Private specialty insurance group Coaction Global, Inc (Coaction) has announced the successful completion of a significant capital raise totaling approximately $200 million.
The infusion of equity is aimed at bolstering the company’s expansion efforts as it progresses toward becoming a comprehensive specialty insurance provider.
The funding round was spearheaded by existing investors, including TowerBrook Capital Partners L.P. (TowerBrook) and Further Global Capital Management (Further Global), underlining their unwavering commitment to Coaction’s vision.
Jonathan Ritz, the CEO of Coaction, expressed his enthusiasm for the capital injection, stating, “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.”
Over the last couple of years, Coaction has undergone a substantial transformation. This includes assembling an entirely new senior executive team, expanding its underwriting divisions, strengthening distribution relationships, and enhancing its data and analytical capabilities.
The company’s success thus far has hinged on its ability to meld product, analytics, and underwriting prowess with profound industry knowledge and strategic partnerships. Currently, Coaction underwrites more than $1 billion in annual premiums, spanning across its Casualty, Excess Casualty, Multiline, Executive Lines, Property, Entertainment, and Binding Authority verticals.
For legal counsel in this transaction, Sidley Austin LLP has been engaged, while Truist Securities, Inc. is acting as the lead arranger for debt financing, facilitating the transaction.
