AmRisc forms reinsurance sidecar for E&S portfolio

AmRisc forms reinsurance sidecar for E&S portfolio | Insurance Business New Zealand

Reinsurance

AmRisc forms reinsurance sidecar for E&S portfolio

More than $300 million of new underwriting capital secured for the venture

Reinsurance

By
Kenneth Araullo

Truist Insurance subsidiary AmRisc has successfully established and funded Trouvaille Re, a new insurance sidecar set to enhance collateralized reinsurance for AmRisc’s coastal commercial excess & surplus (E&S) property insurance offerings.

Formed in partnership with Stone Point Capital LLC on April 1, 2024, the new sidecar introduces $325 million in fresh underwriting capital to bolster AmRisc’s E&S portfolio.

The infusion is derived from a mix of collateralized funds gathered from a wide range of investors, coupled with the capacity contributed by the deal’s fronting entity, MS Transverse.

Howden Tiger Capital Markets & Advisory acted as a financial advisor to the new sidecar, in addition to its role as structuring agent and placement agent for the transaction. Meanwhile, JP Morgan Securities also acted as placement agent on the transaction, while Willkie Farr & Gallagher LLP provided legal counsel.

AmRisc has over $2 billion in annual E&S gross premiums, bolstered by an additional $600 million in admitted premiums each year.

Brian Reid, CEO of AmRisc, shared the company’s enthusiasm for welcoming new partners to their capacity panel.

“We are excited to diversify our capacity panel with new partners, allowing us to continue to serve the coastal commercial property E&S market that we have supported for more than 20 years,” Reid said.

“We expect that these new partnerships will continue into the long-term. Investors were particularly interested in AmRisc given our demonstrated track record and discipline in hard market conditions,” president and COO Laura Beckmann said.

Bill Goldstein, CEO of TIH Underwriting, noted the partnership as evidence of the firm’s dedication to underwriting excellence.

“Our core focus is to expand the breadth and quality of our programs and leverage creative solutions to meet the changing needs of our clients,” Goldstein said.

“Trouvaille Re Ltd. is seen as a significant success for AmRisc, further diversifying its capacity panel and enabling AmRisc to more effectively serve clients in its targeted markets,” Stone Point managing director Ben Rubin said.

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