Speciality re/insurance group Vantage has secured an additional $200m capital from funds managed by Carlyle and Hellman & Freidman to drive its growth.

The company said that it will use most of proceeds to create new opportunities in its US insurance platform.

In addition to funding, Vantage also closed the acquisition of Heritage Casualty Insurance Company from Union Fidelity Life Insurance Company (UFLIC).

Vantage CEO Greg Hendrick said: “We are pleased to have closed on the purchase of Vantage Risk Assurance Company. Work is ongoing to complete the necessary filings to enable Vantage to offer admitted products later this year.”

The acquired entity, is now rebranded as Vantage Risk Assurance Company, is expected to help the firm complete the development of its insurance platform.

Hendrick further said: “We will have capabilities to assume risk on US admitted and non-admitted paper, as well as in our Bermuda entity. We are also pleased to be entering our second full year of reinsurance underwriting in Bermuda, having successfully launched that business in 2021.

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“We look forward to continuing to expand the ways we are helping our clients and brokers solve their most pressing (re)insurance challenges with this complete platform in place.”

Vantage provides a spectrum of specialty re/insurance products, which covers global risks through its operating subsidiaries. These include niche property and casualty classes.

Last year, the firm bought an Illinois-based domestic surplus lines insurance company with operating license in 47 US states.