23 June 2020Insurance

HSCM Bermuda acquires majority of windstorm specialist Weston

Investment manager Hudson Structured Capital Management (HSCM Bermuda) is expected to take majority control of windstorm focused insurance specialist Weston Insurance Company (WIHC).

HSCM Bermuda has been a long-term investor in Weston Insurance, which recently announced a change in control. WIHC is the parent of insurance carriers Weston Insurance Company and the recently acquired Anchor Specialty Insurance Company.

Weston recently implemented a capital restructuring plan aimed at significantly reducing its group leverage and improving group balance sheet strength. The group's other subsidiaries that are also likely to benefit from the plan include managing general agency Weston Insurance Management.

Rating agency Demotech has assigned financial stability ratings (FSRs) of A to Weston and Anchor Specialty Insurance Company. The company worked closely with the agency to shape the proposed capital restructuring to assuage any concerns regarding increased levels of holding company leverage used to finance the recent acquisition and recapitalization of Anchor Specialty by WIHC.

Joseph Petrelli, president and co-founder, Demotech, commented: “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.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
13 November 2020   The specialist insurer, which launched in 2017, is targeted toward the high net-worth market.
Insurance
3 November 2020   The re/insurer wants to take advantage of the improving rates and underwriting environment in the P&C market.
Insurance
16 July 2019   Hudson Structured Capital Management (HSCM Bermuda) has led the Series B funding round of insurtech RiskGenius, which provides software-based natural language processing tools for improving the quality and accuracy of insurance policies.