Bermudian reinsurer Everest Re Group, Ltd. has announced plans to enter into a strategic agreement with Hudson Structured Capital Management, Ltd. (HSCM), an investment adviser specialising in re/insurance and transportation, which will see them collaborate across a number of areas, including co-investment in new InsurTech opportunities.
The partnership will combine HSCM’s intellectual and monetary capital with Everest’s global underwriting expertise, broad risk appetite, strong balance sheet, and highly-rated re/insurance companies.
Notably, Everest has indicated that it intends to become the anchor investor in HSCM’s new InsurTech strategy, launching in early 2018, which will see the companies work together to identify and capitalise on a variety of InsurTech trends and themes.
HSCM, conducting its re/insurance asset management business as HSCM Bermuda Management Company, and Everest Re also intend to work together on various other investment opportunities and transactions.
Dominic J. Addesso, President and Chief Executive Officer (CEO) of Everest Re Group, Ltd., 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.”
Michael Millette, Managing Partner of HSCM, added: “We are excited to be working with a leading global (re)insurance company with the breadth and depth of capabilities that Everest possesses.”
Additionally, Vikas Singhal, who leads HSCM Bermuda’s InsurTech strategy, noted: “InsurTech is evolving quickly and offers a strong pipeline of opportunities that will bring fundamental change to the (re)insurance experience.
“We expect that through our collaboration with Everest we will be able to improve the likelihood of success and returns for the companies in which we invest.”