SageSure, a managing general underwriter, has taken a stake in Bermuda ILS manager Pillar Capital Management, funding the investment by expanding an existing debt facility with Ares Management.
Pillar will remain independent, keep its Bermuda team and its investment strategy, and management will retain a substantial ownership stake.
Neither the price nor the size of the stake was disclosed, and the expanded Ares facility's size, pricing and maturity were not disclosed. The deal was announced on Oct. 12.
Reported by The Wrap desk from Insurance Capital Daily coverage: SageSure takes stake in Bermuda ILS manager Pillar Capital and Insurance Capital Daily deal log entry, SageSure · Pillar Capital Management. Published . Corrections