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SWIP completes $20mn capital raise

Texas-based Southwest Insurance Partners Inc (SWIP) has completed a $20mn capital raise increasing its overall capitalisation to more than $115mn, The Insurance Insider can reveal.

The insurance investment vehicle - led by HCC Insurance founder Stephen Way - will use the funds to contribute additional capital to its property and casualty insurance company, Great Midwest Insurance Company.

The insurance company is now rated A (Excellent) by AM Best.

Additionally, The Insurance Insider understands that SWIP has appointed founder and CEO of surety giant SureTec, John Knox Jr, to its Board of Directors.

The news comes after SWIP - an investment company which targets the insurance industry - put on hold plans for a private offering to raise up to an additional $100mn in capital due to the soft insurance market, although the firm continues to make investments and acquisitions.

In February 2008, SWIP acquired Great Midwest Insurance Company (GMIC) - and underwriting agency, Bunker Hill Insurance Agency

More recently, in September this year The Insurance Insider revealed that SWIP is launching an international aviation business with the hire of three underwriters from HCC.

The team - led by former HCC aviation underwriter Chase Clark - commenced writing business on 1 October through SWIP's wholly-owned underwriting subsidiary Bunkerhill Insurance Agency.

The new recruits at the flagship agency will focus primarily on writing large general aviation accounts in the international markets, with a strategy of selectively entering accounts written on a vertical basis where HCCor other underwriter acceptable to Bunker Hill is the lead.Bunker Hill will generally not lead business at this time, although will provide market alternatives under certain situationsThe new hires will write business for Great Midwest as well as acting as authorisedagents for Argo Group and others.

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