In the news release, Gracie Point Announces Close of $50 Million Capital Raise to Fund Continued Expansion, issued 24-Jan-2020 by Gracie Point Holdings, LLC over PR Newswire, we are advised by the company that an incorrect version of the press release was issued inadvertently. The complete, corrected release follows:
Gracie Point Announces Close of $50 Million Capital Raise to Fund Continued Expansion
NEW YORK , Jan. 24, 2020 /CNW/ -- Gracie Point Holdings, LLC (" Gracie Point "), a leading global provider of life insurance premium finance, announced today it closed a $50 million capital raise, led by Hudson Structured Capital Management Ltd. (conducting its re/insurance business as HSCM Bermuda). The strategic infusion of capital will be used to fund continued growth in the U.S. and Asian markets, the launch of Gracie Point's Canadian operation, and to further enhance its global funding capabilities. This is Gracie Point's third successful capital raise.
Harish Raghavan, Chairman of Gracie Point said, " Gracie Point is uniquely qualified to provide flexible and innovative financing solutions in the global premium finance market. This latest round of capital allows us to continue our rapid growth and expand our platform in the United States , Canada and Asia ."
Michael Millette , Managing Partner of HSCM Bermuda, commented, "The opportunity to build a global premium finance company in the life insurance space that is connected to the capital markets is one that we think will fundamentally shift how life insurance is bought and sold, and we have enjoyed our many year partnership with Gracie Point who we view as the market leader in the space. We are excited about this next phase of growth for the company."
About Gracie Point :
Gracie Point is a leading provider of life insurance premium finance, providing a consultative approach, combining insurance, financing and loan servicing expertise to the advisory marketplace. It serves affluent, high net worth and ultra-high net worth clients by working with agents and brokers. Based on its deep knowledge of the market, Gracie Point is able to quickly determine the optimal financing structure and can commit faster than most competitors. Because premium finance is Gracie Point's only business, it can work more effectively with insurance agents without any concern of competition with the agents' client relationships. Gracie Point's structure avoids many of the undesirable features in competitive products, such as collateral calls, limited advance rates and uncertainty about ongoing funding commitments.
With offices in New York , Toronto and Hong Kong , Gracie Point is able to support client needs throughout North America and Asia .
About HSCM Bermuda:
Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda Management Company, is a premier investment adviser that specializes in investing in the re/insurance and transportation sectors, on a global basis. Launched in 2015, HSCM is structured as a private partnership, and majority-owned by its partners. HSCM focuses on core economic sectors that it expects to outgrow global Gross Domestic Product, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing. The firm currently has offices in Bermuda , Connecticut and New York, U.S.A. As of January 1, 2020 , HSCM had capital commitments and managed assets of approximately $2.3 billion .
SOURCE Gracie Point Holdings, LLC
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