Bermuda-domiciled Till Capital Ltd., which operates through wholly owned subsidiaries Omega Insurance Holdings Inc. and Resource Re Ltd., is looking to sell of the former and is seeking a buyer for Canadian subsidiary Omega.
The company, which follows an investment-oriented reinsurance approach having been launched by investor Bill Lupien with the help of total-return specialist Multi-Strat Re, said it has engaged an investment banking firm as it decided to pursue a sale of its wholly owned Canadian subsidiary Omega Insurance Holdings, Inc.
Till Capital had been following a two-pronged strategy of insurance and reinsurance to fill its investment asset portfolio, which would subsequently be put to work by Lupien.
The firm had been seeking a strategic investor to help it gain scale within Omega, but is now looking to offload its primary insurance asset instead.
Till Capital said that potential buyers have been identified but as yet no definitive agreement has been reached for the sale of Omega.
The company said that by offloading the primary unit it would allow the company to “focus on increasing shareholder value and its original business strategy.”
That would be the original total-return reinsurance strategy we assume, with Lupien acting as CIO to manage a portfolio of assets generated from the premium float of longer-tailed reinsurance business.