AmRisc Renewed Trouvaille Re Ltd., a Special Purpose Insurer

Transaction Overview

AmRisc, LLC (“AmRisc”), a subsidiary of CRC Group, and Stone Point Capital LLC (“Stone Point”) expanded Trouvaille Re Ltd. (“Trouvaille”)

  • Trouvaille is a Bermuda segregated accounts company registered as a Special Purpose Insurer that was formed in 2024
  • Trouvaille provides collateralized reinsurance to AmRisc’s coastal commercial E&S property insurance portfolio
  • The transaction secured $580 million of underwriting capital for AmRisc, sourced from a combination of collateralized capital provided by a diversified group of institutional investors and capacity from the transaction’s fronting carrier, MS Transverse
  • Growing from $325 million in capital raised in 2024 to $580 million in 2025, Trouvaille is, to our knowledge, by far the largest sidecar in the E&S space

The expansion of 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 further advantage of positive market dynamics and a strong rate environment
  • Trouvaille continues to serve as a diversified funding source for AmRisc, increasing financial and operational flexibility

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

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

Howden Capital Markets & Advisory Role

HCMA acted as Structuring Agent and Placement Agent to AmRisc

  • Provided advice through all stages of the process, driving an optimal outcome for AmRisc
  • Worked with a variety of institutional investors to further support AmRisc through this transaction with substantially increased capital of $580 million
  • Key aspects of the transaction led by HCMA included:
    • Development of the structure and economic terms of the transaction
    • Coordination with the fronting carrier, MS Transverse
    • Leading multifaceted coordination between transaction partners, including a range of global institutional investors (across various core strategies)
    • Development of a robust financial model including stochastic analysis of investor returns
    • Drafting of detailed marketing materials and assistance with investor due diligence requests
    • Coordination of the legal aspects of the upsizing of Trouvaille