Vantage Announces Launch

Vantage Group Holdings Ltd. (Vantage) announced its launch on 3 December 2020, and with it, the launch of its wholly owned re/insurance subsidiary, Vantage Risk Ltd. (Vantage Risk). The new entity is led by CEO Greg Hendrick, a thirty-year industry veteran and former CEO of AXA XL. Forty-year industry veteran Dinos Iordanou, retired President and CEO of Arch Capital Group Ltd., is serving as Non-Executive Chairman.

Vantage has been formed following years of increased loss activity in the insurance industry and will utilize industry-leading talent and technology to underwrite business where existing capacity is shrinking. Vantage adds creativity to tech-enabled efficiency and robust analytics to address our clients’ risks.

Vantage Risk provides property catastrophe reinsurance (covering predominantly North America, Europe, Japan and Australia) as well as specialty reinsurance across property and casualty classes including marine, energy, aviation, crop, workers’ compensation, property per-risk and mortgage. In 2021, Vantage intends to launch insurance products in both the Bermuda and North American markets.

In addition to Hendrick and Iordanou, the firm’s leadership team includes several career industry executives:

• Chris McKeown, Chief Executive of Reinsurance, Innovation and ILS
• Jack Kuhn, Chief Executive of Insurance
• Aurora Swithenbank, Chief Financial Officer
• Peter Hahn, Chief Data and Analytics Officer

• Gail McGiffin, Chief Information and Operations Officer effective in January 2021

• Bobbi Andersen, General Counsel
• Nikki Gonzalez, Chief Talent Officer
• Peta White, President of Vantage Risk effective in January 2021
• Nick Pritchard, Head of Property Catastrophe Underwriting

The Carlyle Group (NASDAQ: CG) and Hellman & Friedman (H&F), together with management, have invested $1 billion of equity capital in Vantage with the potential to increase their investment as growth opportunities arise.

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.”

“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,” Iordanou added. “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.”

Brian Schreiber, Head of Carlyle Insurance Solutions, 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.”

John Redett, Head of Carlyle’s Global Financial Services group, said, “Carlyle is thrilled to partner with an exceptional management team and experienced insurance investors, and we look forward to helping build Vantage into a market-leading franchise.”

David Tunnell, Partner at H&F, 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.”

Hunter Philbrick, Partner at H&F, added: “As a new, built-for-purpose platform, Vantage will be uniquely positioned to capitalize on the enormous market opportunity and build a long-term competitive advantage by attracting world-class talent and deploying industry-leading technology, data and analytics.”

Carlyle’s equity capital for the investment comes from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the U.S., and Carlyle Global Financial Services Partners III, L.P., a dedicated financial services buyout fund. H&F has deployed capital from Hellman & Friedman Capital Partners IX, a fund with $16.5 billion of committed capital targeting investments in select sectors across North America and Europe