Investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital Management said they have completed the acquisition of ProSight Global, Inc., a New Jersey-based domestic specialty insurance holding company.
As announced in January, the two firms agreed to acquire 100% of the common stock shares of ProSight Global for $586 million cash and move forward with ProSight as a private company. ProSight went public in July 2019.
TowerBrook acquired a majority stake in ProSight, with Further Global serving as a key minority co-investor.
Along with the transaction close, Jonathan Ritz has been named chief executive officer of ProSight. Ritz was previously president of Aspen Insurance Holdings Limited, chief operating officer of Validus Holdings Limited, and CEO of Validus Specialty.
In addition, Stan Galanski is the newly appointed chairman of the board. Galanski was formerly president and CEO of The Navigators Group.
Also joining as independent directors are:
- Michael Angelina, former chief risk and chief actuary officer, Endurance Specialty Holdings;
- Karin Hirtler-Garvey, former chief risk officer, Ally Financial;
- Andy Pinkes, former executive vice president, XL Group; and
- Bruce Kessler, retired senior vice president, Chubb Group, and president, Ace Westchester Specialty.
“We are keenly focused on the expansion of ProSight’s portfolio of specialty insurance products and positioning the company for long-term profitability,” said Ritz.
Ritz said the company will build upon ProSight’s existing programs and partnerships while investing in people and technology.
Under the terms of the deal, ProSight stockholders received $12.85 per share of common stock, a 42 percent premium to the closing share price as on Sept. 23, 2020.
Founded in 2009 and headquartered in Morristown, New Jersey, ProSight is a specialty property/ casualty insurance holding company writing across the U.S.
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