Our Transactions
17 transactions representing $1.76bn of capital commitments funded from our balance sheet and our ever-growing network of co-investors and finance partners.
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.
De novo P&C Reinsurer
Type of Deal
$175m holdco pref
Investment Date
2025
Headquarters
Bermuda
Led a preferred share capital raise to support the launch of a new, Bermuda-domiciled, diversified P&C reinsurer led by a highly regarded management team.
E&S (Re)insurance Group
Type of Deal
$90m holdco loan (of $170m)
Investment Date
2025
Headquarters
Bermuda
A specialty (re)insurer operating through established Lloyd’s syndicates, led by an experienced management team.
The proceeds were used to support the obtainment of an AM Best A- rating for its Bermuda-domiciled reinsurer.
Specialty Fronting Carrier
Type of Deal
$44m surplus note (of $50m)
Investment Date
2025
Headquarters
United States
A property and casualty insurer offering a variety of insurance products, primarily through program administrators and managing general agents.
The proceeds will be used to support existing partners, add new partners and take on more underwriting risk on attractive programs.
Specialty Fronting Carrier
Type of Deal
$45m surplus note
Investment Date
2025
Headquarters
United States
Sole investor in a surplus note issuance by a premier specialty fronting carrier delivering innovative property & casualty insurance programs.
Diversified P&C Reinsurer
Type of Deal
$133m structured equity
Investment Date
2026
Headquarters
Hong Kong
A Hong Kong-based global reinsurer that provides life, health, property, casualty, and specialty reinsurance solutions across Asia-Pacific, Europe, the Middle East, and the Americas.
The proceeds will help strengthen its governance, capital base, and long-term growth prospects.
Workers' Comp Monoline
Type of Deal
$45m surplus note (of $70m)
Investment Date
2025
Headquarters
United States
A mutual insurer specializing in workers’ compensation insurance for small and mid-sized employers with a strong reputation for workplace safety, loss prevention, and claims management.
The proceeds were used to support an acquisition giving it access to new markets and making it the third-largest multi-state monoline workers’ compensation specialist in the United States.
Workers' Comp Insurer
Type of Deal
$30m surplus note+holdco note
Investment Date
2026
Headquarters
United States
A tech-enabled, private-equity backed workers’ compensation insurer and payroll-services platform focused on small and mid-sized employers.
The proceeds were used to refinance existing debt and fund growth while maintaining strong statutory capital ratios.
Reciprocal Exchange
Type of Deal
$200m surplus notes+AIF participation
Investment Date
2026
Headquarters
United States
Partnered with a technology-driven specialty insurance platform that provides underwriting capacity, data analytics, and risk-sharing infrastructure to selected MGAs and program administrators to launch a new strategically important reciprocal exchange and attorney-in-fact.