Transatlantic Holdings (TransRe), a New York-based subsidiary of Alleghany Corporation, has acquired a minority stake in Bermuda-based insurance asset manager, Pillar Capital.
The company also confirmed a multiple-year commitment to invest in Pillar’s funds, and joins Marsh & McLennan Companies, Aquiline Capital Partners, and the Pillar management team as Pillar’s strategic partner.
Alleghany has also made a multiple-year commitment to invest in Pillar’s insurance-linked funds, besides TransRe’s investment.
TransRe chief executive officer Michael Sapnar said the company believes that the Pillar team is well-positioned to build a leading asset manager for insurance-linked investments.
Alleghany executive vice president Joseph Brandon said, ”The collective experience, capabilities and resources of Pillar’s owners and managers will enable Pillar to achieve its full potential.”
Previously known as Juniperus Capital, Pillar Capital is an incorporated investment manager focused on investing in insurance related instruments, and aims to create portfolios with attractive risk-reward characteristics and low correlation with other asset classes.
TransRe provides reinsurance capacity on both a treaty and facultative basis, structuring programs for a wide range of property and casualty products worldwide.