Fermat leads €10m private debt deal for Danish insurer Gefion
Copenhagen-based specialty non-life insurer Gefion has closed a private placement of €10 million Solvency II-compliant subordinated notes, with funds managed by Fermat Capital Management.
The company stated that the net proceeds from the offering will be used to support Gefion’s growth opportunities in the European specialty non-life insurance market, to refund the company’s existing subordinated debt, and for general corporate purposes.
Tonny Anker-Svendsen, Gefion’s CEO said: "We are excited to partner with Fermat, one of the highest-quality investors in the (re)insurance space, on this transaction. We believe their commitment validates the strength of our innovative business model and our ability to source profitable growth opportunities in the European specialty market."
Reinsurance broking and risk/capital management firm TigerRisk Capital Markets & Advisory acted as advisor to Gefion in the transaction, and Gorrissen Federspiel acted as counsel.
Founded in April 2015, Gefion Insurance wrote approximately €110 million of gross premiums in 2016 throughout Europe with a focus on niche specialty program business.
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