Carlyle And H&F Commit Additional Capital
Vantage Group Holdings announced today 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 US insurance platform.”
A spokesperson said, “Vantage is also pleased to announce it closed on the purchase of an admitted lines carrier, Vantage Risk Assurance Company [formerly known as Heritage Casualty Insurance Company], from Union Fidelity Life Insurance Company [UFLIC]. Vantage offers a wide array of specialty re/insurance products covering global risks through its operating subsidiaries, including niche property and casualty classes.”
Vantage CEO Greg Hendrick confirmed, “We are pleased to have closed on the purchase of Vantage Risk Assurance Company. Work is ongoing to complete the necessary filings to enable Vantage to offer admitted products later this year.”
Commenting on the capital raise and admitted carrier acquisition, Mr. Hendrick added, “We are thrilled that our two majority shareholders have affirmed their commitment and belief in Vantage with their additional capital investment.
“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 US admitted and non-admitted paper, as well as in our Bermuda entity.
“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.”
