Our Portfolio
7 loans totaling $730m of insurance exposure underwritten and executed or syndicated
7 loans totaling $730m of insurance exposure underwritten and executed or syndicated
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.