Crosswinds, Crosswinds Re to be dissolved
Crosswinds, a private equity firm focused on insurance, is planning to distribute all of its available capital to shareholders and dissolve the company, including its wholly-owned subsidiary Crosswinds Re.
As the majority of the company’s assets are now in cash, the company’s board of directors has been reviewing available investment opportunities against other strategic alternatives including, without limitation, a return of capital or other monetization event.
The board has unanimously resolved that it is in the best interests of the company to distribute all of its available capital to shareholders and dissolve the company.
The group intends to hold a special shareholder meeting in the third quarter to seek approval for the monetization event.
Crosswinds Re reviewed available reinsurance opportunities for the 2018 wind season and determined that those opportunities presented to date did not meet its risk-return criteria. As a result, Crosswinds Re has not written any reinsurance business. If the monetization event is approved, Crosswinds Re will be dissolved.
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