The Carlyle Group and Hellman & Friedman have invested $1 billion in Vantage, a newly launched re/insurance firm. Greg Hendrick, former CEO of AXA XL, is leading as CEO while Dinos Iordanou, retired president and CEO of Arch Capital Group Ltd., is serving as chairman.
NEW YORK, December 3, 2020 – Today, Vantage Group Holdings Ltd. (Vantage) announced its launch, and with it, the launch of its wholly owned re/insurance subsidiary, Vantage Risk Ltd. (Vantage Risk). The new entity is led by CEO Greg Hendrick, a thirty-year industry veteran and former CEO of AXA XL. Forty-year industry veteran Dinos Iordanou, retired President and CEO of Arch Capital Group Ltd., is serving as Non-Executive Chairman.
Vantage has been formed following years of increased loss activity in the insurance industry and will utilize industry-leading talent and technology to underwrite business where existing capacity is shrinking. Vantage adds creativity to tech-enabled efficiency and robust analytics to address our clients’ risks.
Vantage Risk provides 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
The Carlyle Group (NASDAQ: CG) and Hellman & Friedman (H&F), together with management, have invested $1 billion of equity capital in Vantage with the potential to increase their investment as growth opportunities arise.
Hendrick said, “2020 has reinforced the riskier nature of our world and the re/insurance markets. Risk changes constantly, and we in the insurance industry must demonstrate our ability to evolve with it, to offer clients coverage that meets their current challenges. To do that, we brought together some of the brightest, most experienced minds in re/insurance to approach the new world of risk in a fresh way — with curiosity at its core and creativity as its engine. At Vantage, we will address the risks others avoid with smart technology and robust analytics.”
“We knew it was time — time to offer the property & casualty market new insights into the evolving and increasingly complex and very demanding global risk environment,” Iordanou added. “Our team at Vantage has the talent, the knowledge, the expertise and the vision to apply all the tools at our disposal to move the insurance industry into the 21st century.”
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.”
John Redett, Head of Carlyle’s Global Financial Services group, said, “Carlyle is thrilled to partner with an exceptional management team and experienced insurance investors, and we look forward to helping build Vantage into a market-leading franchise.”
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.”
Hunter Philbrick, Partner at H&F, added: “As a new, built-for-purpose platform, Vantage will be uniquely positioned to capitalize on the enormous market opportunity and build a long-term competitive advantage by attracting world-class talent and deploying industry-leading technology, data and analytics.”
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 advisor to Vantage.
Vantage is a re/insurance partner designed for the future. Managed by industry-leading executives with an average of 30 years’ experience and driven by relentless curiosity, Vantage’s team of trusted experts provides a fresh perspective on increasingly complex global risks.
At Vantage, we see risk differently.
Carlyle and Hellman & Friedman, global investment firms with deep experience in the re/insurance industry, are lead investors in Vantage. The Vantage team has the talent, knowledge, expertise and the vision to move the insurance industry into the 21st century.
To learn more about Vantage, visit our website: www.vantagerisk.com
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
About Hellman & Friedman
Hellman & Friedman is a preeminent global private equity firm with a distinctive approach focused on investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. Since its founding in 1984, H&F has raised over $50 billion of committed capital, invested in over 90 companies, and is currently investing its ninth fund, with $16.5 billion of committed capital. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.