MORRISTOWN, N.J., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Coaction Global, Inc (Coaction), a privately-held specialty insurance group, announced the completion of a ~$200 million capital raise to support growth as Coaction continues its transformation into a full-service specialty insurance company.
The equity raise was led by existing investors, TowerBrook Capital Partners L.P. (TowerBrook) and Further Global Capital Management (Further Global).
“This new capital will support our continued growth and demonstrates the strong ongoing support of our investor group,” said Jonathan Ritz, CEO of Coaction. “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.”
Since its formation, Coaction has established an entirely new senior executive team, expanded its capabilities with new underwriting divisions, broadened distribution relationships, and enhanced its data and analytical capabilities. Coaction’s success to date has been driven by combining product, analytics, and underwriting capabilities with strong industry knowledge and partnerships. Today, Coaction writes over $1 billion in annual premium across its Casualty, Excess Casualty, Multiline, Executive Lines, Property, Entertainment and Binding Authority verticals.
Sidley Austin LLP is serving as legal advisor in this transaction. Truist Securities, Inc. is acting as lead arranger on debt financing for the transaction.
About Coaction Global (Coaction)
Coaction Global, Inc. (Coaction), headquartered in Morristown, NJ, is a privately held specialty property and casualty (P&C) insurance holding company and the first commercial P&C insurance company certified as a B Corporation. Coaction provides a range of property and casualty solutions to customers across the United States through its major product verticals: Casualty, Excess Casualty, Multiline, Executive Lines, Property, Entertainment and Binding Authority. Poised for growth in a competitive market, Coaction relies on underwriting expertise, focused distribution, and a commitment to innovative products to provide increased diversification benefits, enhanced competitiveness in the marketplace, and the opportunity to sustainably serve customers. The member insurance companies of Coaction’s subsidiary - Coaction Specialty Insurance Group, Inc. are rated “A-” (Excellent) by A.M. Best. To learn more about Coaction, please visit www.coactionspecialty.com.
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