AmRisc, LLC, a subsidiary of CRC Group, has announced the renewal of Trouvaille Re Ltd. (Trouvaille II), an insurance sidecar that provides collateralized reinsurance capacity for its coastal commercial excess and surplus (E&S) property insurance portfolio. The renewal, effective April 1, has secured $580 million in underwriting capital from institutional investors and fronting carrier MS Transverse.
The latest capital raise represents significant growth for Trouvaille II, which initially secured $325 million in 2024.
“We are pleased to have grown Trouvaille Re with our investor capacity partners, allowing us to continue to serve the coastal commercial property E&S market that we have supported for more than 25 years,” said Brian Reid, CEO of AmRisc.
AmRisc, which focuses on underwriting coastal commercial property insurance, writes approximately $2 billion in E&S gross premiums annually for its capacity providers, alongside over $600 million in admitted premiums.
Laura Beckmann, AmRisc’s president and chief operating officer, emphasized the trust investors place in the company’s risk management strategies. “The growth and support from investors in Trouvaille II reaffirms our belief that this partnership can continue for the long term. Investors have come to understand AmRisc’s underwriting approach,” she said.
Stone Point Capital LLC, a partner in the transaction, expressed confidence in AmRisc’s ability to navigate the coastal insurance market. “Trouvaille II follows on the success of the initial capital raise for Trouvaille Re Ltd. We are pleased that AmRisc has been able to grow with key investor partners to continue to serve clients in its targeted markets,” said Ben Rubin, head of Stone Point Capital Insurance Solutions.
MS Transverse also reaffirmed its support for the renewed sidecar. “MS Transverse is extremely pleased to renew our support of Trouvaille Re alongside our distinguished partners, AmRisc and Stone Point. We look forward to Trouvaille’s continued growth and success,” said John Fitzgerald, president of MS Transverse Insurance Group.
Howden Capital Markets & Advisory acted as the structuring and placement agent, while J.P. Morgan Securities LLC also served as a placement agent. Willkie Farr & Gallagher LLP provided legal counsel.
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