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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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