Pyrrhic Re has withdrawn plans to launch a specialist reinsurance-only business and ceased its capital raising activities after ‘failing to align the total capital required,” according to founder Peter Mills.
Pyrrhic Re was envisioned as a reinsurer of treaty and facultative business for selected clients, products and geographies.
The planned global portfolio comprised property, casualty and specialty business.
The senior executive team are described as having come close on two occasions during the year spent attempting to launch the business.
In announcing the news, Mills described himself as deeply grateful for the loyalty of his senior team, the invaluable support and advice from capital advisers, and encouragement from long-standing brokers and clients.
“We are proud of achieving significant interest (over $700m of total indicative support) from the investor community during the life of the project, going multiple rounds with several highly respected Investment Committees,” he said.
“We received highly positive feedback from potential investors and were praised for the quality of our senior team, and our differentiated strategy. We nearly succeeded both as a de novo start up and later with a revised M&A strategy.”
