Fleming Insurance Holdings (“Fleming”), an innovative provider of capital solutions to P&C insurers globally, today announced that it has entered into an agreement to acquire JRG Reinsurance Company Ltd.
Fleming Insurance Holdings and Altamont Capital Partners expect cedents to embrace their flexible, proprietary Planned Loss Portfolio Transfer (LPT) solution as it looks to capitalise on the big opportunity that is the casualty insurance-linked securities (ILS) market.
Fleming Insurance Holding has hired Samir Khare to head up its nascent casualty ILS platform buildout as a part of a $150 million capital infusion by Altamont Capital and Fleming Corp.
PALO ALTO, Calif., May 16, 2022 /PRNewswire/ — Altamont Capital Partners today announced that the firm has acquired a majority stake and made a $150M growth capital commitment to Fleming Holdings (“Fleming”). The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies.
Altamont Capital Partners has bought a majority stake in Fleming Holdings and committed $150mn of capital to the platform as it looks to grow with an expanded suite of legacy and prospective capital solutions aimed at middle market P&C carriers, The Insurer can reveal.
Fleming Re Holdings LLC (“Fleming Re”) signed an agreement to acquire, subject to regulatory approval, Sinclair Insurance Company (“Sinclair”). Sinclair was utilized to provide reinsurance to the primary insurers of certain casualty risks of affiliated companies. The acquisition provides the Shareholders of Sinclair with an exit solution allowing full legal finality, elimination of operating expenses, and a release of capital. Sinclair is a Bermuda domiciled captive insurance company that was incorporated in 1985 and has provided Workers’ Compensation, General & Products Liability and Commercial Auto line of business. Working closely with the TPAs and front companies, Fleming Re will continue to provide the same quality care and coverage. Fleming Re CEO, Eric Haller, stated, “This transaction involves a captive with more complexity as the program historically underwent several commutations and novations. Fleming Re was able to achieve the client’s goals with a transaction that was mutually beneficial. It was a pleasure working alongside AON, who managed Sinclair, to bring about the successful close of this transaction.” Eric also stated, “Fleming Re has a robust pipeline and several transactions that will be closing in the coming months”. Ciaran McCabe, Vice President Aon Insurance Managers (Bermuda) Ltd, commented, “There is a vibrant legacy/run-off market in Bermuda and we have developed a comprehensive suite of finality solutions for our clients. In this instance, we worked extensively with our client, in collaboration with Fleming Re, to deliver a captive sale solution that provided legal finality and enabled the return of excess capital to its