Transatlantic Holdings (TransRe) and the executive management of Bermuda-based insurance asset manager Pillar Capital Holdings have increased their ownership position in Pillar to 50 percent each.
TransRe has also increased its investment commitment to Pillar funds.
Stephen Velotti, chief executive officer (CEO) of Pillar, said: "The consolidation of our ownership structure puts us in an excellent competitive position by increasing the commitment of an exceptional sponsor in TransRe, while enabling Pillar to maintain its independent management platform. The combination enables us to focus on our mission: delivering value to investors in an increasingly complex reinsurance landscape."
Michael Sapnar, president and chief executive officer of TransRe, said: "We are delighted to strengthen our commitment to Pillar. Having been invested in Pillar since its formation in 2008, we've been pleased with Steve and his team's underwriting discipline and their track record of results. In addition to increasing our ownership stake, we have also extended TransRe's multiple-year commitment to invest in the Pillar funds."
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Trans Re, Bermuda, Pillar Capital Holdings