Privilege Underwriters Inc., the holding company for the PURE Group of Insurance Companies, including the member-owned Privilege Underwriters Reciprocal Exchange (PURE), said it is recapitalizing with equity investments from funds managed by private equity firm Stone Point Capital, investment firm KKR and the management team.
Financial terms of the transaction were not disclosed.
The PURE companies provide personal insurance and risk management services to high net worth customers. The company was formed in 2006 by Ross Buchmueller, Martin Hartley and Jeff Paraschac in partnership with Stone Point Capital. As part of the transaction, funds managed by Stone Point Capital will maintain a majority stake in Privilege, while KKR will acquire a minority stake, according to the announcement from Privilege.
The agreement is subject to regulatory approvals and is expected to close in the third quarter.
Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to Privilege Underwriters and Simpson Thacher & Barlett LLP provided legal counsel to KKR.
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