What would you do with £80 million? A new house, a new car – or maybe 10 of them? If you’re White Bear Capital, however, you’re going to use the money to boost your MGA business.
The firm has picked up the cash influx from Alchemy Partners’ Alchemy Special Opportunities Fund IV – the move sees Alchemy take a substantial stake in the firm alongside strategic investor Nephilia and the company’s staff.
Chairman of White Bear Capital Peter Scales outlined that the capital would be used to boost White Bear Managers – the company’s underwriting agency – as well as bringing exposure to Blenheim Syndicate 5586 on to its balance sheet.
“Our intention is to remain firmly in the third-party capital business,” he said. “We see this transaction as aligning our interests more closely with our ongoing and prospective new capital and capacity providers, who, we hope, will continue to grow with us as we move into an ever more positive trading environment.”
The transaction remains subject to approval from both Lloyd’s and the FCA.