AmRisc Renewed Trouvaille Re Ltd., a Special Purpose Insurer

Transaction Overview

AmRisc, LLC (“AmRisc”), a subsidiary of CRC Group, and Stone Point Capital LLC (“Stone Point”) expanded Trouvaille Re Ltd. (“Trouvaille”)

• Trouvaille is a Bermuda segregated accounts company registered as a Special Purpose Insurer that was formed in 2024
• Trouvaille provides collateralized reinsurance to AmRisc’s coastal commercial E&S property insurance portfolio
• The transaction secured $580 million of underwriting capital for AmRisc, sourced from a combination of collateralized capital provided by a diversified group of institutional investors and capacity from the transaction’s fronting carrier, MS Transverse.

• Growing from initial $325 million in capital raised in 2024 to $580 million in 2025, Trouvaille is leading position within the E&S space.

The expansion of Trouvaille provides AmRisc additional capacity to support the coastal commercial E&S property market

• Allows AmRisc to meet the needs of its current and future clients in a challenged market
• Provides AmRisc with an opportunity to take further advantage of positive market dynamics and a strong rate environment
• Trouvaille continues to serve as a diversified funding source for AmRisc, increasing financial and operational flexibility

Established in 2000, AmRisc is a market leader in underwriting coastal commercial E&S property insurance

• With ~$2 billion in annual E&S written premium, AmRisc partners with the world’s leading insurance carriers and capacity partners

Howden Capital Markets & Advisory Role

HCMA acted as Structuring Agent and Placement Agent to AmRisc

• Provided advice through all stages of the process, driving an optimal outcome for AmRisc
• Worked with a variety of institutional investors to further support AmRisc through this transaction with substantially increased capital of $580 million
• Key aspects of the transaction led by HCMA included:
  • Development of the structure and economic terms of the transaction
  • Coordination with the fronting carrier, MS Transverse
  • Leading multifaceted coordination between transaction partners, including a range of global institutional investors (across various core strategies)
  • Development of a robust financial model including stochastic analysis of investor returns
  • Drafting of detailed marketing materials and assistance with investor due diligence requests
  • Coordination of the legal aspects of the upsizing of Trouvaille