Aquiline substantially contributed in building our business. Unlike other private equity firms, I always felt like I was talking to my partners. Eleven years post IPO and I still speak with Chris Watson and Jeff Greenberg regularly.

Aquiline has a good blend of senior operating partners who had deep experience in our industry, coupled with smart financial minds and expertise. They also focused on not just the right financial outcome for them, but the right ultimate outcome for the management team and wider staff. 

I am not sure if another private equity firm would have had the capability to buy ERS from IAG back in 2013. It was only the combination of Aquiline's deep sector knowledge, combined with their partners' experience of actually running companies, that enabled it to get comfortable with the value creation thesis and the relative risk / reward in the investment.

Partnering with a firm that has a focus on, and deep roots in, financial technology is invaluable when transforming a business in a changing environment. Aquiline truly understands the marketplace and the opportunities for value creation and it has been a pleasure to be on this journey with them.

Having spent months researching our space prior to their first call, Aquiline had a very specific plan and theory about what they would like to do to help us recognize greater value. They have done exactly what they said they were going to do, and much more.

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Our private equity strategy is centered around businesses that are well established in their niche but could be much more. We look at the broader financial economy and the plumbing behind it for assets that may not be glamorous but are important. As partners, we let those organizations take a more ambitious tack, supporting aggressive growth initiatives and other paths to equity value creation.

We want partners who draw value from our financial services reach, and look for them in business services, software, and healthcare as well as the financial sector.

The private equity team seeks to invest thematically, looking at industry trends and then zeroing in on niches of interest. 

Investments tend to be $20-200 million, either funded all at once or over time. We move quickly and generally do not shy away from tough carve-outs and other complicated transaction types.

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Our venture team invests in early and growth-stage technology and services companies with transformative potential for insurance and other financial services sectors. Drawing insights from our portfolio companies and much larger financial institutions in our industry network, we look for promising new technologies matched to the industry’s pain points.

We aim to bend the curve, leveraging our relationships to get entrepreneurs in front of the corporate decisionmakers who can bring step changes as potential clients or partners.

The venture team looks at the bottlenecks and inefficiencies experienced by insurers, asset managers, and other traditional financial institutions to understand market needs and corresponding opportunities for emerging fintech, insuretech, and enterprise technology.

Typical investments range from $3-15 million in companies with at least $1 million in annual recurring revenue. ATG can be the first institutional capital or participate in later rounds as a lead or co-lead investor.

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Quintes

NEW YORK, NY and Culemborg The Netherlands. – July 20, 2020 – Aquiline Capital Partners, a global private investment firm specializing in financial services and technology, today announced that it has closed its investment in Quintes Holding, one of the largest independent insurance brokers in the Netherlands. Since its founding in 2012, Quintes has built a national footprint of brokers with a focus on serving the Dutch SME sector. 

The Company will maintain its corporate headquarters in Culemborg under the continued leadership of the existing management including CEO Gijsbert van de Nieuwegiessen and CFO Alex Klooster.

“The Dutch insurance market presents significant opportunities for continued growth, M&A activity and the need for a dedicated, technology-enabled SME broker,” said Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline. “We are excited to back Gijsbert and his team as they continue to extend the Quintes proposition into new classes, customer segments and regions of the Netherlands.” 

“Quintes has worked hard to build its position in the Dutch market, and we are proud of what our 360 employees have helped build for our 100,000 customers,” said Gijsbert van de Nieuwegiessen, Chief Executive Officer, Quintes Holding. “As we continue on our aim to develop our footprint across the country, we are excited to partner with Aquiline, whose deep network in insurance and technology and commitment to our mission will help to expand our portfolio, drive innovation and build on our relationships with the SME customers and carriers who have brought us this far.”

No financial terms were disclosed. KPMG served as financial advisor to Quintes in this transaction, and De Brauw Blackstone Westbroek served as legal counsel. ING served as financial advisor to Aquiline in this transaction, and Stibbe served as legal counsel. 

About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. The firm has $5.3 billion in assets under management as of December 31, 2019. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.


Aquiline Closes Investment in Dutch Insurance Broker Quintes Holding

ERST

•	StarStone U.S. positioned to be a market leader in the specialty property & casualty insurance markets

•	Jeff Consolino to be named CEO and Ed Noonan Executive Chairman

•	Dragoneer, SkyKnight and Aquiline’s investment to provide fresh capacity to specialty property & casualty markets, including E&S property

HAMILTON, Bermuda, June 10, 2020-- Enstar Group Limited ("Enstar") announced today that it has agreed to a recapitalization of StarStone U.S. Holdings, Inc. (“StarStone U.S.” or the “Company”) led by SkyKnight Capital, L.P. (“SkyKnight”), Dragoneer Investment Group (“Dragoneer”) and Aquiline Capital Partners LLC (“Aquiline,” and together with SkyKnight and Dragoneer, the “Investors”). The Investors have committed $610 million in new equity capital which, together with the rollover of Enstar’s existing ownership, and an additional equity commitment of over $20 million from management, will increase the equity capitalization of StarStone U.S. to over $850 million. Enstar will receive a combination of cash consideration and shares in the recapitalized StarStone U.S, valued at a modest premium to book value.

