Vantage secures more capital as it completes on admitted lines carrier
Vantage Group Holdings has secured another $200 million of capital from funds managed by private equity firms Carlyle and Hellman & Friedman. The money will fund Vantage’s continuing growth, particularly in its US insurance platform, the company said.
The funding coincides with Vantage’s announcement that it has closed on the purchase of admitted lines carrier Vantage Risk Assurance Company (formerly Heritage Casualty Insurance Company). It bought the business from Union Fidelity Life Insurance Company.
“We are pleased to have closed on the purchase of Vantage Risk Assurance Company,” said Vantage CEO Greg Hendrick. “Work is ongoing to complete the necessary filings to enable Vantage to offer admitted products later this year.”
Vantage Group, which began writing reinsurance through its Bermuda carrier Vantage Risk at the start of 2021, now offers a wide array of specialty re/insurance products covering global risks through its operating subsidiaries, including niche property and casualty classes.
“Our acquisition of an admitted lines carrier serves to complete the build-out of our insurance platform,” said Hendrick. “We will have capabilities to assume risk on US admitted and non-admitted paper, as well as in our Bermuda entity. We are also pleased to be entering our second full year of reinsurance underwriting in Bermuda, having successfully launched that business in 2021. We look forward to continuing to expand the ways we are helping our clients and brokers solve their most pressing re/insurance challenges with this complete platform in place.”