HSCM Bermuda, the ILS, reinsurance and transportation finance investment firm established by ex-Goldman Sachs structured finance head Michael Millette, has announced that it both structured and executed a series of financings for Seeman Holtz Property & Casualty, Inc. (SHP&C).
HSCM Bermuda has been SHP&C strategic partner since its inception, and the latest innovative financings, structured by HSCM Bermuda, takes the firm’s acquisition financings of independent insurance agencies to more than 20 over the last 12 months.
In a statement, HSCM Bermuda describes SHP&C as an integrated holding company, established to both consolidate and expand independent insurance agencies that are primarily focused on the homeowners’ and auto insurance segments.
The transaction provides SHP&C with the ability to aggregate and consolidate the smaller independent insurance agencies in a marketplace that is becoming increasingly competitive and in need of consolidation, explains HSCM Bermuda.
Commenting on the transaction, Michael Millette, Managing Partner, HSCM Bermuda, said; “Seeman Holtz is best-in-class at identifying, integrating and managing independent insurance agencies. They have proven their ability to bring substantial efficiencies to these agencies. We believe they are building a powerful platform and will continue to grow.”
According to a statement on the deal, SHP&C will continue to access new and current clients, with the correct service for individual clients, as well as the appropriate insurance.
The coverages offered by SHP&C, includes private client, homeowners, automobile, renters, umbrella, commercial & employee, and personal liability protection.
Chief Executive Officer (CEO) of SHP&C, Marshal Seeman, added; “HSCM Bermuda has been a great strategic and capital partner as this is a strategy requiring specialized knowledge but one that presents incredible opportunity. HSCM Bermuda has grown and adapted to the needs of our organization and has provided significant value and insight beyond just its clients’ capital.”
HSCM Bermuda has been utilising its third-party investor backed capacity to help SHP&C grow, with the insurance-linked returns earned through the financings flowing back to its insurance and reinsurance fund.