ERS Announced a $350mm Capital Raise led by Abry Partners

ERS announced a $350mm capital raise led by Abry Partners LLC (“Abry”)

Aquiline Capital Partners LLC (“Aquiline”) led investor group also be participated in the capital raise

Financing helped to accelerate ERS’ growth strategy and expansion into specialty (re)insurance business lines

• Supported ERS as it becomes a diversified, specialist (re)insurer
• Built on ERS’ recent backing of Arcus Lloyd’s s.1856
• Plan also included launching a Bermuda-based speciality (re)insurance vehicle and an ILS manager

As part of the Company build-out, ERS made several high-profile hires including:

• Peter Bilsby and Richard Hextall as CEO and CFO of ERS, respectively

ERS is a Lloyd’s underwriting business which has been a leading motor insurer for over 60 years (through s.218)

• Announced backing of Arcus Lloyd’s s.1856, giving the firm capability to write specialty commercial and reinsurance lines

Aquiline, founded in 2005, is a private investment firm based in New York and London

• Invests in businesses across the financial services & technology sector and has $5.6bn in AUM as of 9/30/20

Abry, founded in 1989, is a leading Boston-based private equity firm

• Firm has completed over $82.0bn of leveraged transactions and other private equity or preferred equity placements(a)
• Manages over $5.0bn of capital across its active funds(a)

TCMA acted as exclusive financial advisor to ERS; key transaction steps led by TCMA include:

• Developing a robust and comprehensive financial model inclusive of Lloyd’s and rating agency factors
• Preparing marketing documentation and running a competitive process
• Introducing Abry as an investor to the process
• Managing an organised and efficient due diligence process
• Offering insights around and negotiating key transaction terms and conditions
• Providing objective advice and acting as a confidant to ERS throughout the process

(a) As of the time of the transaction.