Our Portfolio

Nine transactions representing $993m of capital commitments funded from our balance sheet with participation from our growing network of co-investors

Case Studies

Payout Annuities

Type of Deal
$89m holdco loan

Investment Date
2021

Headquarters
United States

​Texas regulated ‘pure-play’ structured settlement annuity writer launched in 2018, backed by a mid-market financial sponsor, which provides an income for life to accident victims.

Focus on experience of management (who are all well connected and long standing in the sector) to create a specialist insurer providing a more customer centric approach and higher quality service levels.

Variable Annuities & Life Insurance​

Type of Deal
$240m holdco pref

Investment Date
2021

Headquarters
United States

The business is a 110 year old US life insurance business offering a broad range of insurance products, with a $40bn balance sheet concentrated on variable annuities and whole of life annuities.

Sponsored by an investment platform with the specific purpose of acquiring mutual insurance companies through the process of demutualization.

Final Expense and Pre-Need

Type of Deal
$45m holdco pref

Investment Date
2022

Headquarters
United States

New York domiciled Final Expense and Pre-Need insurer founded in 1882, in the process of being demutualized (and to be subsequently restructured and recapitalized).

Sponsored by an investment platform formed in 2019 with the specific purpose of acquiring mutual insurance companies through the process of demutualization.

Acquired at a significant discount to fair value.

Medical Professional Liability

Type of Deal
$40m holdco loan

Investment Date
2022

Headquarters
United States

Top-30 US medical professional liability insurance group established in 2003.

The company had been seeking an AM Best A- rating, which would allow the company to transact with a wider range of clients who required an AM Best-rated counterparty.

To obtain the rating, the company needed additional capital and a legacy solution for its old book of business.

Non-Life Run-Off

Type of Deal
$50m tier 2 debt

Investment Date
2022

Headquarters
Bermuda

Leading global legacy acquirer with over 30 years of experience in the acquisition and management of (re)insurance companies and portfolios in run-off.

Post-acquisition, the new sponsors are seeking to optimize the company’s capital stack and secure capital to support further transactions going forward.

Term Life Distribution

Type of Deal
$23m senior secured

Investment Date
2022

Headquarters
United Kingdom

UK non-advised, direct-to-consumer distributor of protection insurance products; term life, critical illness and whole of life.

Operating historically as a broker and looking to transition to an MGA-style structure, launching a white-label product to capture a larger share of policy premiums.

Deferred Annuities

Type of Deal
$235m holdco pref

Investment Date
2022

Headquarters
United States

The group is an insurance-focused group led by former Guggenheim partners.

The group includes an A- AM Best rated Bermuda-based reinsurer and a US based annuity writer.

Deferred Annuities

Type of Deal
$50m holdco loan

Investment Date
2024

Headquarters
United States

The group owns multiple underlying carriers and provides comprehensive administration and servicing to its subsidiary carriers as well as third party carriers.

The capital provides liquidity to support working capital requirements and new business strain across the group.

Deferred Annuities

Type of Deal
$220m holdco pref (upsized to $445m)

Investment Date
2024

Headquarters
United States

The group is an insurance-focused group led by former Guggenheim partners.

The group includes an A- AM Best rated Bermuda-based reinsurer and a US based annuity writer.