US-based speciality property and casualty (P&C) insurance holding company Coaction Global has raised nearly $200m in a fresh investment round.
The insurer’s existing investors TowerBrook Capital Partners (TowerBrook) and Further Global Capital Management (Further Global) led the funding round.
Coaction intends to use the additional funding to support its expansion plans as it continues to transition into a full-service speciality insurance provider.
The privately-held company said that since its inception in 2009, it has built a new senior leadership team, added additional underwriting divisions to its capabilities, extended its relationships with distributors, and improved its data and analytical capabilities.
Currently, the insurer claims to write more than $1bn in annual premiums across multiple lines of business, including casualty, multiline, executive lines, excess casualty, property, entertainment, and binding authority.
According to Coaction, its success is fueled by strong industry expertise, relationships, and underwriting, analytics, and product capabilities.
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Coaction CEO Jonathan Ritz said: “This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group.
“We have made significant progress executing our transformation plan over the past two years and continue to see abundant opportunities in the market to deploy the additional capital in a prudent and disciplined manner.”
In August 2021, Coaction, founded as ProSight, concluded a go-private transaction with TowerBrook and Further Global.
In this transaction, Sidley Austin LLP is acting as the legal counsel. Truist Securities is acting as the transaction’s lead arranger for the debt financing.