Trebuchet Group Holdings Limited, an investment vehicle owned by the founders and principals of Bermudian insurance and reinsurance services, investing, run-off and legacy specialists Armour Group, is leading the acquisition of a controlling interest in the legal expense insurance business of Canadian firm BICO Risk Management Inc.
A consortium led by an affiliate of Trebuchet Group Holdings are set to assume management and control over the operations of the BICO Legal Cost Protection™ legal expense insurance program, as a result of the transaction.
After the acquisition, Omega General Insurance will continue as the underwriter of the legal expense insurance business, while EasyInsure will continue in its role as primary broker for the product.
“The principals behind Trebuchet have extensive experience in the global insurance and reinsurance industry,” commented John Rossos, Chairman & CEO of BICO. “Their experience and access to significant sources of capital will allow the business to expand across Canada and potentially offer new, value-added services to BICO’s clients in due course.”
“BICO Legal Cost Protection™ is a leading legal expense insurance product in Canada for the personal injury litigation market,” added Brad Huntington, Chairman and CEO of Trebuchet. “We are very much looking forward to continuing to work with the leading law firms across Canada to provide innovative legal expense insurance products to assist them and their clients in the future.”
Trebuchet was formed recently when P&C run-off insurer Armour raised up to $500 million in equity commitments in partnership with an investor group that led by Aquiline Capital Partners, to fund a new reinsurer, Armour Group Ltd.
Trebuchet and the Armour founders have an impressive track record in legacy acquisitions and run-off, but this deal perhaps shows a new business avenue emerging where the firm puts its expertise to work to help propel products, or companies to greater success, using their expertise, service offering and access to capital.