Ariel Re and Berkshire Hathaway strengthen ties
Ariel Re has secured investment and underwriting from Berkshire Hathaway to support its continued growth. Under deals to “further strategic alignment” between the companies.
Berkshire’s wholly-owned subsidiary National Indemnity Company (NICO), which already had a strategic arrangement with Ariel Re, has now invested in its new convertible notes. It has also extended its underwriting commitment to Ariel Re’s Syndicate 1910 through a multi-year quota share agreement.
According to Ariel Re, the moves will enhance its “ability to provide its clients and distribution partners with innovative and consistent reinsurance solutions”.
Jim Stanard, chairman of Ariel Re, said: “This long-term strategic partnership with the Berkshire Hathaway Reinsurance Division will add tremendous value to Ariel Re and our ability to continue investing, innovating and enhancing our client product solutions and services.
“We plan for Berkshire Hathaway to be our long-term, cornerstone strategic partner as we build and expand Ariel Re’s underwriting capacity with other high-quality, long-term partners.”
“We have welcomed the opportunity to work with the Berkshire Hathaway Reinsurance Division team over this past year as a key partner and capital provider,” added Ryan Mather, Ariel Re’s CEO. “Their insights on global macro trends and creative solutions have been very valuable to us, and we look forward to working with them for years to come.”
