Gabriella Ben-Hutta
Editor at Coverager
ERS Insurance

ERS Insurance raises $350 million

UK-based motor insurer ERS Insurance secured a $350 million capital raise led by Abry Partners with Aquiline as a participant.

The financing will support ERS’ expansion into specialty (re)insurance business lines. In addition to the specialty business written out of Lloyd’s Syndicates 218 and 1856, ERS will launch a Bermuda-based specialty (re)insurance vehicle and an ILS manager over the coming months, both subject to Bermuda Monetary Authority approval. ERS’ senior management team will be complemented by Kevin Kelley, who will be joining as non-Executive Chairman.

“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. 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.” – Peter Bilsby, CEO of ERS.

“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. We are equally as excited to be partnering with Aquiline, one of the pre-eminent investors in the insurance sector.” – Brent Stone, Partner at Abry.

“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.” – Jeff Greenberg, Chairman and CEO at Aquiline.

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.