Hamilton, Bermuda – June 24, 2014 – Pillar Capital Holdings Limited (“Pillar”), a Bermuda-based insurance asset manager specializing in collateralized reinsurance and catastrophe insurance-linked securities, today announced that shareholders Transatlantic Holdings, Inc. (“TransRe”) and the Pillar executive management have increased their ownership position in Pillar to fifty percent each, bringing their combined ownership to 100%.
Stephen A. Velotti, Chief Executive Officer of Pillar said, “The consolidation of our ownership structure puts us in an excellent competitive position by increasing the commitment of an exceptional sponsor in TransRe, while enabling Pillar to maintain its independent management platform. The combination enables us to focus on our mission: delivering value to investors in an increasingly complex reinsurance landscape.”
Michael C. Sapnar, President and Chief Executive Officer of TransRe said, “We are delighted to strengthen our commitment to Pillar. Having been invested in Pillar since its formation in 2008, we’ve been pleased with Steve and his team’s underwriting discipline and their track record of results. In addition to increasing our ownership stake, we have also extended TransRe’s multiple-year commitment to invest in the Pillar funds.