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Twelve Capital makes equity investment in Heritage


Insurance and reinsurance linked investment specialist Twelve Capital Management has made a significant equity investment in U.S. primary property and casualty insurance group Heritage Insurance Holdings, Inc.

According to an SEC filing, Twelve Capital made an investment in Heritage amounting to 1,461,083 of shares, or just over 5% of the outstanding share capital of the company.

With Heritage having a market cap of around $460.54 million, Twelve Capital’s investment in the property casualty insurer appears to have cost around $23 million.

The equity investment has been made through private funds or accounts managed by the insurance and reinsurance linked investment manager.

Twelve Capital operates ILS and catastrophe bond investments as well as debt and equity strategies, seeking to invest along the risk-return curve in the reinsurance sector.

Heritage’s share price is currently around 4% down from its 52 week high, but has already recovered strongly since the recent hurricane events.

Heritage has tapped ILS investors for its reinsurance program, private debt investments and now seemingly it is benefiting from insurance-linked investors interest in equity as well.

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