PALO ALTO, CA – Altamont Capital Partners today announced that the firm has acquired a majority stake and made a $150M growth capital commitment to Fleming Holdings (“Fleming”). The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies.
Fleming is a P&C insurance capital solutions provider with a current focus 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, CT. Haller is a seasoned industry executive with experience working at XL, Athene, R&Q, and Safe Harbor Re. 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.
“This investment will help accelerate Fleming’s growth with a focus on innovation in the secondary market for insurance liabilities,” said Stephen Minor, Founder, and CEO of Fleming Corp. “Altamont’s experience and expertise in the financial services and insurance industries make them a great partner for our long-term growth.”
“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,” added Altamont Managing Director Sam Gaynor. “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.”
“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,” said Altamont Managing Director Keoni Schwartz. “As in similar investments, we anticipate realizing a number of mutually-beneficial opportunities for partnership with our other portfolio companies.”
Altamont was advised on the transaction by RBC Capital Markets LLC as financial advisor and Sidley Austin LLP as legal counsel.
About Fleming Holdings
Fleming Holdings is a P&C insurance capital solutions business that includes a Bermuda-based class 3A reinsurance company. Fleming has built a track record of providing a full range of reinsurance structures and finality solutions for legacy liabilities, as well as liquidity and risk transfer alternatives to the middle market insurance industry. Fleming and its management team have extensive experience working on capital strategies for insurance companies in the U.S., Bermuda, Cayman, the U.K., and European Union. www.flemingreinsurance.com
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle-market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, healthcare, business services, consumer/retail, and industrials. Altamont has been an active investor in the insurance industry, with current investments in Accelerant Holdings, Kuvare Holdings, and Embark General, in addition to Fleming. Altamont was formerly an investor in Celestite Holdings and McLarens Global.