23 June 2020News

HSCM poised to take control of Weston Insurance

Hudson Structured Capital Management Bermuda (HSCM) is poised to take majority control of Weston Insurance Holdings Corporation (WIHC), the parent of insurance carriers Weston Insurance Company and Anchor Specialty Insurance Company.

WIHC recently announced a change of control. HSCM is a long-term investor in WIHC and has recently worked with its management and ownership on a capital restructuring plan that is expected to significantly reduce WIHC's group leverage and improve its balance sheet strength.

Rating agency Demotech has assigned financial stability ratings (FSRs) of A to Weston and Anchor Specialty Insurance Company.

Joseph Petrelli, president and co-founder at Demotech, said: “Michael Millette and HSCM Bermuda’s clients assuming majority control of the holding company to provide oversight and guidance to WIHC’s insurance company subsidiaries is a game changer. The operating subsidiaries were sound and now the holding company is catching up.”