Altamont Capital Partners provides growth capital to Fleming Re

Altamont Capital Partners announced that the firm has acquired a majority stake and made a $150 million growth capital commitment to Fleming Re . The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies.

Fleming is a P&C insurance capital solutions provider with a current focus on run-off and legacy reserve transactions. The company, run by Eric Haller, was founded by Fleming Corp, a private equity fund based in Greenwich, CT. Haller is a seasoned industry executive with experience working at XL, Athene, R&Q, and Safe Harbor Re. Fleming brings a unique level of sophistication and creativity to its specific market segment, focusing on smaller or more complicated transactions that are not typically the priority of legacy insurers.

“This investment will help accelerate Fleming’s growth with a focus on innovation in the secondary market for insurance liabilities. Altamont’s experience and expertise in the financial services and insurance industries make them a great partner for our long-term growth.” – Stephen Minor, Founder, and CEO of Fleming.

“Our partnership with Fleming is the first step in a long-term plan to become a best-in-class capital solutions provider to the P&C industry. There is a tremendous amount of value we can add through taking a sophisticated and tailored approach to insurance capital management, and we look forward to rolling our solutions out to the market.” – Altamont Managing Director Sam Gaynor.

Joe Zuk, an Operating Partner with Altamont, added, “Across prospective and retrospective strategies, as well as insurance-linked investment solutions, we plan to further establish Fleming as specialists in helping clients find innovative ways to grow their returns on equity.”

“We are proud to partner with Fleming and build on our record of success in backing proven teams who understand specific financial services markets and know how to deliver much-needed products to an underserved customer base,” said Altamont Managing Director Keoni Schwartz. “As in similar investments, we anticipate realizing a number of mutually-beneficial opportunities for partnership with our other portfolio companies.”