Clifford Chance Advises Ategrity Specialty Insurance Company on its Formation as an Excess and Surplus Lines Insurer

Tuesday, May 22, 2018 - 12:55

Ategrity Specialty Insurance Company ("Ategrity Specialty") is the seventh insurance and reinsurance formation handled by the Firm's New York office under the leadership of Insurance and M&A partner Gary Boss. The New York team continues to play a leading role in structuring a new group of global competitors in the insurance and reinsurance industry.

Clifford Chance advised on the launch of Ategrity Specialty, a specialty property and casualty insurance company that will be focused on the excess and surplus lines market.

Headquartered in Scottsdale, Arizona, Ategrity Specialty will bring strong underwriting discipline enabled by leading digital technology capabilities to the marketplace. It plans to operate in all 50 US states, partnering with leading wholesale agents and brokers.

Clifford Chance has advised on most of the completed deals in this market since the market's inception, with an aggregate value of US$4.86 billion for the six deals preceding the Ategrity Specialty launch. Those deals include the launches of Watford Holdings Ltd. (US$1.13 billion in 2014), Fidelis Insurance Holdings Ltd. (US$1.5 billion in 2015), Harrington Reinsurance Holdings Limited (US$600 million in 2016), KaylaRe Holdings Ltd. (US$620 million in 2016), Premia Holdings Ltd. ($US510 million in 2017) and Armour Group Ltd. (US$500 million in 2018).

Watford and Fidelis were recognized as the best capital raise of their respective years, and Premia and Harrington were recognized in 2017 as "Launch of the Year" and "Best Capital Raising," respectively, by Reactions magazine.

In addition to Mr. Boss, the Firm's multidisciplinary team included Tax partner Mike Seaton; Capital Markets partner Per Chilstrom; counsel Alice Kane; and associates Analisa Dillingham, Dean Agnos, Kirsten Gaeta and Rebecca Pereira.

With Ategrity Specialty, Clifford Chance has continued its leading work in this market and remains the established leader in alternative capital reinsurance ventures. Working collaboratively with these pioneering startups, Mr. Boss and his team are currently advising on other deals in the life insurance and property and casualty insurance space.