As part of the capital infusion, a new management team and Board of Directors will be appointed to StarStone U.S. Jeff Consolino will be CEO and Ed Noonan will be Executive Chairman. The new Board of Directors will include Messrs. Noonan and Consolino; Paul O’Shea and Robert Campbell from Enstar; Steve DeCarlo; Matthew Ebbel, Managing Partner of SkyKnight; Marc Stad, Managing Partner of Dragoneer; and Chris Watson, Partner of Aquiline.

In conjunction with the capital infusion, one of Enstar’s wholly owned subsidiaries will enter into a combination loss portfolio and adverse development cover reinsurance agreement with StarStone U.S. The recapitalization is expected to close in the second half of 2020 after obtaining customary regulatory approvals.

Dominic Silvester, CEO of Enstar, said: “This is a pivotal moment for StarStone U.S. as we reposition the Company towards specialty E&S growth. In partnership with experienced investors and a talented management team, which have built and led winning organizations, Enstar is committed to realizing StarStone U.S.’ full potential as a specialty commercial property & casualty insurer. StarStone U.S. will work with Enstar, as opportunities warrant, in our ongoing acquisition activities.”

Jeff Consolino is an experienced insurance industry leader with over 28 years of industry experience. Most recently, Jeff was Executive Vice President, Chief Financial Officer and a Director of American Financial Group, Inc. He was previously a founding executive of Validus Holdings, Ltd. (“Validus Group”) where he served as President and Chief Financial Officer.

“I am delighted and honored to take on the role of CEO of StarStone U.S.,” said Mr. Consolino. “I am looking forward to working with the Company’s many talented underwriters, employees, and distribution partners as well as the reconstituted Board of Directors to build a market leading specialty insurance company. We observe premium pricing increasing and capacity contracting across multiple classes of business including commercial property, D&O, excess casualty, marine & aviation and professional liability. Social inflation and natural catastrophe losses, including floods and wildfires, have also added to market rate momentum. In addition, the COVID-19 pandemic has led to market dislocation and additional capital need. We believe a specialist insurance company with the right leadership, financial backing, protection from legacy exposures and niche orientation can create significant value in this environment.”

Ed Noonan brings more than 40 years of industry experience to the Company. He served most recently as Chairman and CEO of Validus Group, a position he held from 2005 to 2018. Under Mr. Noonan’s leadership, Validus Group experienced significant growth, and ultimately was acquired by AIG in 2018 after more than a decade as a leading independent public company. Mr. Noonan also served as President and CEO of American Re from 1997 to 2002, after joining the firm in 1983. A recognized market leader, Mr. Noonan brings vast expertise to the position of Executive Chairman.

Mr. Noonan said: “Having had the chance to work with the StarStone U.S. team, I am really pleased to have the opportunity to help them build on the excellent work they have done. We have assembled a Board comprised of company founders and business builders which we believe is second to none. I have worked closely with Jeff and many of the directors for years and believe the mix of their skills and experience will greatly benefit the development of the enhanced StarStone U.S. business plan. We are very pleased to have the opportunity to partner with patient, long-term investors Dragoneer and SkyKnight who bring a valuable network across both the technology and insurance industries. Following the formation and successful sale of Validus, we are also excited that Aquiline will again invest with us.”

Mr. Ebbel said: “We are excited to partner with Jeff, Ed, Steve, and Enstar to build StarStone U.S. into an exceptional specialty carrier executing across both admitted and E&S lines of business. This partnership has been nearly a decade in the making, and we believe this is the ideal time for StarStone U.S. to execute on an expansion strategy with both a clean balance sheet and fresh capital.”

Mr. Stad said: “At Dragoneer, we focus on partnering with exceptional teams that are building truly differentiated businesses in large markets. We look forward to working with Jeff and Ed as they build a leading specialty carrier at a time when we see very positive, long-term market trends. We have been impressed by Jeff and Ed’s track record of operational excellence, orientation towards disciplined underwriting, and usage of both data and technology.”

