Arrow Global targets specialty insurance returns for investors with AGI launch

Arrow Global, a pan-European investment manager specialising in private credit and real estate, has launched a new business vertical called Arrow Global Insurance (AGI), designed to capitalise on institutional investment opportunities across the insurance value chain. This new vertical acts as a strategic extension of its investment platform and includes the launch of reinsurer Halldora Re.

As an extension of Arrow’s investment platform, the Group is able to deploy its underwriting, structuring and capital management expertise into the insurance market.

AGI has a focus on property, casualty, and specialty insurance, initially including after-the-event insurance, contingent and transactional risks, as well as credit risks and surety solutions. Arrow reveals that AGI is focused solely on specialist, non-catastrophe insurance lines where outcomes depend on deep analysis, bespoke risk assessment, and disciplined capital allocation. The platform does not operate in either the climate, life, or consumer insurance markets.

As per the announcement, AGI brings together origination, underwriting and investment within a single, integrated structure.

By managing essential components of the insurance value chain, such as underwriting and large-scale risk-bearing capital through AGI, this will allow Arrow to seize various return sources, including underwriting margins, fee income, and investment returns on insurance premiums.

Arrow revealed that this approach generates a scalable and capital-efficient opportunity for the firm’s investors, supported by significant institutional capital from its inception.

As part of the platform, in 2024 Arrow founded a new managing general agent, Toremis Specialty (Toremis), part of Legatus Group, to underwrite identified legal and transactional risks.

Toremis’ insurance capacity is supported by reinsurer, Halldora Re Ltd, which was founded in 2025 by Arrow and capitalised by institutional investors and funds managed by Arrow.

Halldora Re has been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) by rating agency AM Best, with a stable outlook.

“AGI actively seeks out products in fragmented markets characterised by bespoke risk analysis, limited competition and constrained underwriting capacity. Arrow’s long-standing experience in complex credit, litigation-related assets and real estate allows it to originate and underwrite these risks and structure solutions with agility and flexibility often beyond that of traditional insurers. This local specialist expertise, applied in complex and fragmented markets, underpins a strategy designed to generate attractive margins and returns on equity. For Arrow’s investors, this creates access to differentiated return streams that are largely uncorrelated with traditional credit and equity markets,” Arrow Global explained.

Zach Lewy, Chief Executive Officer and Chief Investment Officer of Arrow Global Group, commented: “Arrow Global Insurance provides opportunities for our investors to access the global specialty insurance market by utilising Arrow’s expertise. This is a fragmented market with growing demand for specialist risk solutions, and we believe that controlling the value chain allows us to generate attractive returns through a highly aligned and efficient operating network.”

Dan Adams, Managing Director and Head of Insurance at Arrow Global Group, said: “The opportunity in specialty insurance lies in embracing complexity. We have built the AGI model to do this at scale, combining technical expertise, underwriting agility and institutional capital. The AM Best rating for Halldora Re validates the strength of the platform and supports our ability to grow responsibly alongside our investors.”