(Bloomberg) -- XL Group Plc, the Dublin-based insurer run by Chief Executive Officer Mike McGavick, is betting on Privilege Underwriters Reciprocal Exchange, which takes on risks for wealthy clients and received funding from KKR & Co. this year.
XL took a stake of less than 10 percent in the insurer’s parent, Privilege Underwriters Inc., and Stone Point Capital retains a majority holding, PURE Chief Executive Officer Ross Buchmueller said Wednesday in an interview, without disclosing terms. Stone Point, the private-equity firm led by former Goldman Sachs Group Inc. executives Stephen Friedman and Charles Davis, was an investor during the insurance company’s first capital raise in 2006.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access