Goldman Sachs Asset Management (Goldman Sachs) has signed a definitive agreement to purchase DOXA Insurance for an undisclosed sum.
Set up in 2016, US-based DOXA is engaged in niche insurance distribution and underwriting.
The insurer’s portfolio includes speciality managing general agent (MGA), affinity, wholesale and alternative risk sectors.
It generates more than $600m in written premium from its offerings, with operations across the US.
DOXA said that it will use the private equity investment by Goldman Sachs to fund its next phase of growth.
Specifically, the investment will be used by DOXA to fund its ongoing acquisition plan.
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Together with Goldman Sachs, DOXA’s management group and employee shareholders will continue to be key investors.
DOXA Insurance Holdings founder and CEO Matt Sackett said: “The investment from Goldman Sachs is a testament to the strong business and brand DOXA has created since inception. We are excited to work with Anthony and his team to accelerate DOXA’s strategic expansion and drive DOXA in its next chapter of evolution.”
Goldman Sachs managing director in private equity Anthony Arnold said: “We are excited to partner with Matt and the entire DOXA team and have been impressed with the significant and differentiated capabilities they have assembled since launching in 2016.
“We look forward to bringing our resources to DOXA’s existing platform and to help them capitalise on the significant macro trends that are driving the broader MGA sector.”
Subject to regulatory approvals and other customary closing conditions, the acquisition is expected to be completed in the fourth quarter of 2023.