ERS raises $350m as specialty lines & ILS build-out continues

ERS raises $350m as specialty lines & ILS build-out continues

As once motor-focused expert insurance company ERS continues its growth and diversity into a multi-line insurance, reinsurance and insurance-linked securities (ILS) operation, the business has raised $350 countless capital from private equity investors.Existing investor Aquiline has actually led a personal financier group into this capital raise, along with Abry Partners, a Boston-based personal equity firm.
As weve reported previously, ERS has actually been branching out into specialty lines and likewise reinsurance, with among the most current example of this being its relocation to back the Arcus 1856 syndicate at Lloyds, taking control of the operation from the Credit Suisse Insurance-Linked Strategies (ILS) team.
The company is likewise in the procedure of constructing out an insurance-linked securities (ILS) mutual fund management operation, as collateralised reinsurance underwriting and capital management are viewed as growth opportunities and a way to diversify even more away from the standard ERS Lloyds motor focused book, while leveraging effective capability sources, providing broad benefits to the group.
In revealing the $350 million capital raise today, the company said that the funding will accelerate its growth method and growth into specialty insurance coverage and reinsurance service lines
As well, ERS anticipates the funding will likewise assist as it introduces a Bermuda-based specialized re/insurance automobile and its ILS manager over the coming months.
Peter Bilsby, Chief Executive Officer of ERS, commented, “Over the past months, we have actually been able to add Syndicate 1856 to the portfolio and bring in some of the leading talent in the market to drive growth. This capital raise will provide additional assistance for our shift into a specialized (re) insurer, driven by a knowledgeable management group, strong underwriting skill and the release of technology to enhance the customer and broker experience. We look forward to dealing with Abry and continuing our collaboration with Aquiline.”
Brent Stone, Partner at Abry, added, “We have been extremely amazed with the ERS team and believe it is set to make the most of the extremely attractive market outlook. This is a distinct opportunity to support a terrific company in its next chapter of growth and development and we are delighted to make ERS our first financial investment at the worlds leading insurance coverage market, Lloyds. We are equally as thrilled to be partnering with Aquiline, one of the pre-eminent financiers in the insurance sector.”
Jeff Greenberg, Chairman and Chief Executive Officer at Aquiline, likewise said, “Aquiline, Abry and management share a clear vision for the future of the business. We are delighted to partner with Abry and to support ERS in its growth and efforts in this next chapter.”

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