Vantage Group Raises Additional Capital, Acquires U.S. Admitted Carrier

Bermuda-based re/insurer Vantage Group Holdings Ltd. announced that funds managed by Carlyle and Hellman & Freidman have committed up to an additional $200 million of capital to fund the continuing growth of Vantage, with the majority of the proceeds intended to take advantage of opportunities in its U.S. insurance platform.

Vantage also announced it closed on the purchase of a Kansas-domiciled admitted lines carrier, Vantage Risk Assurance Co. (formerly known as Heritage Casualty Insurance Co.), from Union Fidelity Life Insurance Co. (UFLIC).

Vantage offers a wide array of specialty re/insurance products covering global risks through its operating subsidiaries, including niche property and casualty classes.

“We are pleased to have closed on the purchase of Vantage Risk Assurance Co. Work is ongoing to complete the necessary filings to enable Vantage to offer admitted products later this year,” according to Vantage CEO Greg Hendrick.

“We are thrilled that our two majority shareholders have affirmed their commitment and belief in Vantage with their additional capital investment,” added Hendrick.

Furthermore, our acquisition of an admitted lines carrier serves to complete the build-out of our insurance platform. We will have capabilities to assume risk on U.S. admitted and non-admitted paper, as well as in our Bermuda entity,” he said.

“We are also pleased to be entering our second full year of reinsurance underwriting in Bermuda, having successfully launched that business in 2021. We look forward to continuing to expand the ways we are helping our clients and brokers solve their most pressing re/insurance challenges with this complete platform in place.”

Vantage operating subsidiaries Vantage Risk Ltd. and Vantage Risk Specialty Insurance Company are rated “A-” (Excellent) by AM Best. Carlyle and Hellman & Friedman, global investment firms with deep experience in the re/insurance industry, are lead investors in Vantage.

Source: Vantage Group Holdings Ltd.

Topics Mergers & Acquisitions USA Reinsurance