Fleming Insurance Holdings, the Bermuda-based class 3A company, has signed a reinsurance agreement to transfer certain casualty risks of Conifer Holdings and its affiliated companies.

Conifer, a specialty insurance holding company, offering customised coverage solutions tailored to the needs of insureds, markets across the United States largely through independent agents.

The transaction provides significant downside protection with the objective of strengthening Conifer’s financial position.

Fleming Re co-founder and chief executive Eric Haller said: “We are pleased to complete this strategic transaction with Conifer that achieved the outlined goals and was mutually beneficial.

“It was a pleasure working alongside Conifer and we believe both companies can leverage this ongoing relationship.”

Stephen Minor, co-founder and director, added: “This transaction marks another milestone on Fleming’s path to diversification, building long-term partnerships with cedants as we look to further standardise LPTs as an accretive financing solution for P&C carriers.

“We believe that recurring business is the key to building long-term intrinsic value as a legacy reinsurer.”

Fleming Re is the Bermuda-based class 3A subsidiary of Fleming Insurance Holdings with a track record in providing a full range of reinsurance structures and finality solutions for legacy P&C liabilities.

Fleming Re provides sellers with partnership economics, meaning competitive terms on an expedited basis, finality to exposures and capital support on a recurring basis. Fleming Re and its management team have extensive experience acquiring insurance portfolios in run-off in the US, Bermuda, Cayman, Britain and European Union countries.