HSCM pumps further funds into Buckle
Ida loss estimates climb to $44 billion
Harish Raghavan, CEO, Gracie Point
On Friday, Gracie Point CEO Harish Raghavan said that it had closed a $75 million issuance of preferred equity, with the lead investors affiliated with Hudson Structured Capital Management (HSCM) Ltd, which undertakes its reinsurance business as HSCM Bermuda.
As an ILS, reinsurance and investment manager, HSCM is a long-term investor in Gracie Point, which provides life insurance premium finance globally. Michael Millette, managing partner at HSCM Bermuda, will become a board member at Gracie Point following the transaction, as will Dhiren Jhaveri, CEO of co-investor Kuvare, a provider of insurance financing, life and annuity products and reinsurance.
Harish Raghavan, CEO of Gracie Point, said: “Our growth is accelerating globally. HSCM Bermuda and Kuvare will be excellent partners, providing both capital and insight. This capital raise allows us to fund investments in our organisation and pursue strategic acquisitions.”
Millette said: “We have had a long-standing relationship with Gracie Point and are pleased to support the company as it achieves its global objectives; the potential is significant.”
HSCM, Bermuda, insurance, reinsurance, invest, , investors, investment, co-investor, Dhiren Jhaveri, Gracie Point, Harish Raghavan, ILS, North America