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.
‘Cockroaches in My Food’ Claim Leads to Insurance Fraud Charge 
Florida Citizens Awards Commercial Clearinghouse Management to Bridge Specialty 
Judge Says Smucker’s Lawsuit Against Trader Joe’s Over Frozen PB&J Can Proceed 
First Half US P/C Industry Underwriting Gain Jumps to $31.7B 
