AmRisc Established Trouvaille Re Ltd., a Special Purpose Insurer

Transaction Overview

AmRisc, LLC (“AmRisc”), a subsidiary of Truist Insurance Holdings, LLC, and Stone Point Capital LLC (“Stone Point”) formed Trouvaille Re Ltd. (“Trouvaille”)

  • Trouvaille is a Bermuda segregated accounts company registered as a Special Purpose Insurer
  • Trouvaille provides collateralized reinsurance to AmRisc’s coastal commercial E&S property insurance portfolio
  • The transaction secures $325mm of new underwriting capital for AmRisc, sourced from a combination of collateralized capital provided by a diversified group of investors and capacity from the transaction’s fronting carrier, MS Transverse

Trouvaille provides AmRisc additional capacity to support the coastal commercial E&S property market

  • Allows AmRisc to meet the needs of its current and future clients in a challenged market
  • Provides AmRisc with an opportunity to take advantage of positive market dynamics, including the highest rate environment in over a decade
  • Diversifies AmRisc’s sources of funding, increasing financial and operational flexibility

Established in 2000, AmRisc is a market leader in underwriting coastal commercial E&S property insurance

  • With over $2bn in annual E&S written premium, AmRisc partners with the world’s leading insurance carriers and capacity partners

Howden Tiger Capital Markets & Advisory Role

HTCMA acted as Financial Advisor, Structuring Agent, and Placement Agent to AmRisc

  • Provided advice through all stages of the process, including identifying the fronting carrier, driving an optimal outcome for AmRisc
  • Identified a variety of institutional investors interested in supporting AmRisc through this transaction
  • Key aspects of the transaction led by HTCMA included:
    • Development of the structure and economic terms of the transaction
    • Leading multifaceted coordination between transaction partners, including investors
    • Construction of a robust financial model including stochastic analysis of investor returns
    • Drafting of detailed marketing materials and assistance with investor due diligence requests
    • Selection and introduction of a wide range of global institutional investors (across a variety of core strategies)
    • Coordination of the legal and regulatory aspects of the establishment of Trouvaille