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.
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