JC Flowers, Pelican Ventures team up to buy reinsurer Ariel Re from Argo Group


Private equity pair Pelican Ventures and JC Flowers have agreed to pick up reinsurance franchise Ariel Re from Argo Group. 

Ariel Re is a global underwriter of property and casualty reinsurance operating through Lloyd’s Syndicate 1910.

Originally founded in 2005, the company has been part of Argo Group International since 2017.

The buyout firms also announced that they have agreed terms for an operational partnership with Apollo Syndicate Management Limited to further develop SPA 6133, a Lloyd’s special purpose arrangement focused on property catastrophe reinsurance.

Pelican Ventures is an investment firm with a sole focus on the insurance industry, while JC Flowers focuses more broadly on the financial services sector.

Jim Stanard, co-founder of Pelican, said, “Pelican Ventures is excited to be investing in Ariel Re and SPA 6133 and bringing together talented professionals with unparalleled reinsurance market underwriting expertise and risk management analysis skills.

“With the financial strength and insights of our new ownership group and under the leadership of Ryan Mather, we will pursue our ambition of building a world-class manager of reinsurance risk.”

TigerRisk Capital Markets & Advisory is acting as exclusive financial advisor to Pelican Ventures and JC Flowers in the transaction.  DLA Piper is acting as legal advisor.

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