Pillar Capital Announces New Strategic Partner
Pillar Capital Holdings Limited [formerly Juniperus Capital] a Bermuda-based insurance asset manager focused on collateralized reinsurance and catastrophe insurance-linked securities, confirmed today that Transatlantic Holdings, Inc. has become a strategic partner in Pillar.
TransRe joins Marsh & McLennan Companies, Aquiline Capital Partners LLC, and the Pillar management team as owners. In addition to acquiring a minority stake in the Company, TransRe has made a multiple-year commitment to invest in Pillar’s funds.
TransRe is a wholly-owned subsidiary of Alleghany Corporation. In addition to TransRe’s investment, Alleghany has also made a multiple-year commitment to invest in Pillar’s insurance-linked funds.
“The market demand for well-qualified independent third-party managers of property catastrophe risk from institutional investors continues to be high. After considering a variety of ways to participate in this trend, we chose to partner with Pillar,” said Michael Sapnar, Chief Executive Officer of TransRe. “We’ve known the Pillar team for some time and believe they are well-positioned to build a leading asset manager for insurance-linked investments.”
Joseph Brandon, Executive Vice President of Alleghany added, “We are very pleased that TransRe is working with Marsh & McLennan Companies, Aquiline and Pillar on this important strategic initiative. The collective experience, capabilities and resources of Pillar’s owners and managers will enable Pillar to achieve its full potential.”
“We are thrilled to welcome TransRe as a strategic partner and have great respect for the organization. We look forward to working with TransRe and our other partners as we develop first-class investment opportunities in the reinsurance space for our investors,” said Chris McKeown, Chief Executive Officer of Pillar.
