HSCM Bermuda is among the lead investors in a $75 million capital raise by Gracie Point Holdings, LLC, the global provider of life insurance premium finance.

Gracie Point said lead investors in the issuance of preferred equity were affiliated with Hudson Structured Capital Management Ltd, doing its re/insurance business as HSCM Bermuda, which it said has been a long-term investor in Gracie Point, and affiliates of Kuvare Holdings.

The company said Gracie Point has seen a dramatic increase in demand for its products in its markets in North America and Asia. During 2020, Gracie Point's portfolio of loans more than doubled and the company said it is on-track to again more than double its portfolio in 2021.

Proceeds from the preferred equity issue will be used to fund continued growth and expansion as well as strategic acquisitions, Gracie Point said.

Harish Raghavan, CEO of Gracie Point, said: "Our growth is accelerating globally. HSCM Bermuda and Kuvare will be excellent partners, providing both capital and insight. This capital raise allows us to fund investments in our organisation and pursue strategic acquisitions."

Following this transaction, Michael Millette, managing partner at HSCM Bermuda, will become a board member at Gracie Point, as will Dhiren Jhaveri, CEO of Kuvare.

Mr Millette said: "We have had a long-standing relationship with Gracie Point and are pleased to support the company as it achieves its global objectives; the potential is significant."

Mr Jhaveri said: "We are excited to become a strategic partner to Gracie Point, and look forward to collaborating with Gracie on funding and distribution capabilities to accelerate its long term growth."

The company said UBS Investment Bank acted as exclusive financial advisor and placement agent for Gracie Point.

Cem Altuntas, executive director of UBS Investment Bank, said: "Gracie Point has built a differentiated global platform with an impressive growth trajectory. The UBS team is proud to work with Gracie Point on this transaction."

Gracie Point said it is a leading provider of life insurance premium finance, providing a consultative approach, combining insurance, financing, and loan servicing expertise to the advisory marketplace. Gracie Point serves affluent, high net worth and ultra-high net worth clients by working with agents and brokers.

With offices in New York, Toronto and Hong Kong, Gracie Point said it supports its client needs throughout North America and Asia.

HSCM Bermuda is the reinsurance and ILS investment management business arm of Hudson Structured Capital Management Ltd, the asset manager with a focus on the re/insurance and transportation sectors.