Constellation Insurance Holdings, founded by industry veteran Anurag Chandra, former CEO of Prosperity Life Insurance Group, has partnered with Canadian institutional investors, Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan, raising US$500 million in initial capital from them as founding investors.
New York City-headquartered Constellation will focus on property and casualty (P&C) and life insurer acquisitions and demutualizations.
“Constellation plans to invest in stock and mutual insurers based in North America that are seeking growth capital, stronger ratings, scale efficiencies and equity incentives while maintaining their independent management structure, brand identity, operations and entrepreneurial culture,” said Anurag Chandra, founder, chairman & CEO of Constellation.
“Constellation’s target market and value proposition are differentiated versus other insurance platforms that focus on either asset accumulation, legacy block reinsurance or have shorter term investment horizons, which incentivize substantial expense reductions and limit investments in organic new business growth,” added Chandra.
“We believe this new partnership, which allies a unique combination of expertise to a flexible investment horizon, will provide a source of competitive advantage for Constellation,” said Stephane Etroy, executive vice president and head of Private Equity at CDPQ. “We look forward to working with insurers’ management teams to support their existing operations and to identify new avenues for growth.”…