London, England, March 6, 2023 – Ariel Re, a global reinsurance business with offices in Bermuda, London and Hong Kong, has announced it has secured $270 million of capital from five new institutional and family office investors to support exciting growth opportunities in 2023.
Ariel Re is backed by Pelican Ventures and JC Flowers & Co and underwrites five focused lines of
business – property catastrophe, cyber, marine and specialty, professional lines and clean energy –
through its Lloyd’s platform, Syndicate 1910. In addition to the new investors’ capital, Pelican
Ventures and JC Flowers have meaningfully increased their underwriting capital commitments to
support Ariel Re’s growth.
In August 2022, Lloyd’s launched London Bridge 2 PCC Ltd. (LB2), a protected cell company,
established to reduce complexity and give greater flexibility for global investors to participate in the
Lloyd’s market. As part of this capital raise, Ariel Re secured $170 million through LB2 – becoming
the first sponsor to raise capital through the LB2 structure.
“Given our proven expertise in lines of business undergoing significant change, such as property
catastrophe and cyber, Ariel Re is well-positioned to help investors access what we believe to be
very attractive underwriting opportunities,” said Ryan Mather, Chief Executive Officer at Ariel Re.
“While many carriers are pulling out of these risks, we are able to grow backed by investors who
understand the nuances of a cyclical reinsurance market. We are delighted that part of our new
funding is the first successful example of investors coming to Lloyd’s via the innovative LB2
structure; it was more efficient than ever to deploy meaningful capacity in Syndicate 1910.”
Burkhard Keese, Chief Financial Officer and Chief Operating Officer, Lloyd’s of London, said: “I’m
delighted that Ariel Re chose the LB2 structure to facilitate delivery of this new capital into the
Lloyd’s market, a key deliverable of the Future at Lloyd’s strategy. We set the London Bridge PCC
vehicle up to be as flexible and responsive as possible and with oversight of the UK’s PRA, we now
believe we have an onshore UK structure that can rival any of the established offshore vehicles in
other jurisdictions. We hope that Ariel Re will be the first of many to use LB2.”
Howden Tiger Capital Markets & Advisory, the capital markets arm of reinsurance broker Howden Tiger, acted as exclusive financial advisor to Ariel Re. Willkie Farr & Gallagher LLP acted as Ariel Re’s exclusive legal advisor. Hampden Agencies acted as Lloyd’s Members’ Agent for the 5 Corporate Members and Artex Capital Solutions provided the Insurance Management Services for the London Bridge 2 Cells involved in these transactions.
Ends
Contacts:
Media
Stephen Breen, Rein4ce
+44 7843 076556
Ariel Re Contact Information:
Email: marketing@arielre.com
Website: www.arielre.com
Tel: 441-295-5485
About Ariel Re:
Ariel Re offers innovative insurance and reinsurance solutions and services through our offices in
Bermuda, London, and Hong Kong, meeting the business needs of a diverse client base. Ariel Re
operates principally through Syndicate 1910 in London and also offers access to Lloyd’s Europe via
Syndicate 5336.
Originally founded in 2005, Ariel Re was acquired by Pelican Ventures and J.C. Flowers in November
2020. The new owners provide Ariel Re with significant capital resources and a long track record of
supporting successful, entrepreneurial businesses in the (re)insurance industry.
About Pelican Ventures:
Pelican Ventures is a private investment firm specializing in start-up and early-stage investments in
the property and casualty (P&C) insurance industry. Our team collaborates closely with world-class
executives to identify, develop, and grow the most promising insurance concepts into impactful and
sustainable businesses. We leverage our expertise to identify the right product-market fit, optimize
the allocation of human and financial capital, and provide ongoing operational advisory and support,
allowing our portfolio companies to focus on scaling their operations and achieving long-term
success
About JC Flowers:
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial
services industry. Founded in 1998, the firm has approximately $4 billion of assets under
management. J.C. Flowers has offices in New York, London and Palm Beach with a 21-person
investment staff who have a combined 300+ years of experience. Over its 25-year history, J.C.
Flowers has invested more than $17 billion of capital in 65 portfolio companies in 18 countries
across a range of industry subsectors including banking, insurance and reinsurance, securities firms,
specialty finance, and services and asset management.
About Lloyd’s:
Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions.
Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re
sharing risk to create a braver world.
The Lloyd’s market offers the resources, capability, and insight to develop new and innovative
products for customers in any industry, on any scale, in more than 200 territories.
We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers
and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation:
an independent organisation and regulator working to maintain the market’s successful reputation
and operation.
We’re working to build solutions for the most current and prevalent threats. As Chair of the
Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the
industry together to insure the transition to net zero. Our research community is pooling expertise
from across the industry to provide cutting edge insight on systemic risks from climate change to
cyber security.
And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to
place, price and process cover in the Lloyd’s market.
Enquiries to:
UK: +44 (0) 20 7327 5111
