Best Practices Medical Partners (BPMP), a medical liability focused insurance holding firm, has secured $40m in funding from Kilter Finance.
BPMP plans to use a major portion of the proceeds in its risk retention group, Applied Medico-Legal Solutions Risk Retention Group (AMS RRG).
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Arizona-based AMS RRG offers medical liability insurance and enterprise risk management solutions across the US.
The infusion will be used to increase the statutory surplus of AMS RRG, speed up the growth of its medical professional liability insurance business and help AMS RRG further its strategic activities.
BPMP co-founder and CEO Richard Welch said: “We are excited about the investment from Kilter Finance, who have demonstrated their insurance expertise and speed of execution through this process, and believe Kilter Finance’s insights and flexibility make them a perfect partner for us as we continue to grow.”
Backed by KKR, which managed $459bn in assets at the end of September 2021, Kilter Finance is an insurance-focused speciality financing company.
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By GlobalDataKilter Finance CIO Dan Knipe said: “We are delighted to be partnering with the BPMP management team for an exciting stage in their corporate development. We are deeply impressed by the group’s success and the quality of their existing financial partners, some of whom have supported the business for well over a decade.”
A year ago, Kilter Finance invested up to $89m into Independent Insurance Group to support its technology enhancements, product development, as well as potential acquisitions.
