Ariel Re, a global reinsurance business with offices in Bermuda, London and Hong Kong, has raised $270m.
The capital came from five new institutional and family office investors.
Ariel Re is backed by Pelican Ventures and JC Flowers & Co and underwrites five focused lines of business – property catastrophe, cyber, marine and specialty, professional lines and clean energy – through its Lloyd’s platform, Syndicate 1910.
In addition to the new investors’ capital, Pelican Ventures and JC Flowers have meaningfully increased their underwriting capital commitments to support Ariel Re’s growth.
Ryan Mather, chief executive officer at Ariel Re, said, “Given our proven expertise in lines of business undergoing significant change, such as property catastrophe and cyber, Ariel Re is well-positioned to help investors access what we believe to be very attractive underwriting opportunities.
“While many carriers are pulling out of these risks, we are able to grow backed by investors who understand the nuances of a cyclical reinsurance market. We are delighted that part of our new funding is the first successful example of investors coming to Lloyd’s via the innovative LB2 structure; it was more efficient than ever to deploy meaningful capacity in Syndicate 1910.”
Burkhard Keese, chief financial officer and chief operating officer, Lloyd’s of London, added, “I’m delighted that Ariel Re chose the LB2 structure to facilitate delivery of this new capital into the Lloyd’s market, a key deliverable of the Future at Lloyd’s strategy. We set the London Bridge PCC vehicle up to be as flexible and responsive as possible and with oversight of the UK’s PRA, we now believe we have an onshore UK structure that can rival any of the established offshore vehicles in other jurisdictions. We hope that Ariel Re will be the first of many to use LB2.”
Earlier this year, hyperexponential (hx), a SaaS pricing platform for insurers, partnered with Supercede to combine SaaS platforms to enable rapid reinsurance dealmaking.
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