AmRisc forms insurance sidecar with $325m of capital raised

AmRisc, a coastal commercial property insurance subsidiary of Truist Insurance Holdings, has raised $325 million of capacity for an insurance sidecar Trouvaille Re Ltd., supported by Stone Point Capital.

The sidecar will reportedly provide collateralized reinsurance capacity for AmRisc’s coastal commercial E&S property insurance portfolio beginning on April 1, 2024.

According to AmRisc, the capital was raised by a combination of collateralized capital sourced from a diversified group of investors and capacity provided by the transaction’s fronting carrier, MS Transverse.

Brian Reid, CEO of AmRisc, commented, “We are excited to diversify our capacity panel with new partners, allowing us to continue to serve the coastal commercial property E&S market that we have supported for more than 20 years.”

Laura Beckmann, AmRisc’s President and COO, added, “We expect that these new partnerships will continue into the long term. Investors were particularly interested in AmRisc given our demonstrated track record and discipline in hard market conditions.”

AmRisc writes over $2 billion in E&S gross premiums written annually on behalf of its capacity providers in addition to over $600 million of admitted premiums written annually.

Ben Rubin, Managing Director at Stone Point, said, “Trouvaille Re Ltd. is seen as a significant success for AmRisc, further diversifying its capacity panel and enabling AmRisc to more effectively serve clients in its targeted market.”

Bill Goldstein, CEO, TIH Underwriting, said, “This new partnership is just another demonstration of our commitment to underwriting expertise and our ability to attract alternative capital.

“Our core focus is to expand the breadth and quality of our programs and leverage creative solutions to meet the changing needs of our clients.”

If you remember, back in April of 2023, Truist completed the sale of a 20% stake in Truist Insurance Holdings, Inc. to funds managed by Stone Point Capital for $1.95 billion.

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