Altamont Capital Partners, a private investment firm based in the San Francisco bay area, has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings.
The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies.
Altamont Capital Partners was advised on the transaction by RBC Capital Markets LLC as financial advisor and Sidley Austin LLP as legal counsel.
Fleming is a P&C insurance capital solutions provider which has a current focus on run-off and legacy reserve transactions. The company is run by Eric Haller, and was founded by Fleming Corp – a private equity fund based in Greenwich, CT.
In a press release, it notes that Haller is a seasoned industry executive with previous experience from working at XL, Athene, R&Q and Safe Harbor Re.
In addition, Fleming brings a unique level of sophistication and creativity to its specific market segment, as the firm focuses on smaller, or more complicated transactions that are not usually the priority of legacy insurers.
“This investment will help accelerate Fleming’s growth with a focus on innovation in the secondary market for insurance liabilities,” said Stephen Minor, Founder, and CEO of Fleming Corp. “Altamont’s experience and expertise in the financial services and insurance industries make them a great partner for our long-term growth.”
Sam Gaynor, Altamont Managing Director, commented: “Our partnership with Fleming is the first step in a long-term plan to become a best-in-class capital solutions provider to the P&C industry. There is a tremendous amount of value we can add through taking a sophisticated and tailored approach to insurance capital management, and we look forward to rolling our solutions out to the market.”
Joe Zuk, an Operating Partner with Altamont, added: “Across prospective and retrospective strategies, as well as insurance-linked investment solutions, we plan to further establish Fleming as specialists in helping clients find innovative ways to grow their returns on equity.”
Keoni Schwartz, Altamont Managing Director, also added: “We are proud to partner with Fleming and build on our record of success in backing proven teams who understand specific financial services markets and know how to deliver much-needed products to an underserved customer base. As in similar investments, we anticipate realizing a number of mutually-beneficial opportunities for partnership with our other portfolio companies.”
