Reinsurance firm Vantage announces launch
Bermuda-based Vantage Risk Companies and its wholly-owned reinsurance subsidiary Vantage Risk are now live. The new entity is led by CEO Greg Hendrick, a thirty-year industry veteran and former CEO of AXA XL. Forty-year industry veteran Dinos Iordanou, retired President and CEO of Arch Capital Group, is serving as Non-Executive Chairman.
Vantage Risk provides property catastrophe reinsurance (covering predominantly North America, Europe, Japan and Australia) as well as specialty reinsurance across property and casualty classes including marine, energy, aviation, crop, workers’ compensation, property per-risk and mortgage. In 2021, Vantage intends to launch insurance products in both the Bermuda and North American markets.
The Carlyle Group and Hellman & Friedman (H&F), together with management, have invested $1 billion of equity capital in Vantage with the potential to increase their investment as growth opportunities arise.
“2020 has reinforced the riskier nature of our world and the re/insurance markets. Risk changes constantly, and we in the insurance industry must demonstrate our ability to evolve with it, to offer clients coverage that meets their current challenges. To do that, we brought together some of the brightest, most experienced minds in re/insurance to approach the new world of risk in a fresh way — with curiosity at its core and creativity as its engine. At Vantage, we will address the risks others avoid with smart technology and robust analytics.” – CEO Greg Hendrick.
“We knew it was time — time to offer the property & casualty market new insights into the evolving and increasingly complex and very demanding global risk environment. Our team at Vantage has the talent, the knowledge, the expertise and the vision to apply all the tools at our disposal to move the insurance industry into the 21st century.” – Non-Executive Chairman Dinos Iordanou.
Carlyle’s equity capital for the investment comes from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the US, and Carlyle Global Financial Services Partners III, L.P., a financial services buyout fund. H&F has deployed capital from Hellman & Friedman Capital Partners IX, a fund with $16.5 billion of committed capital targeting investments in select sectors across North America and Europe.
