Ark Insurance Holdings $163 Million Subordinated Notes Issuance

Transaction Overview

Ark Insurance Holdings Ltd (“Ark”) completed a $163mm subordinated notes offering

  • Transaction follows an equity capital raise completed on 1/1/21 which saw White Mountains Insurance Group, Ltd (“White Mountains”) take a majority stake and invest $600mm+
  • Ark was awarded an “A” financial strength rating from A.M. Best as part of this transaction

Proceeds will support the growth plan developed as part of the White Mountains transaction

Issuance is a combination of US Dollars and Euros

Notes privately placed with a small number of institutional investors

  • Significant demand led to a competitively priced transaction

Both US Dollar and Euro notes rated “bbb+” by A.M. Best

Ark is a leading Lloyd’s platform founded in 2007 by Ian Beaton (CEO) and Nick Bonnar (CUO)

  • Ark manages the underwriting of syndicates 4020 and 3902
  • Has established a full-scale reinsurance platform in Bermuda which started trading in Jan. 2021

TigerRisk Capital Markets & Advisory Role

TCMA acted as Exclusive Financial Advisor to Ark

  • Offered pivotal transactional advice and process guidance throughout the transaction
  • Evaluated various capital alternatives for Ark
  • Key transaction steps led by TCMA included:
    • Marketing the transaction to potential investors and optimizing a highly competitive process
    • Advising Ark on interaction with A.M. Best
    • Offering insights around subordinated notes transaction terms and conditions
    • Managing and organising an efficient due diligence process
    • Advising and assisting in the negotiation of final transaction terms