New Re/Insurer ‘Vantage Risk’ Launches, Led by Former Arch, AXA XL Executives
A new re/insurance group, called Vantage Group Holdings Ltd., has launched with $1 billion of equity capital, provided by private equity firms The Carlyle Group and Hellman & Friedman (H&F) as well as management.
The company’s CEO is Greg Hendrick, a 30-year industry veteran and former CEO of AXA XL. Dinos Iordanou, retired president and CEO of Arch Capital Group Ltd., is Vantage Risk’s non-executive chairman.
Underwriting via its subsidiary, Vantage Risk Ltd., the company has begun to offer property catastrophe reinsurance (covering predominantly North America, Europe, Japan and Australia) as well as specialty reinsurance across property and casualty classes, including marine, energy, aviation, crop, workers’ compensation, property per-risk and mortgage.
In 2021, Vantage intends to launch insurance products in both the Bermuda and North American markets.
In addition to Hendrick and Iordanou, the firm’s leadership team includes several career industry executives:
- Chris McKeown, chief executive of Reinsurance, Innovation and ILS
- Jack Kuhn, chief executive of Insurance
- Aurora Swithenbank, chief financial officer
- Peter Hahn, chief data and analytics officer
- Gail McGiffin, chief information and operations officer, effective in January 2021
- Bobbi Andersen, general counsel
- Nikki Gonzalez, chief talent officer
- Peta White, president of Vantage Risk, effective in January 2021
- Nick Pritchard, head of Property Catastrophe Underwriting.
Vantage “will utilize industry-leading talent and technology to underwrite business where existing capacity is shrinking,” said the company in a statement.
Brian Schreiber, head of Carlyle Insurance Solutions, said, “Vantage is launching at an opportune time, when the market needs additional risk capacity and knowledgeable underwriters who understand the evolving nature of risk management.”
David Tunnell, partner at H&F, said: “For the first time since 2001, the global re/insurance markets are clearly demanding fresh capital and fresh thinking. We are excited to partner with Greg and Dinos – who we have known and admired for decades – and the team they have assembled at Vantage.”
Carlyle’s equity capital for the investment comes from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the U.S., and Carlyle Global Financial Services Partners III, L.P., a dedicated financial services buyout fund. H&F has deployed capital from Hellman & Friedman Capital Partners IX, a fund with $16.5 billion of committed capital targeting investments in select sectors across North America and Europe.
J.P. Morgan acted as sole financial adviser to Vantage.