Southport Lane Acquires Redwood Reinsurance

June 14, 2012

Southport Lane, a New York-based private equity firm, has acquired Redwood Reinsurance SPC, Ltd., a Cayman Islands-based reinsurer that provides treaty reinsurance for workers compensation and general liability insurance in the U.S.

Terms of the transaction were not disclosed. Redwood Reinsurance was licensed on Feb. 14, 2008 in the Cayman Islands.

“This deal underscores our commitment to expanding our insurance and reinsurance platform,” explained Glenn Weber, Southport Re’s CEO. “The acquisition of Redwood gives us access to an impressive, diverse insurance portfolio, and we will continue providing treaty reinsurance to our select carrier partners.”

The acquisition is the second one Southport Lane has concluded in the last two weeks. On May 31 it reached a definitive agreement, through its subsidiary Lonestar Holdco LLC, with Dallas National Insurance Holdings to acquire 100 percent of Dallas National Insurance Company.

The bulletin described Southport Lane as a “private equity firm founded in 2010 with a concentration in active investments in insurance and reinsurance companies. Among the firm’s portfolio investments is Southport Re, the platform for Alternative Risk Transfer reinsurance activities. The firm is headquartered in New York City, and has total capital commitments in excess of $1 billion.”

Source: Southport Lane

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