While many more transactions have been completed than are listed below, only deals relevant to the current practice are noted
(* = name withheld / confidential)
1994 - SCUUL
Advisor to determine strategic alternatives for this JP Morgan/Marsh McLennan founded reinsurer of risks for schools, colleges, and universities.
1995 – 1999 Hedge Fund Reinsurance Companies*
Founder of numerous reinsurance companies through 1999 that were capitalized by hedge fund managers and/or their investors and invested their assets in hedge funds managed by their sponsors. Performed underwriting and management services for several of these companies.
1995 - Premier Life
Principal in the acquisition of this Luxembourg life and annuity company. Premier Life later sold to Credit Suisse.
1996 Underwriters Capital (Merritt)
Principal in the acquisition of this JP Morgan-Marsh McLennan sponsored Lloyds syndicate, which was contingent on financing. Earned break up fee when an NYSE listed insurer purchased the company prior to the completion of our financing.
1997 - First Bahamas Capital
Co-Founder of first investment bank in the Bahamas. Partners were Coutts (the largest non-government employer in the Bahamas) and Commonwealth Bank (the largest indigenous bank). Company expected to be a major factor in the announced privatization of a number of government owned businesses. Government changed and none were ever privatized. Company now owned by Colina Insurance.
1998 - Scottish Annuity
Financial advisor to this startup, sponsored by Maverick Capital, which raised its initial capital in a $250 million IPO on NASDAQ. Sourced $50 million in initial premium for the company that is cited in the Prospectus. Scottish Annuity was named reinsurance company of the year in 2003 by The Review and is listed on the NYSE.
1999 - Inter-Atlantic Fund
Raised more than half of the capital commitments for this financial services private equity fund led by the Chairman of XL Capital and former CFO of Chase Manhattan Bank.
2000 - Element Re
Co-founded the company with its management and Bear Stearns to offer weather linked insurance and reinsurance policies and hedge the exposures in the weather derivatives markets. Element Re was purchased by XL Capital and named the launch of the year by The Review in 2001.
2001 - Highlands Insurance
Joint engagement with JP Morgan to advise on survival alternatives for this troubled NYSE listed insurer.
2001 - Zephyr Re
Founder. Sourced initial $50 million of premiums.
2002 - Convergence Re
Advisor to weather linked insurer and derivatives trading start up. Now part of Brascan, one of Canada’s largest financial services companies.
2002 - Ayreo Reinsurance
Founder. Company wrote $136 million in premiums in its first three years.
2003 - Med Mal Re*
Founder. Highly profitable medical malpractice reinsurer with virtually no downside risk and a highly leveraged balance sheet that is invested solely in hedge funds.
2004 - Greenlight Capital Re
Advisor to this $212 million reinsurance startup that invests all of its asset in a value long/short equity strategy managed by David Einhorn.
2005 - SPV*
Arranged $300 million in structured financing for a fund of hedge funds.
2006 - Oceanus Re
Co-Founder of company with $100 million in committed capital that reinsures automobile service contracts in partnership with automobile dealers, and invests its assets in a fund of hedge funds strategy.
2007 - Greenlight Capital Re
$273 million IPO on NASDAQ led by Lehman and UBS in May. Stock priced above its range and was up another 7 ½ % by year end, despite turmoil in the hedge fund industry and other financial services stocks due to the subprime crisis.
2007 - Diomedes Re
Co-Founder of a reinsurer with $100 million of committed capital that partners with insurance agents and invests its assets in a fund of hedge funds strategy in order to capture some of the underwriting profits of their business.
2007 - Nestor Re
Co-Founder of a reinsurer with $100 million in committed capital that makes "synthetic acquisitions" of onshore insurance companies and captive insurers, allowing them to free up capital and surplus that is inefficiently deployed because of regulatory, ratings agency, accounting, and/or tax considerations.