Presidio Reinsurance Group Obtains $50 Million Equity Commitment

Presidio Reinsurance Group, Incorporated recently announced that it had obtained a $50 million equity commitment from FTVentures, a private equity firm with 40 of the world’s leading financial institutions as its Limited Partners. FTVentures provides growth capital to companies that offer meaningful solutions to the financial services industry. FTVentures is the first institutional investor in the company and the only party to hold shares outside of management. The financing accelerates Presidio’s ability to quickly expand its unique and broad series of products, services, and management team.

“Presidio has become one of the largest writers of medical expense reinsurance in the U.S.,” stated Dennis Heinzig, Presidio’s President and CEO. “In order to continue our expansion, return to accident and other health product lines, increase our risk retention and explore new opportunities, we have partnered with an experienced capital provider, FTVentures. They bring a tremendous amount of experience and support to our operation through both their team and Global Partner Network, which includes: AIG, Allianz, AXA, Bank of America, Citigroup, GE Capital, The Hartford, JP Morgan Chase, St. Paul Travelers, and Wells Fargo. This network offers attractive growth opportunities. We welcome FTVentures to Presidio Reinsurance Group.”

“Presidio has already established itself as a major medical reinsurance firm within the U.S., led by a team with strong domain expertise and an excellent underwriting track record,” said Richard Garman, Managing Partner at FTVentures and new board member at Presidio. “The company now has the opportunity to accelerate expansion as well as extend and deepen its product and service lines. Presidio’s proven track record and product development expertise will enable it to rapidly continue its expansion in North America as well as return to Europe and South America.”

“Presidio is a strong reinsurance partner to many insurance plans, including private programs created to provide coverage for Medicare, Medicaid and previously uninsured populations as well as targeted disease management companies who are retaining risk,” said Mohit Daswani, FTVentures Principal and new Presidio board member. “We are excited to partner with Presidio as the company moves into its next phase of development.”

Presidio offers medical reinsurance products and services addressing the opportunities and challenges experienced by insurance companies, HMOs, managed care organizations, healthcare systems, hospitals, medical groups and employers. Since 1994, Presidio has provided management solutions for clients assuming all forms of medical risk exposures. The company has offices in San Francisco, Kansas City and Minneapolis and has clients throughout North America.

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