The financing is expected to accelerate ERS’ growth strategy and expansion into specialty re/insurance business lines, allowing it to take advantage of attractive market opportunities.
In addition to the specialty business written out of Lloyd’s Syndicates 218 and 1856, ERS plans to launch a Bermuda-based specialty re/insurance vehicle and an ILS manager over the coming months.
“Over the past months, we have been able to add Syndicate 1856 to the portfolio and attract some of the leading talent in the industry to drive growth,” said Peter Bilsby, Chief Executive Officer of ERS.
“This capital raise will provide further support for our transition into a specialty (re)insurer, driven by an experienced management team, strong underwriting talent and the deployment of technology to enhance the client and broker experience. We look forward to working with Abry and continuing our partnership with Aquiline”.
Brent Stone, Partner at Abry, also commented: “We have been very impressed with the ERS team and believe it is set to take advantage of the highly attractive market outlook.”
“This is a unique opportunity to support a great company in its next chapter of growth and development and we are excited to make ERS our first investment at the world’s leading insurance market, Lloyd’s,” Stone added. “We are equally as excited to be partnering with Aquiline, one of the pre-eminent investors in the insurance sector.”
Jeff Greenberg, Chairman and Chief Executive Officer at Aquiline, further stated: “Aquiline, Abry and management share a clear vision for the future of the company. We are excited to partner with Abry and to support ERS in its growth and initiatives in this next chapter.”
TigerRisk Capital Markets & Advisory and Deloitte Corporate Finance are acting as exclusive financial advisors to ERS and Abry respectively on the capital raise. Norton Rose Fulbright and Kirkland & Ellis are acting as legal advisors to ERS and Abry, respectively.
Source: Reinsurance News
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