The Andover Corporations, a long-standing mutual insurance coverage group within the Northeast, is among the many buyers in Mereo Insurance, a Bermuda-based (re)insurance coverage startup chaired by former AIG Govt Chairman and CEO Brian Duperreault.
The Andover Corporations closed its funding in Mereo Holdings Restricted, mother or father firm of Mereo Insurance coverage, on January 31.
Mereo has secured more than $700 million to fund its new reinsurance operations.
Mereo Insurance coverage has already acquired a financial strength rating of A- from AM Finest and is actively writing enterprise for February reinsurance renewals. The corporate will focus its diversified portfolio throughout roughly 25 strains of enterprise, together with property, casualty, and specialty insurance coverage and reinsurance.
Ex-AIG Chief Duperreault Secures $700M for Mereo Reinsurance Startup
“Mereo’s seasoned management and modern technique align with our imaginative and prescient of diversifying into new lessons of enterprise and geographic markets. We consider this partnership will drive long-term worth and additional strengthen our portfolio,” stated Chuck DiGrande, president and CEO of The Andover Corporations.
Different buyers within the startup embody different asset supervisor Ares Administration Corp. and quantitative buying and selling agency Susquehanna Worldwide Group. Mereo has indicated it’s accepting additional fairness commitments till the tip of March.
The Andover Corporations consists of Merrimack Mutual, Cambridge Mutual, and Bay State. They write private and enterprise insurance coverage in Massachusetts, Maine, New Hampshire, Rhode Island, Connecticut, New York, New Jersey, and Illinois.
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