Altamont buys majority share in Fleming Holdings

Altamont Capital Partners has acquired a majority stake and made a $150 million “growth capital commitment” to Fleming Holdings, which is a P&C insurance capital solutions business that includes a Bermuda-based class 3A reinsurance company.

Altamont - a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management - said the partnership will allow Fleming to grow into an “all-encompassing” capital solutions provider to P&C insurance companies.

Fleming, which has a current focus on run-off and legacy reserve transactions, founded by Fleming Corp, a private equity fund based in Greenwich, Connecticut. It is run by Eric Haller, who has experience working at XL, Athene, R&Q, and Safe Harbor Re.

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

Altamont Managing Director Sam Gaynor added: “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.”