The United National Group of insurance companies, a provider of specialty and surplus lines property and casualty insurance, announced that its controlling shareholders have entered into an agreement whereby Fox Paine Capital Fund II, L.P., an investment fund managed by Fox Paine & Company, LLC (“FPC”), and certain other funds under common control with Fox Paine Fund II (collectively, “Fox Paine”), would acquire a controlling interest in UNG. Present ownership of UNG will maintain a minority interest.
In conjunction with this transaction, Fox Paine intends to make a substantial capital contribution to properly position UNG to take advantage of the strengthening market conditions in the U.S. property and casualty insurance industry.
UNG is primarily composed of four operating insurance companies: United National Insurance Company, Diamond State Insurance Company, United National Specialty Insurance Company and United National Casualty Insurance Company.
The proposed transaction is subject to the execution of a Definitive Agreement and customary closing conditions including certain regulatory approvals.
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Judge Awards Applied Systems Preliminary Injunction Against Comulate 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
