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Altamont acquires stake in Fleming Holdings

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California-based Altamont Capital Partners has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings, the property and casualty insurance capital solutions business that includes Bermudian-based Fleming Reinsurance Ltd.

Altamont said the partnership will allow Fleming to grow into an all-encompassing capital solutions provider to P&C insurance companies.

It added that Fleming’s current focus is on run-off and legacy reserve transactions.

The company, run by Eric Haller, was founded by Fleming Corp, a private equity fund based in Greenwich, Connecticut.

Mr Haller is a seasoned industry executive with experience working at XL, Athene, R&Q, and Safe Harbor Re.

Altamont said Fleming brings a unique level of sophistication and creativity to its specific market segment, focusing on smaller or more complicated transactions that are not typically the priority of legacy insurers.

Stephen Minor, founder and CEO of Fleming Corp, said: "This investment will help accelerate Fleming's growth with a focus on innovation in the secondary market for insurance liabilities.

"Altamont's experience and expertise in the financial services and insurance industries make them a great partner for our long-term growth."

Altamont managing director Sam Gaynor said: "Our partnership with Fleming is the first step in a long-term plan to become a best-in-class capital solutions provider to the P&C industry.

"There is a tremendous amount of value we can add through taking a sophisticated and tailored approach to insurance capital management, and we look forward to rolling our solutions out to the market."

Joe Zuk, an operating partner with Altamont, added: “Across prospective and retrospective strategies, as well as insurance-linked investment solutions, we plan to further establish Fleming as specialists in helping clients find innovative ways to grow their returns on equity."

Altamont managing director Keoni Schwartz said: "We are proud to partner with Fleming and build on our record of success in backing proven teams who understand specific financial services markets and know how to deliver much-needed products to an underserved customer base.“

Altamont is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management.

It has been an active investor in the insurance industry, with current investments in Accelerant Holdings, Kuvare Holdings, and Embark General, in addition to Fleming.

Stephen Minor: founder and CEO of Fleming Corp (Photograph supplied)
Eric Haller of Fleming
Sam Gaynor of Altamont
Joe Zuk of Altamont
Keoni Schwartz of Altamont

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Published May 18, 2022 at 7:38 am (Updated May 18, 2022 at 7:38 am)

Altamont acquires stake in Fleming Holdings

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