Cowen, a multinational independent investment bank, completed the acquisition of 75% stake in Builders Reinsurance, a reinsurance company incorporated in Luxembourg, from Builders Insurance. Financial terms were not disclosed. Upon closing of the transaction, Builders Reinsurance was renamed Hollenfels. Cowen intends to provide third party reinsurance coverage through Hollenfels, with a view of building a sustainable premium base slowly, with adequate protections against large loss events as deemed appropriate by Cowen's management.