US-based Lighthouse Management (Lighthouse) has raised $65m through issuance of senior notes in a private placement to bolster its insurance operations.

Founded in 2008, the Lighthouse group comprises a managing general agent (MGA) and two insurance carrier that focus homeowners insurance in the southeastern part of US.

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Lighthouse will use the proceeds to refinance existing debt at its MGA.

It will also be used to provide growth capital to Lighthouse’s insurance carrier, Lighthouse Property Insurance, enhance distribution capabilities and for general corporate purposes.

Lighthouse CEO Patrick White said: “This senior note issuance is an important piece in our next phase of growth. This investment strengthens our capital position and allows us to continue serving our customers and our agents, while also taking advantage of the current market opportunity.”

The firm is authorised to write policies in Louisiana, Texas, Florida, Mississippi, South Carolina, and North Carolina.

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It sells and distributes policies through a network of nearly 3,000 independent agencies and expects to write approximately $200m of direct premium in 2021.

In June 2020, Lighthouse Property Insurance completed the merger with sister carrier Prepared Insurance Company to foray into the Florida market.

Lighthouse Excalibur Insurance Company is the second carrier owned by Lighthouse.

In a separate US insurance news, last week, Hong Kong-based life insurer FWD Group pulled the plug on its US initial public offering.

The US IPO would have valued billionaire Richard Li-backed insurer at around $13bn.