HP Re assumes 2020-2022 portfolio from ILS manager Elementum Advisors for $44m+

HP Reinsurance SPC Ltd. (HP Re), a Cayman Islands based reinsurer established by North Carolina investment adviser Hale Partnership Capital Management, has entered into a transaction with ILS manager Elementum Advisors that saw HP Re assuming a portfolio of business written between 2020 and 2022.

HP Re announced that it has signed an agreement to assume this portfolio of business underwritten between 2020 and 2022, that was held by portfolios managed by specialist insurance-linked securities (ILS) investment manager Elementum Advisors, LLC.

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The total transaction size was over $44 million, for the transfer of the portfolio of business that has been assumed.

Hale Partnership Capital Management invests across a range of sectors, in public and private debt or equity opportunities.

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The investment firm is known for its focus on seeking out investments in what it sees as inefficient areas of financial and capital markets, as well as distressed opportunities.

In acquiring a portfolio of legacy ILS investments from Elementum, Hale Partnership has effectively provided a secondary market for what we assume to be collateralized catastrophe reinsurance arrangements.

An arrangement like this can provide helpful liquidity to an ILS manager for a portfolio of business from prior years, freeing capital and enabling funds to be recycled into new opportunities, while providing finality for the underwriter of that transferred business.

Paul Barker, Elementum Advisors Partner and Executive Committee Member, commented, “We are extremely pleased to build upon a valuable relationship with Steve Hale and his affiliates, Monarch National Insurance Company and HP Re.”

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Steve Hale, Chairman of HP Re and Monarch National Insurance Company, added, “Paul, Tony, and the entire team at Elementum have been excellent business partners since my initial carve-out of Monarch just under three years ago.

“For HP Re, this transaction demonstrates a strong commitment to developing innovative solutions and deepening partnerships with leading global insurers and reinsurers.”

Hale Partnership Capital Management has been building out its activities and investments in the insurance and reinsurance sector.

In 2022, Hale Partnership invested in Monarch National Insurance Company and became the majority owner of that Florida property focused carrier.