Jeff Greenberg, Chairman and CEO of Aquiline, said: “Today’s dynamic market conditions have created a need for dedicated underwriting capacity across multiple E&S and admitted lines of business. We witnessed the strength of the Validus management team first-hand and believe Jeff and Ed will build a market leader at StarStone.”

Enstar today also announced that StarStone International has contributed its renewal rights to Atrium Underwriters Limited, which manages Lloyd’s Syndicate 609. International business not assumed by Atrium will be placed into an orderly run-off.

With the signing of the transaction, John Hendrickson stepped down from his role as StarStone Group CEO. Mr. Silvester commented, “I would like to thank John for his significant contribution to StarStone, and we all wish him well with his future endeavors.”

StarStone U.S.

StarStone U.S. offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From eight underwriting offices spanning the U.S., StarStone U.S. focuses on niche markets, local distribution, and superior underwriting knowledge, offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. StarStone U.S. is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, a U.S. admitted markets insurer. StarStone is rated A- (Excellent) by A.M. Best. 

Enstar Group Limited

Enstar is a multi-faceted insurance group, with approximately $19.1 billion in assets, that offers innovative capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar is a market leader in completing legacy acquisitions, having acquired approximately 100 companies and portfolios since its formation in 2001. Enstar Group includes the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. For further information about Enstar, see www.enstargroup.com.

SkyKnight Capital, L.P.

Founded in 2015, SkyKnight manages over $1 billion in private equity capital on behalf of institutional family offices and leading foundations and endowments. SkyKnight makes long-term investments into high-quality businesses in acyclical growth sectors alongside exceptional management teams.
www.skyknightcapital.com

Dragoneer Investment Group

Dragoneer is a growth-oriented investment firm with over $10 billion in long-duration capital from many of the world’s largest endowments, foundations, sovereign wealth funds, allocators, and family offices. Dragoneer has a history of partnering with management teams in companies characterized by sustainable differentiation and superior economic models. The firm has a global orientation and invests in market leaders, primarily in the financial services and technology sectors.
https://dragoneer.com/

Aquiline Capital Partners LLC

Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. The firm has $5.3 billion in assets under management as of December 31, 2019. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.


Enstar Announces Recapitalization of StarStone U.S. with New Leadership and Significant Investment led by SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners

New York, NY and London, UK – May 26, 2020 — Aquiline Capital Partners, a global private investment firm specializing in financial services and technology, today announced the final close of its fourth private equity fund, the Aquiline Financial Services Fund IV (the “Fund”). The Fund closed with more than $2 billion in total commitments, exceeding its target of $1.5 billion. 
Aquiline has raised the new fund from investors around the world and continues its strategy of investing in businesses in the key industries of the global financial services sector: financial technology, insurance, investment management, business services, credit and healthcare. To date, the Fund has made three equity investments, all of which the firm sees as an opportunity to drive value creation by supporting management with the firm’s strategic, operational and technology capabilities. 
The Fund has made investments in the following companies:

-	CoAdvantage, a professional employer organization (PEO) that provides a range of insurance and human resources solutions for small and mid-sized companies

-	Ontellus, a medical records retrieval and claims evaluation services company for insurance carriers and law firms

-	Elm Street Technology, a real estate technology and marketing services provider

“Today’s dynamic market conditions are creating significant disruptions across financial services, technology and healthcare that we believe will present compelling investment opportunities for us,” said Jeff Greenberg, Chairman and CEO of Aquiline. “We look forward to building on the global momentum we have established and continuing to serve as a trusted partner to our portfolio companies through our industry expertise, operating capabilities and technology know-how.” 
  
The Fund represents the fourth private equity investment fund managed by Aquiline and focused on the financial services sector. 

About Aquiline Capital Partners LLC

Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. The firm has $5.3 billion in assets under management as of December 31, 2019. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.


Aquiline Closes Aquiline Financial Services Fund IV

*Investment from Aquiline and 83North will be used to continue rapid global expansion*

WALLDORF, Germany & BOSTON--(BUSINESS WIRE)--TIS (Treasury Intelligence Solutions), a leading cloud platform for managing corporate payments and cash flows, today announced it has raised $20 million in additional financing led by Aquiline Technology Growth, an early- and growth-stage fund managed by Aquiline Capital Partners. The round also included participation from existing investor 83North. Aquiline joins previous investors 83North, Target Partners and Zobito.

The company plans to use the new funding to further accelerate product development and to scale operations in Europe and in the US, in order to meet growing international demand. Many globally recognized organizations, including Adecco Group, Bertelsmann, Hugo Boss, Fresenius, Fugro, Lanxess, ManpowerGroup, OSRAM and QIAGEN, already use TIS to standardize and analyze payment flows and to obtain liquidity overview throughout their organizations.

