Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance, insurtech and transportation- focused investment manager, has refinanced its initial start-up obligations with diversified investor Eldridge, as it secures backing for future growth.
Hudson Structured Capital Management has been experiencing strong growth across its ILS, reinsurance and insurtech focused strategies in the last year and this financing agreement reached with Eldridge has been entered into to enable the investor to participate in its continued growth.
The group reached $2.6 billion of assets under management in its ILS, reinsurance and insurtech strategies as of December 2020, with another $400 million in its transportation focused investment arm.
Eldridge comes in with expertise in growing businesses over the long-term and specific expertise in the insurance space.
It allows Hudson Structured Capital Management (HSCM) to refinance its startup obligations, with a goal of accelerating further growth.
The financing consisted of a private debt issuance with warrants, enabling Eldridge to participate in HSCM’s growth going forwards.
We understand that the transaction is valued at around $80 million and a company representative confirmed that amount to us.
“We are delighted to be partnering with Eldridge,” explained Michael Millette, Managing Partner of HSCM. “With the support of Todd, Tony and the entire Eldridge organization, we look forward to continuing our mission to provide institutional investors with lightly correlated, sector-based portfolios that realize value through thought leadership across subsectors and instruments.”
“HSCM’s Re/Insurance, Transportation and InsurTech platforms have achieved remarkable growth,” added Tony Minella, Co-Founder and President of Eldridge. “We look forward to supporting HSCM as a strategic partner as they continue to scale and diversify.”
Barclays Capital Inc. acted as lead financial advisor to HSCM, with Tiger Risk Capital Markets & Advisory also advising the firm on the transaction.