HgCapital Trust (HGT) has announced an investment in TigerRisk Partners, alongside other institutional clients of its manager, through the Hg Saturn 2 Fund. HGT’s manager, Hg, describes TigerRisk as a leading risk, capital and strategic advisor to the global insurance and reinsurance industry.
TigerRisk is being acquired by Howden Group Holdings. HGT announced its original investment in Howden Group Holdings, an international insurance group (previous known as Hyperion Insurance Group Limited), in 2020, also through the Hg Saturn 2 Fund. While the terms of the transaction have not been disclosed and completion is subject to closing conditions, it is anticipated that HGT will invest approximately £7.4m in the transaction.
Following the transaction, HGT’s says that its available liquid resources, which includes the undrawn bank facility of £250m for future deployment, are estimated to be £429m (21% of the 31 March 2022 pro-forma NAV of £2.1bn). This investment will reduce HGT’s outstanding commitments to invest in Hg transactions to approximately £610m (29% of the 31 March 2022 pro-forma NAV).