SageSure takes stake in Bermuda ILS manager Pillar Capital, funded by Ares debt expansion
Pillar keeps its Bermuda team, its strategy and a substantial management ownership stake; the price and the size of the SageSure stake were not disclosed.
At a glance
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.
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.
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