Ariel Re, the Bermuda-based reinsurer, together with Berkshire Hathaway Inc.’s wholly-owned subsidiary, National Indemnity Co. (NICO), announced a further strategic alignment between the two companies.
In separate transactions, NICO has invested in new Ariel Re Convertible Notes and has extended its underwriting commitment to Ariel Re’s Syndicate 1910 through a multi-year quota share agreement.
This expanded strategic alignment will enhance Ariel Re’s ability to provide its clients and distribution partners with innovative and consistent reinsurance solutions, Ariel Re said in a statement.
“This long-term strategic partnership with the Berkshire Hathaway Reinsurance Division will add tremendous value to Ariel Re and our ability to continue investing, innovating and enhancing our client product solutions and services,” said Jim Stanard, chairman of Ariel Re. “We plan for Berkshire Hathaway to be our long-term, cornerstone strategic partner as we build and expand Ariel Re’s underwriting capacity with other high-quality, long-term partners.”
“We are extremely pleased to have a partner of Berkshire Hathaway’s caliber and reinsurance insight endorse the Ariel Re team,” 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 have welcomed the opportunity to work with the Berkshire Hathaway Reinsurance Division team over this past year as a key partner and capital provider,” said Ryan Mather, Ariel Re’s chief executive officer. “Their insights on global macro trends and creative solutions have been very valuable to us and we look forward to working with them for years to come.”
About Ariel Re:
Originally founded in 2005, Ariel Re offers a broad range of insurance and reinsurance solutions and services through offices in Bermuda, London and Hong Kong. Ariel Re operates principally through Syndicate 1910 in London and also offers access to Lloyd’s Europe via Syndicate 5336.
Source: Ariel Re
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