Cohen & Company Financial (Europe) has completed a series of closed-end investment vehicles with total commitments in excess of €375 million.
PriDe III is the latest series of funds advised by CCFEL that focus on investing in Tier II capital instruments issued by small and mid-size insurance companies that have limited access to capital markets.
The PriDe Program is designed to enable insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, reduce reinsurance costs and/or lower their weighted average cost of capital.
Daniel Cohen, Chairman of Cohen & Company, said, “We appreciate our investors’ confidence in Cohen & Company’s long history of expertise in the insurance industry’s regulatory capital environment.
“This capital raise continues our active engagement with a wide variety of activities within the global Insurance industry.”
Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, added, “The successful closing of PriDe III is strong evidence of our leading position as a regulatory capital provider to small and mid-size insurance companies in Europe, having achieved our largest fund raise ever in this space, despite the challenging market environment.
“This closing milestone demonstrates the robustness of insurance subordinated debt, the appeal of our funding solution for potential issuers, as well as investors’ confidence in Cohen & Company’s expertise in the global insurance market.”