Vantage raises $200M in capital and buys admitted insurer

Vantage Group Holdings Ltd. said Tuesday it has secured up to $200 million of additional capital from funds managed by private equity firms Carlyle Group Inc. and Hellman & Freidman LLC.

Vantage has also closed the purchase of admitted lines insurer Vantage Risk Assurance Co., formerly known as Heritage Casualty Insurance Co., from Union Fidelity Life Insurance Co., the Bermuda-based insurer said.

Vantage CEO Greg Hendrick said the deal would complete the build-out of its insurance platform, giving Vantage the ability to assume risk on U.S. admitted and non-admitted paper, as well as in its Bermuda operation.

Vantage, which launched in late 2020, is headed by longtime industry executives Greg Hendrick and Dinos Iordanou.