New Jersey-based specialty insurer Transverse Insurance Group reported it has raised $48 million of additional capital to support expansion of its hybrid fronting insurance business.
The $48 million raise was comprised of a private placement of $30 million aggregate principal amount of senior unsecured notes and $18 million of follow-on equity capital from incumbent investors.
The capital raise follows the closing of several new managing general agency (MGA) partnerships in 2021, with Transverse now managing a portfolio of insurance risk with annualized premiums in excess of $400 million.
Erik Matson, CEO and co-founder, said the capital raise will allow it to meet demand from MGAs with additional capacity and expanded lines of coverage.
Was this article valuable?
Here are more articles you may enjoy.
Ship Owner Seeks Dismissal of Economic Loss Claims From Baltimore Bridge Collapse 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Wanted: War-Zone Divers to Scrape Barnacles From Ships in Persian Gulf 
Hacking Group Claims Major Hack of Novo Nordisk and Attempted $25M Extortion 
