Altamont Capital Partners Provides Growth Capital to Fleming Holdings

PALO ALTO, Calif., May 16, 2022 /PRNewswire/ — Altamont Capital Partners announced today that the company has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings (“Fleming”). The partnership will enable Fleming to become a global provider of capital solutions for property and casualty insurance companies.

Fleming is a property and casualty insurance capital solutions provider currently focused on liquidation and legacy reserve transactions. The company, led by Eric Hallerwas founded by Fleming Corp, a private equity fund based in Greenwich, Connecticut. Haller is a seasoned industry executive with work experience at XL, Athene, R&Q and Safe Harbor Re. Fleming brings a unique level of sophistication and creativity to his specific market segment, focusing on smaller transactions or more complex, which are generally not the priority of traditional insurers.

“This investment will help accelerate Fleming’s growth by focusing innovation in the insurance liability secondary market,” said Stephen MinorFounder and CEO of Fleming Corp. “Altamont’s experience and expertise in the financial services and insurance industries make it an excellent partner for our long-term growth.”

“Our partnership with Fleming is the first step in a long-term plan to become the best-in-class capital solutions provider for the P&C insurance industry,” added Altamont’s CEO. Sam Gaynor. “We can add tremendous value by taking a sophisticated, personalized approach to insurance capital management, and we look forward to bringing our solutions to market.”

Joe Zukan operating partner of Altamont, added, “Through forward-looking and backward-looking strategies, as well as insurance-linked investment solutions, we plan to further establish Fleming as a specialist in helping clients find innovative ways to increase their return on equity.

“We are proud to partner with Fleming and build on our successes by supporting proven teams who understand specific financial services markets and know how to deliver much-needed products to underserved customers,” said the CEO of Altamont. Keoni Schwartz. “As with similar investments, we expect to realize a number of mutually beneficial partnership opportunities with the other companies in our portfolio.”

Altamont was advised on the transaction by RBC Capital Markets LLC as financial advisor and Sidley Austin LLP as legal advisor.

About Fleming Holdings
Fleming Holdings is a property and casualty insurance capital solutions company that includes a Bermudaclass 3A reinsurance company. Fleming has built a solid reputation for providing a full range of reinsurance structures and definitive solutions for legacy liabilities, as well as liquidity and risk transfer alternatives to the insurance industry of the market. intermediate. Fleming and his management team have extensive experience working on capital strategies for insurance companies in the United States, BermudaCayman, United Kingdom and European Union.

About Altamont Capital Partners
Altamont Capital Partners is a private equity firm based in the San Francisco Bay Area with over $4.5 billion of assets under management. Altamont focuses on investing in middle-market companies where it can partner with top-tier management teams to help its portfolio companies reach their full potential. Company leaders have significant experience in building business success 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 previously an investor in Celestite Holdings and McLarens Global.

SOURCE Altamont Capital Partners

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