Divestiture • Insurance

J.C. Flowers & Co. and New Capital Partners Acquire Ariel Re

On November 2, 2020, private equity firms J.C. Flowers & Co. and New Capital Partners acquired insurance company Ariel Re from Argo Group

Acquisition Context
  • This is J.C. Flowers & Co.’s 9th and New Capital Partners’ 2nd transaction in the Insurance sector.
  • This is J.C. Flowers & Co.’s 2nd and New Capital Partners’ 1st transaction in Bermuda.

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M&A Deal Summary

Date November 2, 2020
Target Ariel Re
Sector Insurance
Buyer(s) J.C. Flowers & Co.
New Capital Partners
Sellers(s) Argo Group
Deal Type Divestiture

Target Company

Ariel Re

Hamilton, Bermuda
Ariel Re is a reinsurance company based in Bermuda that underwrites a global portfolio of insurance and reinsurance business through offices in London, Bermuda, Atlanta and Kansas City. Ariel Re was founded in 2005 and is based in Hamilton, Bermuda.
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Buyers Overview 2

Buyer

J.C. Flowers & Co.

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

JC Flowers is a specialist private equity firm that targets investments in the financial services sector. JC Flowers looks for distressed opportunities in North America, Western Europe, and Asia. JC Flowers was formed in 1998 and is based in New York City with an additional office in London.


Deal Context for Buyer #
Overall 25 of 37
Sector: Insurance 9 of 15
Type: Divestiture 9 of 12
Country: Bermuda 2 of 3
Year: 2020 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-27 Kereis

Paris, France

Kereis is a pioneer in protection insurance brokerage both in France and Europe, and specializes in credit protection. The company has invested significantly over the past years to diversify its distribution channels and develop its digital offering. Kereis was founded in 1991 and is based in Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-24 Inigo

London, United Kingdom

Inigo is an insurer operating in the Lloyd’s of London market via its managed Syndicate 1301. It is led by senior industry professionals with significant experience working in the sector. Inigo was founded in 2020 and is based in London, England.

Buy -
DESCRIPTION

New Capital Partners is a private equity firm focused on investing in high-growth companies. The Firm has a preference for Southeast US-based companies looks to acquire and/or partner with businesses and management teams who are seeking to build sustainable companies. Sectors of interest include healthcare services, healthcare IT, financial services, financial technology, and business services. New Capital Partners was established in 2001 and is based in Birmingham, Alabama.


Deal Context for Buyer #
Overall 15 of 17
Sector: Insurance 2 of 2
Type: Divestiture 1 of 1
Country: Bermuda 1 of 1
Year: 2020 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-23 Precision Business Solutions

Dallas, Texas, United States

Precision is a privately-held, informatics company that provides analytical business tools and services to customers in the professional (B2B) marketplace. Precision was founded with the goal of providing sales and marketing professionals with the data and facts necessary to make informed decisions that drive return on investment. Precision Business Solutions was founded in 2001 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 Healthfuse

Milwaukee, Wisconsin, United States

Healthfuse is a revenue cycle vendor management company in the industry, solely dedicated to helping hospitals build, operate, and optimize their vendor management office using a combination of proprietary technology & analytics, deep research, and advisory services/performance management. Healthfuse was founded in 2011 and is based in Milwaukee, Wisconsin.

Buy -

Seller Profile 1

SELLER

Argo Group

Pembroke, Bermuda

Category Company
Founded 1986
Sector Insurance
Employees1,206
Revenue 1.8B USD (2022)
DESCRIPTION

Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses. Argo Group was founded in 1986 and is based in Pembroke, Bermuda.


Deal Context for Seller #
Overall 3 of 3
Sector: Insurance 3 of 3
Type: Divestiture 3 of 3
Country: Bermuda 2 of 2
Year: 2020 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-04 Trident Public Risk Solutions

San Antonio, Texas, United States

Trident Public Risk Solutions provides insurance products and risk management solutions for public-sector entities such as counties, municipalities, schools, special districts, and governmental inter-local pools. Its product lines include general liability, automobile liability and physical damage, property, inland marine, crime, public officials’ liability, educators’ legal liability, employment practices liability, law enforcement liability, and umbrella liability. It operates through a distribution network of national brokerages and local agencies. Trident Public Risk Solutions was formed in 2000 and is based in San Antonio, Texas.

Sell -

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