Security First Insurance Holdings $60,000,000 Senior Notes Issuance

TigerRisk Capital Markets & Advisory acted as exclusive placement agent to Security First

Transaction Overview

Security First Insurance Holdings, LLC (“SFIH”) completed a $60mm senior note issuance

  • Funded by a three different Insurance-Linked Securities funds
  • Six year term and LIBOR + 8% coupon
  • Proceeds will be utilized to:
    • Refinance existing debt
    • Capital infusion into Security First Insurance Company to support growth
    • General corporate purposes

Security First Insurance Holdings, LLC is a Florida focused insurance holding company

  • 3rd largest homeowners insurer by policies in Florida
  • Specializes in writing three main products: HO-3, HO-4 and HO-6
  • Security First Managers LLC acts as the managing general agent to Security First Insurance Co.
    • Predictable revenue stream that produces attractive margins in a fee-for-service capacity
  • SFIC acts as an insurance carrier with $57mm of existing policyholder surplus as of 9/30/2016
    • $349mm of LTM direct written premiums with geographic focus in North Florida
  • SFIH has strong technology, customer and distribution relationships and strong underwriting

TigerRisk Capital Markets & Advisory Role

TCMA acted as transaction advisor, structuring agent and exclusive placement agent

  • Evaluated various capital alternatives for Security First
  • Prepared financial packages and presentations for potential investors
  • Marketed the transaction to financial investors and introduced the counterparties
  • Assisted Security First in negotiation of transaction terms