Vantage gets $200m more in private equity backing

Vantage Risk, a Class of 2021 insurance and reinsurance start-up launched by industry veterans Greg Hendrick and Dinos Iordanou, has gained a significant vote of confidence in securing another commitment of up to $200 million in private equity funding.

This commitment comes from funds managed by The Carlyle Group and Hellman & Freidman, who were the two main private equity backers of Vantage when it launched at the end of 2020.

The new investment is designed to fund the continuing growth of Vantage and the majority of the proceeds are expected to be used to take advantage of opportunities in its US insurance platform.

Vantage also announced today that it has now closed on the purchase of an admitted lines carrier, Vantage Risk Assurance Company (which was formerly named Heritage Casualty Insurance Company).

Vantage acquired this US carrier from Union Fidelity Life Insurance Company (UFLIC).

It helps Vantage continue to expand its business and lines it underwrites, as it moves to become a global player in specialty insurance and reinsurance.

Vantage CEO Greg Hendrick commented, “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 further on the capital raise and admitted carrier acquisition, Hendrick 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.”

Vantage has also built a capital agnostic practice, with significant expertise in insurance-linked securities (ILS) and also started to use catastrophe bonds for its own reinsurance within a year of beginning operations.