Trouvaille Re among 10 insurers licensed in March
Insurance sidecar Trouvaille Re has been licensed as an insurer by the Bermuda Monetary Authority.
The re/insurer, established by Truist Insurance subsidiary AmRisc, is reported to have raised $325 million in fresh underwriting capital. It was one of nine re/insurers and one intermediary licensed by the BMA in March.
Trouvaille Re was formed to enhance collateralised reinsurance for AmRisc’s coastal commercial excess & surplus (E&S) property insurance offerings. It was formed in partnership with Stone Point Capital.
The infusion was derived from a mix of collateralised funds gathered from a wide range of investors, coupled with the capacity contributed by the deal’s fronting entity, MS Transverse.
Other companies licensed by the BMA included special purpose insurer Charles River Re, which just listed a $250 million catastrophe bond on the Bermuda Stock Exchange.
Also licensed was AeCe ISA, a Class E long term re/insurer, which appeared to be a sister company to AeBe ISA, which was assigned an A- insurance financial strength rating by KBRA last November. AeBe ISA had total assets of approximately $4.4 billion as of June 30, 2023. and is an incorporated segregated account (ISA) of Agam Bermuda ISAC.
AeBe was sponsored by 26North Partners, a fully integrated, multi-asset class investment platform, founded and led by Josh Harris, with approximately $13 billion in assets under management across private equity, private credit and insurance solutions, KBRA said.
Other restricted SPIs were Sabine Re, Aragonite Re, which is sponsored by asset manager Brookfield and issued a $100 million catastrophebond last month and Armor Re II.
The BMA also licensed Class 2 captive I-RE Insurance Company and Class 3 captive Edgware Re.
Broker Colonnade (Re)insurance Solutions was the first intermediary to be licensed in 2024.
Collateralised insurer Pando Re was also licensed.
A total of 20 companies have been licensed so far this year. That compares to 14 through March, 2023.
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