Armour gets $500m backing for new reinsurer

Make text smaller Make text larger

  • New reinsurer: pictured are Armour Group co-founders Brad Huntingdon, left, and John Williams, right, with the group's chief operating officer Pauline Richards

    New reinsurer: pictured are Armour Group co-founders Brad Huntingdon, left, and John Williams, right, with the group's chief operating officer Pauline Richards


Bermudian run-off specialist Armour is to launch a new reinsurer after raising up to $500 million in equity commitments from an investor group led by New York private-equity firm Aquiline Capital Partners.

The new reinsurance company Armour Group Ltd, will co-invest in global property and casualty run-off transactions in parallel with the group’s affiliates.

As part of the transaction, the former Armour holding company will rename itself Trebuchet Holdings and transfer the Armour brand name to the new group.

Trebuchet Holdings will also contribute its existing P&C run-off platform to the newly established holding company, including the firm’s claims-management operation Armour Risk and, subject to certain approvals, the group’s affiliate ILS Investment Management, which will continue its existing business.

“Aquiline’s investment in Armour reflects the growing demand for run-off as an option for insurance companies that are looking to solve deteriorating reserve positions and optimise their capital,” said Jeff Greenberg, chairman and chief executive officer of Aquiline.

“We are excited to partner with the highly experienced team at Armour and believe that their ILS management capabilities provide a strong competitive differentiator.

“The formation of our permanent capital vehicle provides the team with the full toolkit to capitalise on the market opportunity.”

Armour CEO Brad Huntington, who co-founded the company with John Williams, said: “Given Aquiline’s deep insurance industry experience, we believe they are an ideal partner to help us grow the team and scale our operation.”

Jefferies served as financial adviser to Armour on the transaction. Trebuchet was advised by Clifford Chance LLP. Aquiline was advised by Sidley Austin LLP.

You must be registered or signed-in to post comment or to vote.

Published Jan 3, 2018 at 11:40 am (Updated Jan 4, 2018 at 11:51 am)

Armour gets $500m backing for new reinsurer

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries