Vantage eyes US market after fresh $200m commitment to fund growth

Global investment firms Carlyle Group and Hellman & Freidman have committed up to an additional $200 million of capital to fund the continuing growth of specialty re/insurance group  Vantage, with the majority of the proceeds intended to take advantage of opportunities in its US insurance platform.

Vantage has acquired an admitted lines carrier, Vantage Risk Assurance Company (formerly known as Heritage Casualty Insurance Company), from Union Fidelity Life Insurance Company (UFLIC).

Vantage, led by former AXA XL chief executive Greg Hendrick (pictured), offers a wide array of specialty re/insurance products covering global risks through its operating subsidiaries, including niche property and casualty classes. The Bermuda carrier began writing business at the start of 2021.

Hendrick said: “We are pleased to have closed on the purchase of Vantage Risk Assurance Company. Work is ongoing to complete the necessary filings to enable Vantage to offer admitted products later this year.”

Commenting on the capital raise and admitted carrier acquisition, he added, “We are thrilled that our two majority shareholders have affirmed their commitment and belief in Vantage with their additional capital investment.

“Furthermore, our acquisition of an admitted lines carrier serves to complete the build-out of our insurance platform. We will have capabilities to assume risk on US admitted and non-admitted paper, as well as in our Bermuda entity.

“We are also pleased to be entering our second full year of reinsurance underwriting in Bermuda, having successfully launched that business in 2021. We look forward to continuing to expand the ways we are helping our clients and brokers solve their most pressing (re)insurance challenges with this complete platform in place.”

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