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Member, Beacon International Group, Ltd.
NEW YORK—TigerRisk Partners L.L.C., the reinsurance brokerage that industry veterans Rod Fox and Jim Stanard launched last year, has received a financial boost from private equity firm Aquiline Capital Partners L.L.C.
Aquiline’s initial investment will support the continued growth of TigerRisk, with substantial additional equity available for acquisitions in the United States and Europe and to further develop its platform, New York-based Aquiline said in a statement Tuesday.
Aquiline did not reveal the amount of its investment.
Greenwich, Conn.-based TigerRisk launched in 2008 as Alpha Re with financing primarily through privately held investment company F&S Ventures, which Messrs. Fox and Stanard own.
Mr. Fox is the former chief executive officer of Benfield Group Ltd.’s U.S. operations, while Mr. Stanard is the former chairman and chief executive officer of Pembroke, Bermuda-based RenaissanceRe Holdings Ltd.
“Rod’s and Jim’s records of success in building businesses in reinsurance and risk management position them well to succeed on a global basis as an independent adviser,” Jeff Greenberg, CEO of Aquiline, said in the statement. “We believe that insurers value this degree of experience and market knowledge.”
In the statement, Messrs. Fox and Stanard noted that consolidation in the reinsurance brokerage industry has reduced the options available for cedents and the market is “ripe” for an alternative.
Aquiline’s investment in TigerRisk came on the heels of Guy Carpenter & Co. L.L.C.’s announcement Monday that it has entered into an agreement to acquire London-based reinsurance broker Rattner Mackenzie Ltd. from parent HCC Insurance Holdings Inc. That announcement came nearly six months after Guy Carpenter completed its purchase of rival reinsurance brokerage John B. Collins Associates Inc. and a little more than a year after Aon Corp. acquired London-based Benfield Group Ltd. for $1.75 billion in cash.