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January 11, 2022

Berkshire Hathaway’s NICO invests in Bermuda-based Ariel Re

Bermuda-based Ariel Re has expanded its strategic partnership with Berkshire Hathaway’s National Indemnity Company (NICO).

The partnership has seen NICO invest in Ariel Re’s convertible notes while extending its underwriting commitment through a multi-year quota share agreement to latter’s Syndicate 1910.

The two firms already had a strategic arrangement and the latest upsized backing from NICO is expected to enhance Ariel Re’s ability to provide reinsurance solutions to its clients and distribution partners.

Ariel Re chairman Jim Stanard said: “This long-term strategic partnership with the Berkshire Hathaway Reinsurance Division will add tremendous value to Ariel Re and our ability to continue investing, innovating and enhancing our client product solutions and services.

“We plan for Berkshire Hathaway to be our long-term, cornerstone strategic partner as we build and expand Ariel Re’s underwriting capacity with other high-quality, long-term partners.”

Founded in 2005, the reinsurer has operations in Bermuda, London and Hong Kong.

In November 2020, private equity investors Pelican Ventures and JC Flowers acquired Ariel Re from Argo Group International Holdings

JC Flowers managing director and co-president Eric Rahe said: “We are extremely pleased to have a partner of Berkshire Hathaway’s calibre and reinsurance insight endorse the Ariel Re team.”

Ariel Re CEO Ryan Mather said: “We have welcomed the opportunity to work with the Berkshire Hathaway Reinsurance Division team over this past year as a key partner and capital provider.

“Their insights on global macro trends and creative solutions have been very valuable to us and we look forward to working with them for years to come.”

In October 2021, Argo Group announced plans to sell its Brazilian operations, Argo Seguros Brasil, to Spice Private Equity.

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