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Everest Re to act as anchor investor in HSCM’s insurance technology strategy

IBR Staff Writer Published 21 March 2018

Everest Re Group has agreed to invest across various of Hudson Structured Capital Management's (HSCM) investment funds, including as the anchor investor in newly-created insurance technology strategy that is due to be launched in early 2018.

The companies have signed an agreement that will foster collaboration across various different areas of activity in the (re)insurance sector.

The partnership will integrate HSCM’s intellectual and monetary capital with Everest’s worldwide underwriting expertise, risk appetite, balance sheet, and highly-rated re/insurance companies.

HSCM, which carries out its re/insurance asset management business as HSCM Bermuda Management Company, to work with Everest Re on several other investment opportunities and transactions.

The companies will identify and capitalize on several InsurTech trends and themes.

Everest Re Group president and CEO Dominic J. Addesso said: “We look forward to working with HSCM to continue our efforts to drive innovation in the (re)insurance market.

“We believe HSCM Bermuda’s unique skills will enhance our development of creative solutions and leverage the full strength of the Everest Re Group across the spectrum of reinsurance, insurance, and alternative capital.”

Established in 2016, HSCM is an investment adviser specializing in the (re)insurance and transportation sectors. It invests in reinsurance and insurance-linked assets across all lines of businesses via a range of innovative structures.

HSCM managing partner Michael Millette said: “We are excited to be working with a leading global (re)insurance company with the breadth and depth of capabilities that Everest possesses.”

Earlier this year, HSCM signed an agreement to acquire several of Scottish Re's assets. Upon closing of the stock purchase agreement, Hudson Structured will own 100% of the stock of the reorganized SALIC.

Hudson Structured executed certain documents associated with the SALIC/SHI Chapter 11 in order to act as plan sponsor of the SALIC/SHI Chapter 11.

As per the agreement, HSCM will be acquiring Scottish Re’s Cayman Islands subsidiary Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman).

 


Image: HSCM partners with Everst Re Group. Photo: Courtesy of scottchan/FreeDigitalPhotos.net.