TowerBrook Capital Partners L.P., an international investment management firm, and Further Global Capital Management, a private equity firm focused on the financial services industry, announced that they have received all requisite regulatory approvals, including approvals from the New York State Department of Financial Services and the Arizona Department of Insurance and Financial Institutions, to complete the previously announced acquisition of ProSight Global, Inc. (“ProSight”), a domestic specialty insurance holding company. The acquisition is anticipated to close on or about August 4, 2021, pending satisfaction of customary closing conditions.
Concurrently with the transaction close, Jonathan Ritz will assume the role of CEO of ProSight. He joins after previously serving as President of Aspen Insurance Holdings Limited, Chief Operating Officer of Validus Holdings Limited, and Chief Executive Officer of Validus Specialty.
The acquisition brings together ProSight’s underwriting innovation with TowerBrook and Further Global’s demonstrated success investing in the insurance and financial services industries.
About ProSight Global, Inc.
Founded in 2009 and headquartered in Morristown, New Jersey, ProSight is an innovative property and casualty insurance company, providing a wide range of property and liability solutions to customers across the United States. The diverse offerings include products and services that help businesses protect their assets, manage risks, and provide financial security. ProSight is rated “A-” (Excellent) by A.M. Best. To learn more about ProSight visit www.prosightspecialty.com.
About TowerBrook
TowerBrook Capital Partners L.P. is an investment management firm that has raised in excess of $17.4 billion to date and has a history of creating value for investors. The firm is co-headquartered in New York and London and focuses on making investments in companies headquartered in North America and Europe. TowerBrook’s private equity strategy primarily pursues control-oriented investments in large and mid-market companies, principally on a proprietary basis and often in situations characterised by complexity. TowerBrook’s structured opportunities strategy allows access to a broad array of opportunities, principally via structured asset and structured equity investments, enabling investment companies to access funding and expertise to support growth without ceding control. TowerBrook is a certified B Corporation. B Corporation certification is administered by the non-profit B Lab organisation and is awarded to companies that demonstrate leadership in their commitment to environmental, social and governance (ESG) standards and responsible business practices. For more information, please visit www.towerbrook.com.
About Further Global Capital Management
Further Global Capital Management is an employee-owned private equity firm that makes investments in businesses within the financial services industry. Further Global seeks to be a true partner with the management teams with whom it invests with an objective to be the “Capital Partner of Choice” to the industry. Further Global seeks out situations in which its extensive network, operational expertise and capital can drive significant value. Further Global has offices in New York and Toronto with broad support from its network of senior advisors and operating partners. For more information, please visit www.furtherglobal.com.
