundraise was completed in partnership with an investor group led by Aquiline Capital Partners, a New York-based private equity firm investing in financial services and financial technology.
The new reinsurance company - Armour Group Ltd will invest in global P&C run-off transactions. The investment will also provide growth capital for the Armour team and platform to execute on the expanding run-off market opportunity.
As part of the transaction, the former Armour holding company will rename itself Trebuchet Holdings and transfer the Armour brand name to the new group. Trebuchet Holdings will also contribute its existing P&C run-off platform to the newly established holding company, including the firm's claims management operation - Armor Risk. ILS Investment Management, Armor's insurance linked securities business, will also be transferred, pending regulatory approval.
Armour Group will serve as a permanent capital vehicle for Aquiline Capital Partners.
Regulatory filings show that Validus Reinsurance was also a co-investor in the deal, committing just over $40 million.
Armor has a history of investing in legacy property and casualty insurance run-off opportunities and also has expertise in the insurance linked securities market. In a statement, Armour Fo...................... To view our full article Click here
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