Global insurance and reinsurance broker Lockton has launched Lockton Capital Markets, a new operation that will facilitate investment banking and capital markets transactions, led by Vishal Jhaveri.
Lockton Capital Markets will focus on the convergence between insurance and alternative capital, and will aim to provide niche, high impact solutions for insurers and financial sponsors.
The new business is based in New York, and was launched in partnership with New York private equity firm Antarctica Capital.
As Chief Executive Officer (CEO) of Lockton Capital Markets, Jhaveri will leverage his 15 years of experience as an insurance banker, which includes positions as Head of Insurance and Pension Solutions for the Americas at Citigroup, and as head of alternative capital and insurance solutions teams at Houlihan Lokey, Kohlberg and J.P. Morgan.
Jhaveri’s transaction experience also includes setup of hedge fund re platforms, sales of insurance run-off blocks, sidecar formations, private equity backed insurance M&A, pension risk transfer and other structured finance transactions.
Additionally, Lockton said that Michael Calabrese, founder and current Chairman of the firm’s Northeast operations, will serve as Chairman of Lockton Capital Markets.
“We are excited to expand our Lockton platform to serve the expanding market for alternative capital in the insurance industry,” said David Lockton, Chairman of Lockton, Inc.
“We have a strong leader in Vishal Jhaveri to build and guide the team and provide innovative solutions for insurers, corporations, hedge funds and other clients,” Lockton continued. “We look forward to partnering with the innovative structured finance team at Antarctica Capital.”
Andrew Bonita, Managing Director of Antarctica Capital, also commented: “We believe Lockton Capital Markets will deliver unique access and specialized expertise to clients as the convergence of alternative capital and insurance accelerates. We are pleased to support the growth of this exciting new endeavor.”
“I look forward to the opportunity to recruit and grow this team, build the business and facilitate the confluence of alternative capital and insurance,” added Jhaveri. “There is a market need for solutions that deliver capital, yield, liability optimization and liquidity. Lockton Capital Markets is well positioned to offer these solutions.”
All Lockton Capital Markets securities transactions will be conducted through Gnu Securities LLC, member FINRA, SIPC.