Two private equity investment firms said on Monday that they will acquire Ariel Re, a unit in Hamilton, Bermuda-based Argo Group International Holdings Ltd., and invest in another insurance company.
Pelican Ventures Group LLC and JC Flowers & Co., both New York-based, said in a statement that they were acquiring Ariel Re, a real estate / accident reinsurer operating through Lloyd & # 39 ;s London syndicate in 1910. , for an undiscovered sum.
Pelican Ventures was founded by Jim Stanard, former Chairman and CEO of Disaster Reinsurance Provider RenaissanceRe Ltd. and former Chairman of the Board and founder of the reinsurance broker TigerRisk Partners LLC. , an independent insurer and reinsurer, to further develop SPA 61
Under the partnership Pelican Ventures and J.C. Flowers will provide additional capital, operational support and distribution, the statement said.
Ariel Re's former CEO, Ryan Mather, returns to Ariel Re to run the business and oversee guarantees for both syndicates.
Mr. Mather said in the statement that pairing Ariel Re with SPA 6133 "will create significant growth and economies of scale" for the franchise.