Twelve Capital has closed the latest transaction in its insurance investing business operation – a EUR20m private debt transaction for Alpha Insurance A/S of Denmark, providing Solvency II / Tier 2 compliant capital.
The transaction was facilitated by JLT Advisory Ltd.
The debt instrument is a listed, unrated note with a 10-year-maturity.
John Butler, partner and head of sourcing for Twelve Capital, says: “We are pleased that our private debt product is clearly meeting the capital needs of good quality smaller and mid-sized (re)insurers in our target markets of both Europe and the US. In addition we were pleased to be introduced to Alpha via JLT, who, along with many other major intermediaries, work closely with us in distributing our debt and ILS and other products. This is a good illustration of the unique added value Twelve can bring through providing solutions across the capital structure.”
Leif Corinth-Hansen, chief executive of Alpha Insurance A/S, says: “Alpha Insurance has for some time been looking around the financial markets to find a way to strengthen its balance sheet, not only to prepare for Solvency II regime, but also to support the continued growth of the company. In Twelve Capital we found a partner, which not only had the sufficient funds, but even more important a team of dedicated highly qualified employees, who knew insurance business in and out, making the process both quick and efficient. We are very pleased that we chose Twelve Capital.”
