HIIG raises $70m to fund acquisition

Houston International Insurance Group (HIIG) has raised $70 million in additional capital from its shareholders to finance growth.

The fund-raising was led by its partner The Westaim Group and supported by other shareholders.

This capital was used, in part, to fund the acquisition of managing general underwriting agency Elite Underwriting and a capital contribution to HIIG's insurance company subsidiaries to keep pace with premium growth.

In addition, rating agency AM Best has affirmed the financial strength ratings of HIIG insurance company subsidiaries and revised Imperium Insurance to a stable outlook.

Stephen Way, chief executive officer of HIIG, said: "We appreciate the support and trust that Westaim and our LP partners continue to show in our management team, as we navigate a challenging insurance landscape. We are pleased with the AM Best report which recognizes our hard work in building a financially strong and reliable platform."