Vantage aims to bring creativity to tech-enabled efficiency and robust analytics to address client’s risks in reinsurance
A new reinsurance firm called Vantage Group has been launched, backed by Carlyle Group and Hellman & Friedman (H&F) with an investment of $1bn.
Vantage Group will be led by CEO Greg Hendrick, AXA XL’s former CEO and Dinos Iordanou, who will serve as non-executive chairman. He served as Arch Capital’s president and CEO.
The new company had launched Vantage Risk, a reinsurance subsidiary and aims to bring creativity to tech-enabled efficiency and robust analytics to address its clients’ risks.
The launch of Vantage follows years of increased loss activity in the insurance industry and claims to use industry-leading talent and technology to underwrite business where existing capacity is shrinking.
Carlyle and H&F said that there is a potential to increase the investment in Vantage as growth opportunities increase.
Hendrick said: “2020 has reinforced the riskier nature of our world and the re/insurance markets. Risk changes constantly, and we in the insurance industry must demonstrate our ability to evolve with it, to offer clients coverage that meets their current challenges.
“To do that, we brought together some of the brightest, most experienced minds in re/insurance to approach the new world of risk in a fresh way — with curiosity at its core and creativity as its engine. At Vantage, we will address the risks others avoid with smart technology and robust analytics.”
Vantage Risk will offer property catastrophe reinsurance along with speciality reinsurance under property and casualty classes including marine, energy, aviation, crop, workers’ compensation, property per-risk and mortgage, mainly serving North America, Europe, Japan and Australia.
Early next year, Vantage aims to launch insurance products in both Bermuda and the North American markets.
Vantage plans to create insurance-linked securities (ILS) capabilities using its diverse risk capital. It also plans to enhance tech capabilities to deliver advanced analytics and insights into an evolving and complex global risk environment.
Iordanou said: “We knew it was time — time to offer the property & casualty market new insights into the evolving and increasingly complex and very demanding global risk environment.
“Our team at Vantage has the talent, the knowledge, the expertise and the vision to apply all the tools at our disposal to move the insurance industry into the 21st century.”
Carlyle Insurance Solutions head Brian Schreiber said: “Vantage is launching at an opportune time, when the market needs additional risk capacity and knowledgeable underwriters who understand the evolving nature of risk management.”
H&F partner David Tunnell said: “For the first time since 2001, the global re/insurance markets are clearly demanding fresh capital and fresh thinking. We are excited to partner with Greg and Dinos – who we have known and admired for decades – and the team they have assembled at Vantage.”