Insurance Technology Industry News

TMCNet:  Pillar Capital Announces New Strategic Partner

[December 10, 2012]

Pillar Capital Announces New Strategic Partner

HAMILTON, Bermuda --(Business Wire)--

Pillar Capital Holdings Limited ("Pillar" or the "Company"), a Bermuda-based insurance asset manager focused on collateralized reinsurance and catastrophe insurance-linked securities, announced today that Transatlantic Holdings, Inc. ("TransRe") has become a strategic partner in Pillar. TransRe joins Marsh & McLennan Companies, Aquiline Capital Partners LLC, and the Pillar management team as owners. In addition to acquiring a minority stake in the Company, TransRe has made a multiple-year commitment to invest in Pillar's funds.

TransRe is a wholly-owned subsidiary of Alleghany Corporation ("Alleghany"). In addition to TransRe's investment, Alleghany has also made a multiple-year commitment to invest in Pillar's insurance-linked funds.

Pillar has strong institutional support, an experienced management team and a successful investment track record. Its insurance-linked investment products offer low correlation to traditional asset classes and a favorable liquidity profile relative to many other types of alternative investments.

"The market demand for well-qualified independent third-party managers of property catastrophe risk from institutional investors continues to be high. After considering a variety of ways to participate in this trend, we chose to partner with Pillar," said Michael Sapnar, Chief Executive Officer of TransRe. "We've known the Pillar team for some time and believethey are well-positioned to build a leading asset manager for insurance-linked investments."

Joseph Brandon, Executive Vice President of Alleghany added, "We are very pleased that TransRe is working with Marsh & McLennan Companies, Aquiline and Pillar on this important strategic initiative. The collective experience, capabilities and resources of Pillar's owners and managers will enable Pillar to achieve its full potential."

"We are thrilled to welcome TransRe as a strategic partner and have great respect for the organization. We look forward to working with TransRe and our other partners as we develop first-class investment opportunities in the reinsurance space for our investors," said Chris McKeown, Chief Executive Officer of Pillar.

About Pillar Capital Holdings Limited

Pillar is a Bermuda incorporated investment manager focused on investing in insurance related instruments. Pillar seeks to identify opportunities in traditional (re)insurance instruments and financial market instruments whose performance is driven by underlying non-life insurance risk. The objective of Pillar is to create portfolios with attractive risk-reward characteristics and low correlation with other asset classes, utilizing Pillar's extensive reinsurance and capital market experience. Pillar was formerly Juniperus Capital. For more information, please visit http://www.juniperuscapital.com.

About Transatlantic Holdings, Inc.

TransRe, a wholly-owned subsidiary of Alleghany Corporation, is a leading international reinsurance organization headquartered in New York with operations worldwide. Through its operating entities, TransRe offers reinsurance capacity on both a treaty and facultative basis - structuring programs for a full range of property and casualty products, with an emphasis on specialty risks.

About Alleghany Corporation

Alleghany Corporation (NYSE-Y) owns and manages operating subsidiaries and investments, anchored by a core position in property and casualty insurance. Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global property / casualty reinsurer; RSUI Group, Inc., a national underwriter of specialty property and liability insurance coverages; Capitol Transamerica (News - Alert) Corporation, an underwriter of specialty property, casualty and surety insurance coverages; and Pacific Compensation Corporation, an underwriter of workers' compensation insurance primarily in California.


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