Jörg Wiemer, CEO and co-founder of TIS: “We are proud to have Aquiline on board alongside our existing investors. This investment will help accelerate our growth. More than ever, companies who operate globally need to be able to rely on solutions that support their business-critical payment processes. Thanks to the growing number of corporates, banks and service providers already using our cloud platform, TIS will further strengthen market leadership while leveraging sustainable competitiveness in combination with increasing network effects.”

“We have significant experience investing in modern payments businesses and believe that TIS is well positioned to meet the growing demand for innovation from Chief Financial Officers and Treasurers,” Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners stated.

Additionally, as part of the investment, TIS will welcome Michael Cichowski of Aquiline to its Board of Directors. Mr. Cichowski added, "TIS addresses a large, important market that is ripe for digital transformation. I look forward to working with the management team and board as they continue on their growth trajectory.”

About TIS:

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.
Your world of Payments. ONE Login.
https://www.tis.biz

About Aquiline Technology Growth:

Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit: www.atgvc.com.

About 83North:

83North is a global venture capital firm with over $1B million under management. The fund invests in exceptional European and Israeli entrepreneurs. 83North is also deeply rooted in the main US tech hubs, with over half of its portfolio companies having operations in the US. The firm has backed more than 50 companies including Ebury (51% acquired by Santander), Hybris (acquired by SAP), iZettle,(acquired by Paypal), SocialPoint (acquired by Take2), Just Eat (London IPO), Celonis, Payoneer, Mirakl, Marqeta, Via and Vast. Visit www.83north.com and follow us on Twitter @83NorthVC

TIS Raises $20m as Demand Grows for its Leading SaaS B2B Payment Platform

Flueid

*Leading technology growth fund invests in Flueid’s forward-thinking approach to title insurance underwriting and closing automation*

AUSTIN, Texas--(BUSINESS WIRE)--Flueid Software Corporation, a fast-growing insurtech company delivering real estate closing automation solutions to the title insurance, real estate and mortgage lending industries, today announced the completion of a strategic investment led by Aquiline Technology Growth (ATG), an early- and growth-stage fund managed by Aquiline Capital Partners, a New York and London-based private equity firm investing in businesses globally across financial services and technology. Flueid intends to use the investment to continue development of its innovative technology, support its current product implementations and penetrate additional markets through sales and marketing team expansion.

Flueid provides strategic technology and business solutions that focus on eliminating outdated and costly inefficiencies found throughout real estate and mortgage lending transactions. Underpinned by its unrivaled industry expertise, Flueid utilizes data and automation to develop risk-eliminating automation products that streamline many of the traditionally manual backend title processing and closing functions of today’s closing service providers. Additionally, Flueid recently released an industry-leading solution for mortgage lenders and servicers that delivers an underwriter-backed title clearance decision, significantly accelerating the ability of these institutions to pinpoint loans within their portfolio or at point-of-sale, which can be immediately pursued. The solution also provides turn times for title work, allowing mortgage lenders to streamline their pipeline of loans by understanding the level of work and expertise necessary during the loan underwriting process.

“Flueid’s strong market momentum, product adoption and company growth are well-timed with the rapidly increasing demand for solutions that fast-track real estate closings while providing transparency for all parties involved,” said Max Chee, Head of ATG. “We are excited to partner with Flueid’s strong leadership team as the company enhances its strategic offerings and accelerates into this next stage of growth.”

“It’s exciting to see how Flueid’s solutions to automate the evaluation of potential consumer and property underwriting risk are being adopted by our customers. Our products not only streamline traditionally manual closing tasks but also enable transparency, which is critical to the ever-evolving closing practices within the title industry,” said Flueid CEO, Peter Bowman. “ATG’s financial support and significant experience in financial services and technology will help us build upon our vision of providing an enterprise-wide set of automation solutions even more rapidly and broadly.”

About Aquiline Technology Growth

Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit: www.atgvc.com.

About Flueid Software Corporation

Flueid Software Corporation is on a mission to fundamentally change how the traditional real estate transaction closing process works. With broad strategic, design, technology and operational experience within these industries, our goal is not to eliminate critical functions within the process, but to re-think them and make them smarter, which ultimately increases productivity and reduces redundancy and cost. Working with major title insurance, real estate and mortgage lending partners, Flueid develops key solutions that streamline real estate transaction workflow, automate the delivery of risk-eliminating information during closing, and optimize business processes throughout the entire process. For more information, please visit https://www.flueid.com/.

Expertise focused
on management goals.

Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners

01
Aquiline Financial Services

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Expertise focused on management goals.

Opportunity with every connection.

Insight for further reach.