Fixed income financial services investment specialist Cohen & Company Inc.has announced that its controlled subsidiary, Cohen & Company Financial (Europe) S.A.(CCFESA), has raised €481.5 million for its PriDe IV subordinated insurance debt funds.Cohen & Company has been investing in subordinated insurance debt for a number of years.

The firm has reportedly deployed approximately $5 billion across 226 insurance companies worldwide through various funds managed or advised by its subsidiaries.In Europe alone, the firm has deployed €1.8 billion in 72 insurance companies across 18 different countries.PriDe IV is the latest vintage in a series of insurance subordinated debt funds from Cohen & Company that are focused on investing in Tier II capital instruments issued by small and mid-sized insurance companies with limited access to capital markets.

At a remarkable €481.5 million, this also marks Cohen & Company’s largest European vintage to date in this space.As per Cohen & Company, the PriDe Program enables insurers to amplify their regulatory capital ratios and fund acquisitions or internal growth.The funds also enable insurers to optimise their reinsurance programs, and/or lower their weighted average cost of capital.

Lester Brafman, CEO of Cohen & Company, commented: “We thank our investors for their confidence in our established expertise in navigating the insurance industry’s regulatory capital framework.This funding is a continuation of our extensive involvement in the global SME insurance market.” Paul Vernhes, Managing Director of Cohen & Company’s European Asset Management platform, said: “The successful final closing of PriDe IV, our largest vintage ever in this space, solidifies our leading position as a regulatory capital provider to small and mid-sized insurance companies in Europe.This achievement, secured despite a challenging market environment, highlights the robustness of insurance subordinated debt, the attractiveness of our funding solutions for issuers, and investors’ continued confidence in Cohen & Company’s deep expertise in the global insurance market.” In addition, both Alma Capital and Bury Street Capital played important roles during the fundraising phase of the vintage, with both firms raising a substantial portion of total commitments.

Alma Capital raised 43% of total commitments through its distribution channels, while Bury Street Capital secured 31%.Henri Vernhes, Founder and CEO at Alma Capital, commented: “We are proud to continue our long-term partnership with Cohen & Company on this landmark fund.The strong performance and clear strategy presented by the PriDe IV team made it an attractive opportunity for investors, and we are confident in its future success.” Robert Drake, Managing Director at Bury Street Capital, said: “Our participation in PriDe IV reflects our commitment to investing in high-caliber opportunities that deliver significant value.

We look forward to the continued success of this partnership.” Furthermore, a Reed Smith team led by Baptiste Gelpi with Audrey Minnie also assisted both Cohen & Company and Alma Capital in setting up PriDe IV funds.“We are delighted to have assisted our clients in setting up this new vintage and its series of funds.It shows that a robust legal framework is the bedrock of success, no matter the legal complexity,” they added..

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