US-based investment firm Altamont Capital Partners has acquired a minority stake in Fleming to tap into the capital solutions market for the property and casualty (P&C) industry.
Concurrently, Altamont made a $150m growth capital commitment to Fleming.
The tie-up will allow Fleming to become a ‘comprehensive’ capital solutions provider to P&C insurance companies.
Private equity fund Fleming Corp founded Fleming, which is run by Eric Haller.
Fleming Corp founder and CEO Stephen Minor said: “This investment will help accelerate Fleming’s growth with a focus on innovation in the secondary market for insurance liabilities.
“Altamont’s experience and expertise in the financial services and insurance industries make them a great partner for our long-term growth.”
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Fleming has experience in providing a full range of reinsurance structures and finality solutions for legacy liabilities along with liquidity and risk transfer alternatives.
It has worked on capital strategies for insurance clients in the US, the UK, European Union, Bermuda, and Cayman.
Altamont managing director Sam Gaynor said: “Our partnership with Fleming is the first step in a long-term plan to become a best-in-class capital solutions provider to the P&C industry.
“There is a tremendous amount of value we can add through taking a sophisticated and tailored approach to insurance capital management, and we look forward to rolling our solutions out to the market.”
Altamont operating partner Joe Zuk said: “Across prospective and retrospective strategies, as well as insurance-linked investment solutions, we plan to further establish Fleming as specialists in helping clients find innovative ways to grow their returns on equity.”
In October 2020, Fleming signed a deal to buy Bermuda-based Sinclair Insurance Company.