Willkie advised Starwind Specialty Insurance Services, LLC, a subsidiary of TIH, on its launch of collateralized reinsurer Fractal Re Ltd. and a related $270 million capital raise.

On October 3, Starwind announced that it partnered with Stone Point Credit to launch Fractal Re, a new collateralized reinsurer that will provide reinsurance capacity across Starwind’s diversified portfolio of casualty programs.

The launch was accompanied by a capital raise of $270 million of equity, with participation from leading institutional and industry investors as well as the TIH investor group and the Starwind management team. This represents the second sidecar capital raise for TIH in 2024, following the $300 million Trouvaille Re sidecar for AmRisc in April.  Willkie acted as deal counsel on that transaction as well.

Starwind Specialty Insurance Services, LLC is one of the largest program management operations in North America, providing distribution partners and insureds unique, specialty products across multiple industries with a full suite of services – underwriting, distribution, and claims management.

The Willkie team was led by partners Matthew Stern and Gregory Astrachan and included associate Jordan Oh.