Start-Up Specialty Insurer in Conn. Completes $279 Million in Funding

August 8, 2007

SPARTA Insurance Holdings, Inc. reports that it has closed its contractual arrangements for funding in the amount of $279.1 million of private equity capital from a consortium of investors led by Corsair Capital, and including Goldman Sachs, York Capital Management, Primus Capital Funds and KBW Capital Partners.

SPARTA, which is an acronym for Specialty Program and Risk Transfer Alternatives, intends to underwrite property and casualty insurance for the specialty and alternative risk program marketplace. SPARTA is located in Hartford, Conn.

“We’re very pleased to have completed these transactions with an extremely knowledgeable and high caliber group of investors” said George L. Estes, III, SPARTA Chairman & CEO. “We look forward to further developing our operations and participating in the marketplace.”

In addition to Estes, SPARTA’s founding officers include Kevin G. Costello, president and COO, and Dawne E. Ware, chief financial officer.

Source: SPARTA

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